The COVID-19 pandemic has taken an unprecedented toll on our economy, resulting in layoffs across many industries and organizations, including local governments. In the event you are facing layoff, or are concerned about potential layoff, Balanced You has developed the following list of financial wellness resources to support you during this difficult time.
Throughout this pandemic, Balanced You has been inspired by each of you and is grateful to everyone at King County for your contributions. If you are facing layoff, please remember these decisions are not a reflection of your work. The skills you brought to King County made us what we are and will be an asset for future employers. If Balanced You can be of assistance to you throughout this process, reach out any time at balancedyou@kingcounty.gov.
Financial resources for King County employees
A layoff may cause financial hardship for your family. The following resources are available to employees:
- My Secure Advantage: Balanced You partners with My Secure Advantage (MSA) to provide financial wellness resources to all King County employees. Resources include webinars with the latest fiscal information, budgeting spreadsheets and calculators, and personalized Money Coaches*, who can work with you to plan for navigating layoff with as minimal impact as possible to your bottom line. All King County employees are eligible for 90 days of money coaching per year. If you would like to continue with MSA after your employment with King County ends, you can do so for $39.95 per month. Visit the My Secure Advantage website for more information.
* Please note, per the IRS, money coaching is subject to a fringe benefit tax. What does that mean for you? The program cost of $299 for up to the 90 days of money coaching is paid by King County. However, employees are responsible for taxes on this amount. The amount of taxes paid will depend on the employee’s W-4 form information. If you have questions about this taxable fringe benefit, please contact King County Benefits, Payroll and Retirement Operations at 206-684-1556 or kc.benefits@kingcounty.gov.
- T. Rowe Price Deferred Compensation: If you are enrolled in T. Rowe Price, you may qualify for early withdrawal due to hardship. For information on early withdrawal, visit the T. Rowe Price website.
- Balanced You Blog: For information about resources available to help you navigate the financial crisis, including tips on collecting unemployment, check out this Balanced You blog post. The Balanced You blog is available to the public, so you can access it now and after your employment ends with King County.
If you have questions or would like additional support or more information, please contact balancedyou@kingcounty.gov.
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