will there be any CIP this year ?
28 replies (most recent on top)
Quite true @1Zxnj, about the April 1 date. Those terminated (off the payroll) before April 1 do not get a prorated CIP.
Active employee here. The website says you get the prorated bonus only if 75 points, or if you get the severance package, AND also only if separation after April 1.
No sir, I haven't heard about the 75 point requirement to get a prorated CIP bonus. If an active employee can verify this through HR and post it here, it would be appreciated, not to mention helpful to many others yet to be laid off.
Has anyone else heard of a 75 point requirement in order to receive CIP? I "retired" as of July 1st 2015. Did not get any bonus money, which I thought we would be pro-rated. I called local HR, and they said I needed 75 points, to call the 1 888 HR to verify points...I was 3 months short of having 75 points. Anyone else come across this?
My separation date was after April 1, 2015. HR was going to terminate the first wave of ROM'ed employees on March 31, but did an "about face" and changed the paperwork to state April 1 instead. I suppose they realized it was the right thing to do. It's hard to defend the company's position when an employee works 3 months toward the company's 1st quarter performance metrics, and simply because he didn't cross the line by one day into April 1, he gets cheated out of 25% of his annual bonus. Maybe the company realized that was too obvious. I'm now retired, enjoying it, planning my future travels, and making a list of what to spend my bonus money on.
150: Sorry, clarification. I got my dates wrong. I retired in late second quarter of 2014. I think my paper date was actually early July. I did not receive a prorated 2014 CIP payout.
As previous post mentioned, a few years ago there was a change that moved the eligibility date from the end of the year to the end of first quarter. The folks you know who delayed their retirement to April 1 '15 were hanging onto qualify for 2014 CIP payout.
The only way to leave and receive a prorated CIP payout is involuntary separation in good standing. At least that was the deal when I left in 2014. I would expect that folks who are laid off qualify under that provision.
Thanks for sharing, 614. I know those employees who are laid off will get all or part of the CIP bonus if their separation date was on or after April 1. At the same time, I've heard of managers choosing to retire voluntarily after April 1, purportedly to get a share of the CIP. I'm surprised (perhaps learning something new) that Chevron will not pay a share of the CIP to retirees, only to axed employees. I don't see the difference, since in both cases, the employee contributed to the annual performance of the company, hence should be paid their fraction of the CIP. Sounds like another secret the company keeps from its employees or am I wrong?
Slight deviation from the OP's original question, but you DO NOT get CIP if you retire in the middle of the year. I elected to retire in the second quarter of 2015 rather than relocate to Houston. I did not receive 2015 CIP because my retirement was considered a voluntary separation. The only way for me to have been eligible would have been to stay through my termination date which would have qualified as an involuntary separation.
My guess is 0.8 but award units will also have lower factors to decrease the overall cost of the cip. So, something like 0.8 Corp factor X 0.8 award unit factor X 1.0 IPF.
We'll be lucky if the Corp component is better than a token 0.1.
Anon119, If you retire on April 1 or later, you will get your prorated CIP for the year in which you retire. But, that bonus amount will not count towards your pension lump sum. If you read the Chevron Retirement Plan SPD document online, you'll notice the formula for calculating it assumes you earned zero (0) in the year you terminated from Chevron. The amount the formula places in the previous year before termination is equal to your annual Highest Average Earnings multiplied by 1.05 (5% increase). Each previous year is adjusted according to the percentage change in the National Averwge Wage going back to your age 22.
If you retire, you get your prorated CIP for the year in which you retire. If you want your CIP to count towards your lump sum, then you have to retire after April 1st.
Where are you guys getting $375k from? Bonuses for country managers in small backwater upstream BUs have been getting twice that amount for years.
You bet the Board of Directors will get their $375k bonus for 2015 (or whatever the usual amount is). The perks of being on top, is that you can dump on the ones who are below. Shit rolls downhill and we live on planet Earth where gravity can be a bitch. Heads up, everyone.
Regardless of what the board decides on the CIP, they will still get their $375k for the year.
HR changed that policy because the company was sued. The retired employee was fully entitled to his annual bonus, as he did work the whole year, then retired in January. HR silently changed the policy because they were wrong to deny this employee his due. But, I get your point. HR does modify company policies at times and makes no effort to inform the employees. You practically need to stumble onto it by reading through the myriad of PDF documents on their silly website. That's plain ole Lack of Transparency. Par for the course at Chevron HR.
Somewhere around 05 or 06, when people started leaving the company in mass because our low pay, Human Remains changed the policy to where you had to be on the payroll at bonus time to get it. It wasn't like that before. What's really sweet is that they up and changed the policy and didn't tell a soul. Saw some people quit in January thinking they would still get the bonus.....nope. Fug nuggets changed it up, didn't tell anybody. There, I just did HR's job. Your welcome.
BR-0 - Only if you get let go. If you leave by choice, no. Your wording suggested you are going to leave for another job.
@BR-0, you will get your entire 2015 CIP bonus if you were in the payroll through Dec 31, 2015. It makes no difference if Chevron sent you home to wait-out your 60 day WARN period. For all others you terminated before Dec 31, you will get your prorated share of the 2015 performance CIP Bonus.
If I take another job after the January 1st, 2016 will Chevron still pay me my bonus for 2015?
The results of the massive ROMs earned points for the executives. Of course they will receive six figure CIPs.
Lies
Be careful, the CIP corporate rate could be less than 0. If so, money will be debited from your checking account. Remember, Chevron has a cash flow problem.
The corp factor is set by the board. It very well could be 0.
Guaranteed if you are PSG26+
You're close,... it SOUNDS like "CIP".
Oh sure, CIP... Of corse the Corp factor could be minuscule.
of course the CIP payout will occur... the higher you go up in the pay grade scale, the larger the percentage of payout the employees receive. the executive management will never allow their compensation to be decreased by not receiving the CIP payout. It's an established method of the total renumeration package.