Bremer (Old National) Layoffs – What to Do Next (Lake Elmo, MN)

Key Details About the Bremer (Old National) Layoffs

• Company: Bremer Bank (a Division of Old National Bank)
• Location: 8555 Eagle Point Boulevard, Lake Elmo, MN 55042
• Effective Dates: October 24, 2025 and November 14, 2025
• Total Employees Impacted: Approximately 244 (per WARN notice)
• Completion Window: All separations to occur before the end of 2026
• Notes: Not union-represented; no bumping rights; no trade implications (per WARN)

Are You a Bremer/Old National Employee Impacted by This Layoff?

Losing a job can feel overwhelming, but this is also a critical time to make smart, timely financial decisions. Common questions include:

• What should I do with my 401(k) or retirement plan after separation?
• How do I bridge health insurance (COBRA vs marketplace) and protect emergency savings?
• How are severance and unused PTO taxed, and should I adjust my withholding?
• What steps will safeguard my long-term goals during a job search?

A 30‑Day Action Plan

Week 1: Stabilize cash flow & document benefits

• Confirm severance terms (amount, payout schedule, benefit continuation, release language).
• Estimate taxes on severance; consider year‑end projections to avoid surprises.
• Apply for unemployment as soon as eligible; set reminders for weekly certifications.
• Compare COBRA vs ACA marketplace plans (premiums, deductibles, networks, subsidies).
• Build/extend a 90–120 day cash runway; trim non‑essential expenses.

Weeks 2–3: Optimize accounts & benefits

• Assess 401(k)/403(b) options: leave in plan (if allowed), roll to IRA, roll to new employer plan; avoid cash‑outs when possible.
• HSA/FSA: keep HSA; note FSA run‑out deadlines and eligible expenses.
• Equity/ESPP/Deferred comp: verify vesting, forfeiture, and decision deadlines.
• Life & disability: check portability or conversion windows.

Week 4: Re‑enter the market with a plan

• Update resume/LinkedIn with quantifiable outcomes and relevant tool stacks.
• Use Rapid Response resources, alumni groups, and professional associations for referrals.
• Set a 90‑day job‑search cadence (networking goals, target roles, salary range).

How TruMix Advisors Can Help

We guide individuals through major transitions—calmly and clearly—so you can make confident decisions:

• Severance planning: Withholding strategy, cash‑flow staging, estimated tax planning.
• Benefit elections: COBRA vs ACA math; HSA/FSA timelines; life/disability options.
• Retirement accounts: 401(k)/403(b) rollover guidance and consolidation options.
• Short‑term investing: Where to hold cash during a transition (liquidity, yield, FDIC considerations).
• Job‑transition plan: Salary/bonus targeting, relocation impacts, and a return‑to‑work budget.

Why Choose TruMix Advisors?

Local Expertise: Based in Bloomington, MN, with deep familiarity of Twin Cities resources.
Personalized Guidance: Your goals and constraints drive the strategy—no cookie‑cutter plans.
Fiduciary Commitment: We put your best interests first.

FAQs

Will my severance be taxed like regular wages?
Generally, yes—severance is taxable income and subject to withholding and FICA in most cases. Your final tax depends on your total 2025 income and deductions.

When should I apply for unemployment?
As soon as you are eligible. Benefits generally start only after your claim is established; weekly certifications are usually required.

What should I do with my 401(k)?
Compare leaving funds in‑plan (if allowed), rolling to an IRA, or rolling to a new employer plan. Cash‑outs often create taxes/penalties and set back long‑term goals.

COBRA vs marketplace plan—how do I choose?
Run the math on premiums, deductibles, networks, and potential subsidies. Continuity can favor COBRA mid‑year, while ACA plans may lower net cost for some households.

Next Steps – Schedule a Free Discovery Meeting

Don’t navigate this alone. Schedule a complimentary consultation and take control of your financial next steps. You can also securely share severance and benefits documents ahead of time so we can prepare.