Way back in the old days, beforeMarch 2020, layoffs sometimes looked like this.  Werealize that at present, few people are carrying belongings out ofoffices, at least not without social distancing. (Photo:Shutterstock)

In the coronavirus pandemic, probably the only surething these days is that change is coming.

And since that change could include a layoff or a furlough (yes, they are different),it makes sense to be prepared in case you end up in the next waveof the millions of people who have already joined the ranks of theunemployed.

There are lots of things to consider, not the least of which isfiguring out what options are available through your employer for the benefits you have,particularly your retirement plan. Here are some things toconsider.

10. Remember the difference between layoff and furlough.

A layoff is permanent, with no expectation of returning to work;a furlough means that you're being let go with the expectation thatif/when the business is able to reopen, you still have a jobwaiting for you.

And according to Business of Home, furloughed workers are stilleligible for unemployment and may even still be eligible for healthinsurance (ask whether your insurance is effective beyond your dateof layoff or furlough).

Employers are handling insurance coverage in different waysduring the pandemic, so make sure to inquire.

9. Ask about vacation and that last paycheck.

According to the Harvard Business Review, you need to ask whenyou'll get your final paycheck and should also find outwhether/when you'll get paid for any unused vacation time.

You might even get severance, although with the vast numbers ofpeople joining the unemployment lines that's by no means certain.But make sure you ask. In previous years, some people havenegotiated larger severance amounts.

8. If you have stock options, find out what your options areconcerning them.

You might not want to be selling stock right now in a marketthat's made a practice of nosediving the last couple of months, buton the other hand, if you need the money, find out what therequirements are. Also ask if you'll have to forfeit any.

7. Ask your current employer for references and for copies ofyour performance reviews.

If things don't work out for you to go back to the same company(or if you can't wait that long for income and find another job),having these things on hand could make it much easier to get otheremployment.

6. If at all possible, leave your 401(k) alone.

Raiding your retirement funds to survive today may be anecessity, but if it's not, try not to handicap your future byusing up whatever retirement savings you may have accumulated.

But one way or another, find out what your options are at yourcurrent employer for that plan, in case you have to roll it over toan IRA or, perhaps with luck, to another employer.

5. Check on the taxable or nontaxable status of retirement planwithdrawals.

If you have to take the money out to live on, make sure youcheck to see what your tax obligations will be. It won't do to beblindsided by a big tax bill when money is already tight.

According to Bloomberg Tax, employers are allowed, undercertain circumstances, to suspend their contributions to retirementplans—so if you've been continuing your contributions for theemployer match, you'll want to ask HR about the status of thematching funds so that you can decide what to do next.

And since the rules about safe harbor notices changed under theSECURE Act at the end of last year, there could be changes inwhether and how your boss is making matching fundcontributions.

4. Check with the powers that be about the requirements forparticipant loans from your retirement plan.

Borrowing money from your plan could be preferable to actualwithdrawals, particularly if you have a prospect of being calledback to work.

But if you've already taken a loan, being laid off could meanthat you end up with a taxable distribution if you fail to repayit—and that could leave you with not just a tax bill but a 10percent penalty if you're not 59½ when you fail to pay back theloan.

3. Ask HR about the effects of furloughs and severance benefitson your retirement plan loan.

You can avoid negative ramifications from a previously existingloan if you are furloughed rather than laid off and the furloughdoesn't exceed one year—as long as you're able to repay the loan bythe end of the original term of the loan.

Alternatively, the company may allow you to have loan paymentswithheld from any severance payments to avoid ending up being taxedon the loan—if the plan allows loan payments to be made fromseverance pay.

2. Ask about hardship withdrawals from your 401(k).

If such a measure becomes unavoidable, you'll need to know howto go about taking one—and whether you're eligible for it. Youcan't just take the money out if you're furloughed or your hoursare cut.

But you can if you're under threat of foreclosure or eviction orif you need the money for medical expenses for yourself or theprincipal beneficiary of your plan. Just remember that hardshipwithdrawals are taxable.

1. Ask about the potential for in-service distributions ofmatching and other employer contributions.

The plan might allow for such distributions depending on anumber of factors, including vesting, hours reduction or furloughand a minimum required period of service.

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