A layoff notice from LIV Golf starts five time-sensitive clocks that most employees don't know about. LIV Golf announced on August 26, 2026 that it's laying off the vast majority of its staff across operations, media, and administrative functions, following the loss of Saudi Public Investment Fund backing. The league is restructuring and downsizing, and if you're one of the people affected, the decisions you make in the next few days and weeks will have real financial consequences. This article walks through each one, in deadline order, so you don't miss anything.

What happened at LIV Golf?

LIV Golf built its business on Saudi Public Investment Fund money. When that backing ended, the league couldn't sustain its current size. On August 26, 2026, the organization announced it's cutting the vast majority of its employees, including staff in operations, media production, and administration. Specific severance terms have not been publicly disclosed.

What should you do about unemployment right now?

Unemployment insurance is a benefit you've already paid into through payroll taxes. Filing for it isn't optional or embarrassing. It's just using what you've earned.

Because LIV Golf is headquartered in Florida, most affected employees will file with Florida's Reemployment Assistance program. The key thing to know: Florida doesn't pay benefits retroactively. If you wait a week to file, you lose that week's benefits. File today, or as soon as your last day of work is confirmed.

File online at the CONNECT portal: connect.myflorida.com. You'll need your Social Security number, employment history for the past 18 months, and your bank account information for direct deposit.

Florida's maximum weekly reemployment benefit is $275, which reflects the state's statutory cap as of 2026. That's not a lot, but it's money coming in while you figure out your next move. Florida uses an identity verification step during the application process, so have a government-issued ID ready.

There's no waiting week penalty in Florida for most standard separations, but you do need to certify for benefits every two weeks to keep them coming. Set a calendar reminder now so you don't accidentally lapse.

If you worked remotely and your employer was in a different state, file in the state where you performed the work, not where LIV Golf is headquartered. Check your most recent pay stub for state tax withholding to confirm which state that is.

What should you do about your health insurance?

COBRA is continuation coverage. It lets you stay on your employer's health plan after you leave, but you pay the full cost yourself, including the share your employer was covering before.

You have 60 days from your qualifying event (your last day of coverage) or from the date you receive your COBRA notice, whichever is later, to elect COBRA. That window comes from federal law. After 60 days, it closes permanently.

One useful thing about COBRA: you don't have to decide immediately. The election is retroactive. That means if you stay healthy for two months and then get sick on day 58, you can elect COBRA, pay the back premiums, and your coverage is treated as if it never lapsed. That said, carrying the risk of two months without coverage isn't right for everyone.

The average COBRA premium for individual coverage in 2026 runs about $703 per month, because you're now paying both the employee and employer portions of the premium, plus a 2% administrative fee. Family coverage is significantly higher. Check your benefits paperwork for your specific plan's rates.

The alternative is the Marketplace. Losing job-based coverage triggers a 60-day Special Enrollment Period, meaning you can enroll in a Marketplace plan outside the normal open enrollment window. Marketplace plans vary widely in cost depending on your income, age, and location, and you may qualify for subsidies that make them cheaper than COBRA. Compare your options at healthcare.gov before the 60-day window closes.

You don't have to pick one on day one. But you do need to track your 60-day window carefully, because both deadlines run from the same starting point.

Do you need to review your severance agreement before signing?

Severance agreements are contracts. Most of them ask you to waive your right to sue your employer in exchange for the severance payment. That's a significant trade, and federal law gives you time to think about it.

Under the Older Workers Benefit Protection Act (OWBPA), if you're 40 or older, you must be given at least 21 days to review an individual severance agreement that waives your rights under the Age Discrimination in Employment Act. Because this is a group layoff affecting many employees simultaneously, that window extends to 45 days. These deadlines come from federal statute.

After you sign, you have 7 days to revoke. No matter what the agreement says, that 7-day revocation right can't be waived or shortened. If you sign on day one and change your mind on day six, you can still back out.

LIV Golf has not publicly disclosed its severance terms. When you receive your agreement, read the scope of the release carefully. A broad release covering all claims is much more valuable to the company than a narrow one. Non-disparagement and non-compete clauses are common and sometimes negotiable. If anything in the agreement is unclear, you can consult an employment attorney. Most offer free or low-cost initial consultations.

Don't let anyone pressure you to sign before your review window is up. The 45-day window exists precisely so you have time to read, ask questions, and decide without pressure.

You can also use the post-layoff checklist to track where you are in the severance review process alongside your other deadlines.

What about the taxes on your severance?

Severance pay is ordinary income. The IRS treats it as supplemental wages, which means your employer withholds federal income tax at the supplemental wage rate of 22% on amounts up to $1 million. That's the flat withholding rate, not your actual marginal rate.

Here's where people get into trouble: if your total income this year puts you in a tax bracket above 22%, the withholding won't be enough. You may owe additional tax when you file in April. The IRS can also assess a penalty if you underpay quarterly during the year.

Your Q3 2026 estimated tax payment is due September 15, 2026. That's less than three weeks away from the announcement date. If your severance is being paid out now and you expect to owe more than the withholding covers, you may need to make an estimated payment by that date to avoid underpayment penalties.

The Q2 deadline of June 15, 2026 has already passed. If you didn't make a Q2 payment and received significant severance income before June 15, talk to a tax professional about whether you need to address that now or at filing.

Florida has no state income tax, so you won't face a state-level severance tax bill. Federal is your only exposure here.

What should you do with your 401(k)?

Your vested 401(k) balance is yours. Leaving LIV Golf doesn't change that. What changes is what happens next, and you have a few options.

The first option is leaving the money in LIV Golf's plan, if the plan allows it. Many plans let former employees stay in until they choose to move. This is often the path of least resistance in the short term.

The second option is a direct rollover to an IRA or your next employer's plan. In a direct rollover, the money moves from plan to plan without passing through your hands. There's no withholding, no 60-day clock, and no tax consequences. This is usually the cleanest approach.

The third option is an indirect rollover. You take a distribution, and then you deposit it into another qualified account within 60 days. The problem: your employer is required to withhold 20% for taxes on an indirect distribution. If you want to roll the full amount over, you have to come up with that 20% out of pocket and deposit it yourself, then get it back as a refund when you file. Miss the 60-day window and the entire distribution becomes taxable income for 2026.

Cashing out entirely is an option, but it's an expensive one. You'll pay ordinary income tax on the full amount plus a 10% early withdrawal penalty if you're under 59 and a half. For most people in most situations, this is the last resort.

If LIV Golf is winding down operations, ask HR directly about the plan's status. Employers terminating a plan are required to distribute account balances, and you'll want to know the timeline so you can plan the rollover in advance.

Deadlines and rules described here reflect federal law and general state guidelines as of the article date.

The Layoff Guide

The deadlines above apply whether or not you are tracking them. The Layoff Guide from Layoff HQ is a 33-page field guide that covers all twelve post-layoff deadline events in the order they arrive: unemployment, the severance review and revocation windows, COBRA and the Marketplace, your FSA, your equity window, your 401(k), and your taxes. Each event comes with timed checkpoints, the decision math, and the one mistake that costs people the most, plus a fill-in worksheet that turns your last day worked into your complete personal deadline calendar. One-time purchase. No subscription. Instant download, with a 14-day full refund if it is not useful.

Get The Layoff Guide, $39 or build your free Decision Calendar.