Can you be considered for a bonus if you retire?
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I am retiring the day after RSRs are awarded next year. Told my boss in May. She said can I go with you, lol. I purchased a digital countdown clock. Can’t wait to get out of here.
The ability to retire is a bonus itself!
there are exceptions, but they are rare. Some tech team was displaced recently and they were told they will get a pro-rated bonus. Definitely the exception, as that was nixed earlier this year. I would not count on a bonus if you are not here on the day it is paid out.
I got my bonus while drawing severance.
New status quo is no bonus unless you're an employee when they're paid out
No bonus, recently changed. Confirmed with our HR biz partner, as I have one person who is asking about retirement and I had to displace two employees in Aug.
No. Carefully read the benefits book or look on Teams. You have to be working on a September 30th to be eligible for a pro-rated payout. Additionally, you have to be working December 15th for the 401K match.
I’m about to be displaced because I’m remote and will not move to a hub. I’ve been told that I should receive my 60 day notice soon. I should qualify for the bonus since any notice now should cover the September date. The company will make sure that I’m gone before December though so that I don’t receive the 401K match.
How they handle year end displacement timing is unethical of WF in my opinion. They use people all year, then scr*w them at the end.
Until it hits your bank account in February, you get nothing
You have to be employed on the date it pays out, no more pro-rated bonuses. Confirmed that with our HR rep, as I am considering retiring b/c I have reached my limit here. It’s on pg. 11 or 12 of the plan. Black and white. I have heard of a few displaced employees/teams being promised bonus, but think that is the exception.
They changed it before the July 2022 lay offs. It used to be pro-rata for the months worked. I know two people who retired, H1 2022) expecting a bonus then they changed it so you had to be employed on the date of payments. So both of them sc--wed. Underhand of the company not to honor it for those retired before the change, but then you know what this company is like know, they do not care about their employees one bit.
Word of warning to you though. WF does not report the bonus payment as a previous year earnings which it is according to SSA rules. That matters because if you start collecting SSA early that year the bonus may be above the earning limit which happened to me. WF never did correct it. In fact, I could not find any to fill out the right form to do so. SSA was finally kind enough to acknowledge that WF was incompetent and changed my earnings report and gave back my social security they took. That episode took 14 months to fix. SSA reported WF to the OCC and I submitted a complaint as well. WF said they know they have training to do is about it.
Yes, if you work through a certain date in September. It's in the benefits info on Teamworks.
It’s in the employee manual. Changes did happen recently. I think 9/30 has something to do with it still
No, based on some recent changes to the comp/incentive plan. It used to be that it was left up to your manager, but unless you are employed on the day it pays out, you are out of luck. I retired in March of this year, mainly to ensure I got the bonus.