Given the position the company is in I think the package is generous for me.
I am almost at 30 years and I get 63 weeks of pay. Also, I get $20K extra payment + $36K SERMA... Finally there is 18 months of COBRA and one year of stock accel... When you add it up it rounds up to $420K. That's a nice chunk of money and since I was going to retire anyway, this clicks with the plan. I know it's not this great for others but for folks like me it worked out perfectly.
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You won't get 63 weeks of pay as there is a cap of 47 weeks. Anything above 47 weeks will not be paid my friend!
@paq, "doesn’t the rule of 55 work for this too, do you meet that?"
No, not 55 by itself. It's actually Rule of 55 + 15. 55 years old + 15 years of service. Then you're eligible.
Or the other is Rule of 75 where your current age + service years add up to 75.
Exactly. That is why those long tenure folks shouldn’t get the hero’s goodbye they want. They let this get out of control and expect us to thank them for it. Fu-k them. Good riddance.
All these people say you should have spoken up and exposed the corruption. Lol 🤣 why didn't you? I did 19 years ago when it started and they started writing me up for silly things. Also cause my base was double everyone else's. Intel is a place to hide your talent and make your boss look good .. real talented people don't last there. Just a-s kissers. 😂
Love how the Pareto of folks in here complaining about taxes is most likely a circle compromised of the folks complaining about immigrants. Just an fyi: the gop raised taxes on W2 folks and dropped them for Intel. And intel failed.
You guys stayed and fu---d Intel over. You could have help prevent this. But now you get to bail out with a golden parachute leaving your sh-t mess you had 30 years to clean up behind. You are a weak man and imbecile. You are a disgrace to the Intel you claim to love.
@mew+1tQGdk9o Truthfully, though, many people don’t factor taxes in…
To the whiners asking why the 30-year employee didn’t speak up, they probably did. I left Intel recently after 29 years. Our hard work built the company that pays your salary. We saw the stupid decisions by top management. We did speak up. For many of us, speaking up was career limiting. 30-year employees are the true believers—a lot of our colleagues left 10, 15, 20 years ago and it worked out better for them. We stayed because we believed intel would once again be a great company.
But since Intel first offered Enhanced retirement/CPM to which one can opt-in sabbatical should be cashable. worth asking around.....
Stock acceleration should be more than one year unless you started working here under 25 years of age. I read in the PTO portion of the handbook that if you leave voluntarily, which the enhanced retirement would be, there is no payout for sabbatical.
Congrats! I would take the enhanced retirement, but I miss it by seven weeks!
It's kind of perfect that Intel employees remind each other about taxes as if they haven't already taken them into account.
That 420K will be less than 200K once you get it and after taxes next year. But good for you
Good for you. I'm in a similar boat with 8 more weeks of unused sabbatical (make it 73 weeks of pay total). And please ensure you pay extra attention to your annual expenses - E.g., mortgages, car payment if any. For a family of 4, I'm looking at 120k of gross expenses. In the larger scheme of things that is 3 years' worth of equivalent lifestyle. And then ....... :) The unknown is any major health expenses
The cap is 47 weeks pay. But if u r in California you get your vacation payout and your sabbatical accrual. You will also get a prorated part of the apb bonus in February. Lots of taxes but better than hanging around for the next few years as Intel makes it way back……which it will.
Stop bragging.
@jnw doesn’t the rule of 55 work for this too, do you meet that?
And the government will take at least half of all of that… so… back to looking for a job in two months…
Not surprising. Intel wants to rid itself of the boomers
Congratulations!!! Enjoy it, my 2016 retirement has been great!
Congrats that’s good. But why did you let things get this bad. In 30 years why didn’t you speak up? Leaving us holding the bag
I wish I was eligible. Missed the rule of 75 by 16 months. Would have gotten a years worth of money without working a second. Sign me up!
Congrats!!!
Congrats! Have fun paying the taxes on that.