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Navigating Your Severance Package After a Layoff from Schneider National: What You Need to Know

Healthcare Provider Update: Healthcare Provider for Schneider National: Schneider National primarily utilizes UnitedHealthcare as its healthcare provider for employee health benefits. UnitedHealthcare is renowned for offering a range of health insurance plans, including those that cater to commercial trucking and logistics companies through tailored healthcare solutions. Potential Healthcare Cost Increases in 2026: As we move toward 2026, Schneider National, like many employers, may face significant healthcare cost increases primarily due to anticipated premium hikes in the ACA marketplace. With some states expected to see increases over 60%, and the loss of enhanced federal premium subsidies looming, employees could experience out-of-pocket premium costs rising by as much as 75%. This alarming trend stems from escalating medical costs and the financial pressures on insurers, which may lead to tougher choices for companies in managing benefits while ensuring their workforce stays adequately covered. Click here to learn more

Some of the biggest technology industry players have announced mass layoffs in recent months.

In most cases, companies aren't legally required to pay workers or offer benefits once their employment ends. But they're often motivated to do so to shield themselves from liability and to help defuse any hard feelings by tiding workers over while they search for new opportunities.

Many feel that severance is a very formal version of 'Don't go away mad, just go away others feel it is a reward for being loyal

You just got laid off from Schneider National. What should you do next?

Many companies are considering how much they have to give you so that you go quietly because when a person is laid off, this has an adverse effect on them. They try to soften that blow a little,

While the amount of severance a laid-off worker gets varies widely depending on the industry, company and the employee's tenure, exit packages tend to have some standard components.

Let's take a look at what to expect from a severance package when being laid off from Schneider National.

What's in a severance package?

The most variable part of a severance agreement is the amount and duration of extra pay and benefits a Schneider National worker receives.

Severance packages can include a mix of the following:

Financial compensation
Extension of health care and other benefits
A portion of one's bonus
Accelerated vesting of stock
Outplacement assistance or career coaching
‘We are seeing commonalities in things people are getting, but not the durations We'll see the extension of benefits beyond the termination date, but as far as what those values are it depends on the company. There is no standard.'

If your job loss is part of a mass layoff, the company is required by federal law to provide at least 60 days notice under the Worker Adjustment and Retraining Notification (WARN) Act . Employees are entitled to full pay during the notification period; but in most other cases based on federal and state law, companies don't have to pay severance at all.

They can give nothing.

How is severance calculated?

Severance packages such as a week's worth of pay per year of service while other companies may pay four weeks for every year of employment. That's the formula — it's the number of weeks you get per year, For example, a banking or financial services company can be expected to offer a couple of weeks of severance pay per year of service,

Don't count on a bonus

A bonus that's not part of a worker's base salary can also be very valuable but isn't always included in severance packages. In California, performance-based bonuses are treated like wages — workers are legally entitled to earned bonuses when they are terminated. Other states have fewer protections in place. 'With bonuses, generally speaking, unless you're almost done with your planned year, I don't see people always giving a pro-rated portion. You generally lose that in its entirety,

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There's room to negotiate, however, depending on how the bonus is earned. 'If the bonus is based on objective metrics that have been met, you can argue they it has been earned up to that point, and it may need to be paid off based on the wording of the bonus commission,

Accelerated vesting

For tech workers, compensation can be complex, their severance packages typically are too. From small tech startups to giants like Google, stock in a company can be more valuable to a worker than salary.

'A lot of tech workers are really working for equity, stock options or equity grants, and these things vest over time, 'This is how most people who work for tech companies really make money. Whether you work for Google or a smaller tech company, you want a piece of the pie.'

In the case of a layoff, companies won't automatically accelerate the vesting of stock, in which case it disappears. But some will, including some of the large tech companies cutting their headcounts recently.

What did Google workers get?

Ex-Google employees bemoaned the way they were notified of layoff. Here are the latest tech layoffs as the industry shudders. When Google announced earlier this month that it would dismiss 12,000 employees, CEO Sundar Pichai told U.S. workers they would be paid during the 60-day notification period required under the WARN act.

The company checked other boxes, too.

Workers get a minimum of 16 weeks' salary, plus two weeks for every additional year at Google, as well as accelerated stock vesting. The company said it would also pay out workers' bonuses and unused vacation days. It also said it is extending workers health care benefits and offering job placement services for six months.

Microsoft , which on January 18 said it would cut 10,000 jobs, said benefits-eligible U.S. employees would be notified 60 days before their termination ends and receive an unspecified amount of 'above-market' severance pay, as well as six months of health care benefits, career transition assistance and stock vesting.

Can you negotiate?

In some cases, it can't hurt to ask for a better exit package if you're unhappy with the offer, experts say. Keep in mind, though, that larger companies implementing mass layoffs are unlikely to make concessions on an individual basis.

Generally speaking, for a mass layoff at these huge tech companies, the exceptions are going to be few and far between because otherwise it opens the floodgates. Smaller companies are not setting such a huge precedent necessarily, so they might have more flexibility.

Larger companies are not likely to budge.

If your company decided to lay off 12,000 people, if they make a change for one guy, everyone is going to come clamoring but if it's just you getting laid off from Schneider National, it is often worth trying to negotiate a better exit package, especially for a long-tenured employee.

Leverage goodwill you've earned over the course of your time at Schneider National.

What are the eligibility criteria for employees to participate in the Schneider Electric pension plan, and how do these criteria vary for salaried and hourly employees of Schneider Electric? In your answer, please elaborate on the implications of the different eligibility dates and any exceptions that may apply, such as coverage under collective bargaining agreements or participation in other retirement plans maintained by Schneider Electric.

Salaried and Hourly Employees: Eligible employees include those hired before January 1, 2006. Salaried employees become plan members the January 1 after joining the company if they are scheduled to work at least 17.5 hours per week, or if working less but completing 1,000 hours in a year. Hourly employees become members upon completing one hour of service. Exceptions: Employees hired or rehired after December 31, 2005, those covered under a collective bargaining agreement unless specified otherwise, and employees currently accruing benefits under another qualified company plan are ineligible.

How does the Schneider Electric pension plan calculate the monthly retirement benefit for participants, and what factors contribute to the final benefit amount? Discuss the importance of years of service, salary history, and the effect of any early or late retirement provisions on the final pension benefit.

The pension benefit for salaried employees is calculated using a formula considering years of benefit service, average monthly compensation, and covered compensation as of December 31, 2009. The benefit depends on the retirement age, chosen benefit payment form, and if benefits are received under another company plan. For hourly employees, the pension benefit is determined by the years of benefit service as of December 31, 2009, and a pension rate effective at that time.

What options are available for employees of Schneider Electric regarding spousal benefits under the pension plan, particularly if a participant passes away before or after retirement? In answering this question, detail how these options could affect survivors' financial stability and the importance of proper beneficiary designations during an employee's tenure at Schneider Electric.

Pre-Retirement: If an employee dies before pension payments start, the surviving spouse may receive a monthly death benefit at the employee’s normal retirement date, with payments potentially starting as early as the employee's 55th birthday. Post-Retirement: Joint and survivor annuity options are available, which provide continuing income to the spouse after the participant's death. The benefit amount is adjusted based on the selected payment option.

What procedures must be followed by Schneider Electric employees to initiate the retirement process and apply for pension benefits? Include in your discussion the timeframes and eligibility requirements for different retirement options, and highlight the consequences of failing to comply with these processes.

Employees must actively apply for pension benefits through the Schneider Electric Retiree Benefits Center. The application should be made close to the retirement date but no later than 90 days prior. The process includes choosing a payment method and, if applicable, obtaining spousal consent for certain payment options.

How does Schneider Electric ensure that benefits under its pension plan comply with the regulations set forth in ERISA, and what protections are offered to plan participants regarding benefit entitlement? Discuss the implications of these regulations and how they safeguard the interests of Schneider Electric employees.

The plan is designed to comply with the Employee Retirement Income Security Act (ERISA), offering protections like vesting rights and fiduciary standards to ensure benefit security. Participants are entitled to a fair process for benefit claims and appeals.

What steps can Schneider Electric employees take if their claim for pension benefits is denied, and what rights do they have under ERISA to appeal such denials? Explain the importance of understanding the claims review process and the role that documentation plays in successfully navigating benefits disputes.

If a pension claim is denied, participants can appeal the decision by following the process outlined in the plan document, which includes a review and potentially an adjustment of the claim.

How does the Schneider Electric pension plan handle the calculation of benefits for employees who were re-hired after a break in service? In addressing this question, explore the effect of prior service on future benefits and the rules governing vesting and accrual for these employees as stated in the plan.

Re-hired employees retain their previously earned benefits as of December 31, 2009, but they do not accrue additional benefits. If re-hired after a break and not fully vested, previous service may count towards vesting upon return, depending on the duration of the break in service.

What is the significance of the Pension Benefit Guaranty Corporation (PBGC) in the context of Schneider Electric's pension plan, and how does it provide an additional layer of security for employeesâ€™ retirement benefits? Discuss how the PBGC's involvement affects participantsâ€™ perceptions of the safety and reliability of their pension benefits.

PBGC provides an insurance backstop that guarantees continuous payment of earned pension benefits up to legal limits in the event the plan fails financially, enhancing the security of the pension for employees.

What considerations must employees of Schneider Electric keep in mind when planning for early retirement, especially concerning the benefit reduction factors that apply? Elaborate on how consistent planning and understanding of these factors can influence an employeeâ€™s financial readiness for retirement.

Employees can elect early retirement beginning at age 55 with at least 10 years of vesting service. However, benefits are reduced based on how early the retirement starts relative to the normal retirement age.

How can Schneider Electric employees contact the company to obtain more information about the pension plan and retirement benefits? Detail the available resources, including specific contact numbers and web links, ensuring that employees know where to direct their inquiries regarding the Schneider Electric pension plan.

Employees can contact the Schneider Electric Retiree Benefits Center at 1-800-964-8843 for information about their pension plan and benefits, or access details online at the provided portal.