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Forum: Financial Planning and Budgeting

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  #1  
April 15th, 2009, 07:20 PM
tonyarn's Avatar Platinum Supermommy
Join Date: Feb 2005
Location: Marion, Iowa
Posts: 14,544
I am really trying to decide what to do in this situation. Lots of background here...I have been employed by OHH for a little over 6 years. For about 3 years, I was employed full-time and had health insurance and several other benefits. At the end of last July, my full-time client started losing his hours, and I didn't work for OHH at all during August and September. They gave me one shift in October, a handful in November, and a couple in December. The beginning of January, they figured out that they hadn't cut off my benefits yet and they were paying for them most of the time, so they did so. In January, I worked quite a few hours with a new client, then I went on maternity leave and had Ben on February 2. I haven't worked since. My boss and I don't have a good relationship at all, but I rarely have to see her even when working full-time because I am out in the field and she is in the office. The last time I spoke to her, she told me that when I came back from maternity leave, that she was going to cut my pay because I was no longer working the weekend package. OK, about that...they pay $17.50 for an RN just starting with the company. I was one of the first nurses they hired when they started private duty, so I automatically got an extra dollar for working with high tech clients which my client at the time was. They have since quit doing this dollar thing. I have had several reviews and raises. 3 years ago, I started doing weekend package which bumped my weekend pay to $21.96 per hour. If I worked during the week or a meeting or paid time off, I was paid a different rate in the $19.50 range (can't remember exactly). They messed up several paychecks because of the 2 different rates, so at a subsequent review, they didn't give me a raise, but just bumped my pay to $21.96 no matter what. This was OK because they had mentioned at a meeting that they didn't know what they were going to do with those of us who were making around $22 because they absolutely couldn't pay us anymore. So now she wants to decrease my pay rate. Like I said, I haven't worked for them since being off maternity leave. I am now working for PHH (well, I was all along) Friday and Saturday nights, but they only pay $17.50 per hour. I'm OK with this for now because it's close to home and I don't have to be away from my family much and it's easy, easy, easy. I have a pretty good relationship with the office people. Here is my question...last July, I got paperwork for my stock plan thru OHH. I was 60% vested and "my" portion at that time was in the $4000's. I have not put any money into this, not even a penny. I know that I am now 80% vested because I worked 7 months full-time last year, but I don't know what my portion is right now, I'm guessing in the $8000's (it's healthcare so probably not seeing the same hits other areas are seeing). I cannot get my hands on that money as long as I am still employed by the company. With as little as I work, I will probably never be more than 80% vested (unless we get a new boss that I can actually stand to work under). I could seriously use that money to pay off lots of debt...student loan, credit card, car loans. I'm trying to decide if I should quit and get that money this coming July or if I should wait since I am well paid, maybe they'll forget that they were going to decrease my pay when they start giving me hours again, and maybe my current boss will eventually quit...she's the 4th since I started, but also the longest. If ever there did come a day when a new boss was hired, I'd probably be able to get more hours. I also wonder about the possibility of them terminating me for lack of working, though. I know of another nurse who was unable to return to work after 12 weeks after a surgery so they terminated her. My situation, however, is a lack of available hours, not being unable to work. So...what to do?
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  #2  
April 16th, 2009, 02:54 PM
jentanne
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I don't understand what it means to be 100% vested. I thought that meant that you got the money the company had put into your retirement and if you were not 100% vested you lost their contributions, so I am a little lost... I get no match so I don't know anything about that kind of stuff.

However, if quitting means you get the money then I would probably do that. Besides that, a lot of places have a rule that if you leave you can take the money but can't be rehired for 6 months or so. My brother did that, he quit and cashed out his retirement and then got rehired after the waiting period. So you could always do that if a new boss came along. However, without really understanding the vested part, I can't give very good advice.

In my brother's case it was a stupid thing to do because of WHY he was doing it, but you want to use the money to pay off debt which is good.... however I wonder if it is not better off where it is in the long run. ???
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  #3  
April 26th, 2009, 09:53 AM
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Join Date: Oct 2008
Posts: 373
Would you have to pay a sizable income tax on your vested account if withdrawn since you are not retiring or of age to do so? I think you might lose all of your account since you are not vested but I do not understand how it works. Here, after three years, and a state account/not healthcare, one has a vested retirement. Less than three, the retirement is lost when you leave because 'you are not fully vested'. I would say given the state of the economy, etc., a bird in the hand needs keeping. DON'T quit or leave unless you have a better paying something.
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  #4  
May 3rd, 2009, 11:49 AM
tonyarn's Avatar Platinum Supermommy
Join Date: Feb 2005
Location: Marion, Iowa
Posts: 14,544
Sorry, I didn't realize anyone had responded. Being 80% vested just means that if the whole account is worth $10,000, 80% or $8000 is mine should I choose to remove that money for whatever reason. Not working currently for the company, I will probably never be more than 80% vested, apparently it goes up 20% per year that you are eligible for the stock option. I am not sure what the criteria are, but I'm sure it's based on hours worked. I don't know about income tax, I'm sure I'd have to pay something, but I doubt $8000ish would make that huge of a dent considering we make around $45,000 per year...we're not exactly upper income levels. We also had a 3rd baby this year so will have him as an additional tax deduction on next year's taxes. On that note, I should also explain that I am an RN, my work is pretty recession-proof. I am working for another home care company although I don't make as much money as I do when I work for the company in question. The hours work well for my family right now, though, so I don't care too much about that. I still haven't made a decision, I talked to a financial counselor about it and she said although she can't give me advice to quit my job, she can see how this would help us pay some bills and even possibly put a down payment on a house. Anyone else have any advice or suggestions?
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  #5  
May 3rd, 2009, 05:40 PM
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Posts: 8,671
If it was me, i would quit and cash in the stocks. You can get a job anywhere in healthcare, so i wouldnt worry about that.
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  #6  
May 4th, 2009, 10:43 PM
~Jess~'s Avatar Platinum Supermommy
Join Date: Oct 2005
Location: Central California
Posts: 16,959
#1, find out the value of the stocks. Everything is down lately, so it's a bad time to unload unless you are absolutely desperate for the money (starving, without a home, etc).

#2, are these stocks considered a retirement plan? If so, you will have to pay penalties for early withdrawal in addition to any applicable taxes. Early withdrawal penalties are normally in the 10-15% range. Then take out another 10-15% for taxes as well.

Then, looking at the amount that you'll actually get, you can better make your decision. Being an RN I doubt it would be difficult to find another job, even in this rotten economy, so quitting isn't such a big deal unless you really love your job.
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