Your CIP is based upon completed quarters worked. So many who retire will choose April 1st, July 1st or Oct. 1st so they receive their prorated CIP for the year. Please know, the prorated CIP shouldn't be a main reason for pushing back your retirement date. Typically the interest rate changes will affect your lump sum far greater of an amount than the CIP amount. I have worked with Chevron retirees for over 27yrs and am intimately familiar with all aspects of your Lump-Sum, Savings Plan etc. please feel free to look me up on LinkedIn, Bryan Musso...
9 replies (most recent on top)
The payout is at Chevron’s discretion. The policy clearly states that.
If you quit, you lose the payout. If you retire/are paid off you get a pro-rated CIP. This info is sourced from current documentation on CIP as per corporate HR, NOVEMBER 2019
I left in September and received an approx 50% CIP payment the following March.
I was not a US employee so am not sure if same applies to US employees as T & C's are different.
CIP amount is prorated if you leave before Dec 31, at least for US payroll. If you work until April it also acrues to your pension so may increase your lump sum.
Correct, you will lose your CIP payment.
My understanding is that -inp is correct. If you walk out the door you lose any bonus that has not been paid out. If you retire (or are laid off) on the other hand you get the bonus for each full quarter you worked (but no fraction there of). What’s the difference between quitting and retiring ...probably not that much in reality... except that the latter takes a bit more preamble and paperwork. Seems reasonable to me: quick cut and run comes with a penalty that can be avoided with a bit more orderly departure. A demand for rapid exit normally comes from those that have another job waiting, whereas most retiring have a bit more time flexibility.
If you are employed through through the 1st quarter of the calendar year, you are eligible for a pro-rated bonus. The payout is discretionary regardless of the how you left (quit, summary dismissal, retire etc). If you left on good terms, and were performing satisfactorily then the company would be foolish to not pay the CIP bonus (prorated). I assume you were an-will employee and were not terminated for substandard performance (or worse). Even in that case, in NA, court rulings have generally provided for exception to strictly at-will employer-employee relationships where an “implied contract” or a covenant of “good faith and fair-dealing” exists. A covenant is not a contract but it is a pledge by the employer - in this case a pledge of good faith and fair-dealing. If your documented PMP performance was 2 or better and you had recently closed-out your final PMP or you left shortly after a satisfactory interim PMP review, it would be difficult for Chevron to not not pay you the pro-rated CIP. It is always best practice to retain paper copies of all of your performance documentation. Regardless of your view of Chevron, the company does not typically act unjustly without cause on such matters. But they reserve the right to not pay a pro-rated bonus if that is fair and reasonable in their view. If you think that you are eligible and don’t receive it, send them a certified letter, stating your case and include documentation. Also make sure they know how to find you by updating your address as you need to do to anyway to receive other potentially important mailings.
no, you must be employed as of the day it is paid out. I voluntarily left a Chevron USA BU mid-Jan not too many years ago and didn't get it. I was misinformed by many of my peers which resulted in me missing out on that year's bonus.