I haven't seen an answer to this yet. SFNet is void of 2018 EIP info. Previously it looked like you would get the equivalent of a 100% EIP payout prorated to your QTD date. I'm sure they are trying to change the rules to avoid a payout to everyone terminated, but does anyone have any solid information? I'm getting enough severance where it's nearly worth it for me to take a gamble and hope I can wait to start a new job after my QTD date. Additional money from an EIP payment on top of what I have coming would probably make that decision for me.
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Does the supposed payment happen at the QTD?
They will pay as though we are at 100% of target if terminated under a qualified plan. Prorated, of course. How many times must this be posted?
Unless I’m overlooking something, are actual 2018 results not posted anywhere? I think that is where part of the concern is coming from.
There is a 2018 EIP plan online. It states for a qualified termination you get paid as though the company were at 100% of target. It is prorated for how much of 2018 you served. I'm not sure how much more clearly I can explain it.
I know in the past year if you retired they paid you out the prorated portion assuming the company was performing at 100% of goal. It was nice since we were so far below that last year and will be this year too. They also introduced the zero payout level this year. I too do not doubt they are scurrying behind the scenes to figure out how to eliminate this portion of the payout all together or drive it down to an insignificant amount. I'm sure there is fine print protecting them from paying it in certain scenarios that they dictate. I would agree it's a safe bet that we won't get it at all.
How would this even work as the performance measure of the EIP is not finalized until January or so of 2019, with a March 2019 payout. They can prorate is 8/12, but no chance they would pay it out at QTD date with performance unknown. Please post if we have any official replies from HR.
From the EIP site it looks like severance is a qualifying event that pays you a prorated bonus at the target rate of 10%. Since August 31 is 2/3 through the year it would yield 6.67% of salary. If someone knows differently please speak up.
Its ridiculous the information given in the videos located on the Bank Structure site gives different information than what we were told by the HR person that was onsite the day we were informed we were affected. Several employees have emailed the same questions to HR and have been given different answers.
Inexcusable and unacceptable. There is literally a 20-page document outlining procedures for travel to a stupid insurance designation conferment trip, and no solid transition document?! Come on...that’s a check the box task you give to the HR intern...gimme a break...the level of incompetence of our leadership continues to astound me on a daily basis.
That's really inexcusable. The details of these 'plans' and payouts should be completely cemented before employees are notified. It's a sizable amount of money for me. I'm going to budget assuming they will tweak language somewhere that will avoid having to pay it.
A few of us asked HR and can’t get real straight answers. Can’t get real straight answers on ANYTHING from them though. We have QTDs and no approved transition plan and no answers to our questions or different answers from the same contact to multiple people, or language copied and pasted from some transition manual that only HR and leadership have access to. It’s all so shady...