Goldman Sachs Severance Package in Minnesota 2026

The numbers for a typical Goldman Sachs employee in Minnesota

Typical formula

Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default.

Average annual salary

$200,000

Example: 16-week gross

$61,538

Minnesota state withholding

6.3%

Federal supplemental

22.0%

Combined withholding

28.3%

Net take-home (16-week example, before FICA)

$44,154

Worked example uses Goldman Sachs's average salary of $200,000 and a 16-week severance period. Your actual package depends on tenure, role level, and the specific terms of your separation agreement. Use the calculator below for your personal numbers.

Minnesota-specific protections for Goldman Sachs employees

Negotiation angles at Goldman Sachs

• ·Garden leave duration is THE lever for VP+ (Fortune, SimpleSeverance): 30-90 days standard, 3-12 months negotiable for senior staff. Garden leave = full pay + active benefits + active equity vesting, the biggest single dollar lever in the package
• ·Unvested PSU/RSU continued vesting: Goldman's Compensation Committee has discretion. Uncommon but achievable for MDs/Partners with 2-4 years of unvested equity stacked from prior bonus cycles
• ·Non-compete / non-solicit narrowing: Goldman aggressively marks ex-broker Form U5s with 'garden leave violations'. Negotiate scope reduction in writing before signing
• ·Bonus inclusion ask: the #1 unresolved grievance from Jan 2023. Push for prorated bonus, especially if laid off post-Q3 when accrual is substantial
• ·Voyage-specific 2025-2026 lever: if Goldman's ultimatum is 'move to Dallas/SLC or leave,' refusal-induced exits should be treated as INVOLUNTARY terminations with full severance, not voluntary resignation. Get this classification in writing
• ·Chen-Oster $215M settlement leverage (2023): Goldman settled the gender-discrimination class for $215M covering 2,800 women. Sanford Heisler Sharp continues to investigate layoffs for disparate impact. Protected-class layoffs carry elevated EEOC/legal-claim threat value

Common questions

What is Goldman Sachs's typical severance package in Minnesota?

Goldman Sachs typically offers Discretionary, not formulaic: Goldman has no SEC-filed severance plan (unlike CVS or Citi's CAP plan). NY norm: ~60 days continued 'active employment' at full base + benefits, then ~5 weeks base-pay severance + tenure-based extension. By level (employee-reported via Fortune, eFinancialCareers, SimpleSeverance): Analyst/Associate 4-8 weeks, VP 3-6 months, Director/MD 6-12+ months, Partner discretionary (typically 12+ months with deferred-comp negotiation). Bonuses EXCLUDED by default. as the base severance package. Minnesota adds 6.3% state income tax on top of the federal 22% supplemental withholding, for a combined withholding of 28.3% on the gross severance amount.

How is Goldman Sachs severance taxed in Minnesota?

Severance is treated as supplemental wages under IRS Publication 15-A. Federal withholding is a flat 22% (37% on amounts above $1 million in a calendar year). Minnesota adds a state supplemental rate of approximately 6.3%. The combined withholding is approximately 28.3%, plus FICA (6.2% Social Security up to the wage base + 1.45% Medicare). The withheld amount is reconciled at tax-filing time against the year's total income.

Does Minnesota require minimum severance from Goldman Sachs?

No. Minnesota does not require employers to pay severance; it remains a matter of company policy or individual contract. However, the federal WARN Act and Minnesota's mini-WARN provisions may require advance notice or pay-in-lieu for mass layoffs. Minnesota has up to 9.85% state income tax on high earners.

Can I negotiate severance from Goldman Sachs if I'm based in Minnesota?

Yes. Goldman Sachs's standard formula is largely fixed, but peripheral terms (extended healthcare coverage, accelerated equity vesting, non-compete narrowing, outplacement upgrades, release-of-claims scope) are typically negotiable. Consider consulting an employment attorney licensed in Minnesota before signing.

What's the take-home from Goldman Sachs severance in Minnesota?

For a typical mid-tier Goldman Sachs employee earning around $200,000 annually, a 16-week severance comes to approximately $61,538 gross. After federal supplemental withholding (22%) and Minnesota state withholding (6.3%), the net take-home is approximately $44,154, before FICA. Tax is reconciled at filing time against the year's total income, so actual final tax may be higher or lower than the supplemental withholding.