Discover the Latest Benefits Information for Associates Leaving Walmart in 2021
If you’re one of the associates leaving Walmart in 2021, you may be wondering about your benefits. Fortunately, Walmart has made adjustments to its benefits package to assist associates leaving the company.
Severance Pay
One of the significant benefits Walmart offers to associates leaving the company is severance pay. This pay is given to associates who are impacted by a store closure or job elimination. The amount of severance pay you will receive varies based on your tenure at Walmart.
Health Insurance Coverage
Walmart provides associates leaving the company with the option to continue their health insurance coverage for up to 18 months through COBRA. This coverage allows you to keep the exact same health benefits you had while working at Walmart. However, it is important to note that the PCP (Primary Care Physician) network will change while on COBRA.
Additionally, Walmart has partnered with HealthCompare to provide you with a resource to compare health insurance options under COBRA. You can use the resource to compare the cost and coverage options of specific health plans.
401(k) Plan and Stock Options
If you enroll in Walmart’s 401(k) plan, you will have the option to keep your account open and manage your investments. As you have done while you were employed, you can continue to contribute to and navigate your investments while managing your Walmart 401(k) account.
All stock in the Walmart Associate Stock Purchase Plan (ASPP) will remain yours, even after leaving the company. If you wish to sell the shares, you can do so through the plan’s brokerage services. Alternatively, you may wait until the shares have matured, and then sell them to gain more value.
Conclusion
In conclusion, if you are leaving Walmart in 2021, the company’s adjusted benefits package can help ease your transition. Severance pay, healthcare coverage, and retirement savings options may all help make it easier to focus on finding your next opportunity. By accessing and utilizing these benefits, you can make sure you are getting the most out of your time at Walmart and prepare for the future.
(Note: Do you have knowledge or insights to share? Unlock new opportunities and expand your reach by joining our authors team. Click Registration to join us and share your expertise with our readers.)