Got a successful at focal, and SSL4 for the very first time. Given what happened last year, and at the age of 53, I am expecting the ISP notice to come anytime. I asked my manager if I was given the ISP, can I still claim retirement benefit because I met the rule of 75. He has no clue.
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@ OP,...
I can tell you this much from first hand experience. I was offered a VSP in December 2012 and was eligible for retirement vis a vis Rule of 75 at that time.
I accepted the VSP and was granted full retirement benefits, including a full share of EB that was paid in Feb of the following year. And since both my wife and I had prohibitive pre-existing medical conditions the Intel Retiree Medical Plan came in very handy. (this plan is not the most competitive from a price perspective, but given the alternative at that time (i.e., none), it was a great thing.)
I also received other severance benefits that were specific to that particular VSP.
All that said, couldn't really predict whether a new ISP (or even VSP), would be the same or different regarding Rule of 75,... the whole things seems rather arbitrary where Intel is essentially God and just simply tells you how its going to be.
Not true @1lbv. Go search Circuit for Rule of 75 vesting. Top result talks about the Rule of 75 ~OR~ being age 60. Not "and" age 60.
To run the table on all RSU's and options is you must be 60 years old and meet the rule of 75
biggest difference actual age has on retirement benefit directly from intel is how much accelerated vesting you get on options, below 55 I think, you get just one year of vesting, after that they all vest.
all in the handbook- better get cracking.
The Rule of 75 doesn't have anything to do with age 65. You don't have to be 65 to retire under the Rule of 75. Maybe you're thinking of the Rule of 65? (be age 65 or older, regardless of years of service). And don't forget the ever popular Rule of 55 which is the one I'm going to retire under. No way in hell am I sticking around for the Rule of 75. I want out this year!
What does rule of 75 get you if you aren't 65? Does Intel cash out all your stocks for you?
You must not be aware of what our retirement benefits are if you're asking that question @-lgt. Doing the math OP is entitled to AT LEAST $33K for SERMA (to pay for medical). Yes, you heard me right, $33,000 smackeroo's. I say at least because I don't know how many years he's worked at Intel. I just subtracted his age from 75 which got me 22. We get $1500 for SERMA for ever full year of service.
if you're an Intel employee you might want to read what you get. I know one retiree that didn't bother to figure that out before leaving and didn't realize she'd get $1500 for every year of service. Well, duh on her. Don't be like her and figure it out. lol
I believe they can do both, @-sxh. It's part of the retirement guidelines you can find on Circuit.
Managers have discression to give you cash instead of a party at retirement. Might be more appropriate if there isn't anything to celebrate.
This is @-zra and I have your answer. Not sure how I forgot this (don't tell! lol) but I attended a retirement party last year for one of the ISP folks that was eligible to retire under the Rule of 75. They didn't take her party away from her. However, I can see this being a manager to manager thing (some will, some won't), but think you could argue (Open Door) to keep your retirement benefits since you DO qualify.
Good luck
It's me again (zra). LOL @ your manager having no clue. I'm not at all surprised. Nope, not one single bit. lol
Yes, they cannot take that away from you if you're "eligible to retire" under one of their retirement rules. However, they've changed the rules before but doubt this would be one of them. I believe you get the benefits (SERMA which is $1500 for every full year of service put into an account to pay for your medical), and accelerated vesting. Doubt you'd get a party though but could be wrong about that. They might not be able to take that "retirement perk" away from you.
But dude, seriously..... if you're only 53 AND meet the Rule of 75... you've been there way too long. Trust me, it's better outside of Intel and your experience is desired. I'd get my *ss out of there ASAP and either retire early, or find another job (if you need one) WHILE YOU STILL HAVE A JOB. It's MUCH easier on you to find a new job when you have one. (A) it looks better on your resume, and (B) if they ding you with ineligible to rehire that's a bulls-eye on your back. NOT a good thing. I'd leave while the leaving's good.
Good luck;
If July '15 is a valid reference then you can retire and take all parts of severence package. Retirement benefits aren't that good anymore, the "subsidized" insurences are pretty expensive, only Serma and minimum retirement plan might be worth something. Suspect they are as it could account for some of the illegal age bias of the ISP.
You could ask HR, but they probably don't want to speculate on an as-of-yet unannounced ISP plan. Each one is different so it's hard to say, but I'd imagine that you can retire even during the ISP process. Also, one SSL4 doesn't mean guaranteed ISP.
Which retirement benefits do you want to claim?