Two Questions About Quitting A Job

UM Review RN, ASN, RN · Oct 16, 2004

Wow, Tweety! That bad, huh?

I hope you find something better soon. But in the meantime, my employer has its benefits online now. Does yours? If so, you could pretty much check this stuff out online.

Mine also does give money in exchange for unused vacation time, but I know nothing about the 401K loan. There's probably a little blurb about that situation buried somewhere in the contract papers.

And Best wishes!

weetziebat · Oct 16, 2004

Gosh, Tweets, I don't know the answers to your questions. In my job, we are allowed to cash out only 40 hours PAL time if we leave. Just can't see most employers giving that much money, even though it is yours.

I now have only 72 hours accumulated. So if I leave, I'd have to take a week's vacation and then get the rest in cash. But sure would be sweet to get 300 hours in cash. Good luck!

TinyNurse, RN · Oct 16, 2004

hey,

401k i don't know about, but most jobs require "some time" to cash out your pto.

xo Jen

Jo Dirt · Oct 16, 2004

You need to call Dave Ramsey.

Tweety, BSN, RN · Oct 16, 2004

Jen, I'm not sure what you mean "some time". Do you mean some time after you quit you have to wait to get it? I've been there 13 years and have almost 400 hours saved.

LPNtoRN, didn't know who Dave Ramsey was and did a search. I surely could use a little financial discipline in my life. LOL

Angie, I wouldn't be quitting because it's that bad. Mainly to get ICU experience, which I've been itching to do for a long time, and to get on dayshift.

Thanks for responding guys. I'll bump this up one more time. :)

hypnotic_nurse · Oct 16, 2004

You will probably have to pay back the loan on your 401K if you leave OR you will be taxed on the $$ you took out (and taxed at that penalty rate).

Katnip, RN · Oct 16, 2004

If my husband were awake, he would probably know about the 401k.

Tweety, if you've been itching to get to days, and you said in another thread that your spouse is going to days, go for it. You just might like ICU a lot.

You have a lot of very valuable experience that will help ease your way into higher acuity.

As soon as lazy bones gets up, I'll ask about the 401K. If he doesn't know, it might not hurt to ask your potential new boss to check it out with their HR. I'm pretty sure you don't want to give your current one a hint about what you're considering.

CseMgr1, ASN, RN · Oct 16, 2004

I am also seriously considering leaving my place of employement...even though I too, have outstanding loans against my 401K. Here's how it works (according to the IRS):

OUTSTANDING LOAN

If you are unable to repay your loan in full, you can let the loan default.

A 401(k) loan default would not appear on a credit report. When you leave

your employer, your loan will

automatically default after 90 days of your termination date. The balance

will be reported as ordinary income and will be added to your gross income

at the end of the year the loan defaulted.

This action will still be considered a withdrawal, it is money you already

have received from your account, and your tax responsibility will be due in

the year the loan defaults as you are preparing your taxes. The 10% penalty

for early withdrawal from a retirement account is also due and reported on

those same year end tax forms, if you are under age 59½.

I am not going to let this stop me from leaving. My concern is right now, is that my company's stock has lost 20 points since July...and, the longer I stay, the more money I lose. Let's take the money and run! :)

boulergirl, CNA · Oct 16, 2004

LPNtoRN, didn't know who Dave Ramsey was and did a search. I surely could use a little financial discipline in my life. LOL

Hi, Tweety.

If you're looking for financial discipline, Dave is THE MAN. Most people would describe his approach as a "kick in the pants" but he knows his stuff. My parents eliminated all their debt but the mortgage in two years after following his advice.

jemb · Oct 16, 2004

Tweety, I think each employer is different in the way they handle payouts of unused paid time off. Where I work, they willl pay you for unused vacation but you forfeit any unused sick time.

Gompers, BSN, RN · Oct 16, 2004

As far as paying out your unused vacation time, I think all hospitals have different policies on that. For example, my hospital pays out 50% of what time you had accumulated (max accumulation is 360 hours), while my dad's hospital only pays out 100 hours.

As far as the 401K goes, I had asked my own rep about this last time I spoke with him. In my particular 401K plan, your employment at the hospital doesn't have anything to do with loan repayment. He said if I took out some money and left, I would still have the same amount of time to repay the loan, but instead of having the payments come directly out of my paycheck, I'd have to make arrangements to send them in myself, of course. I'm not sure about taxes and interest and all that, because we didn't delve that deep.