If I can somehow make it to 1/1/2020 before resigning, am I eligible for STI or do I have to linger until March?
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The STI range hasn't changed even for those who have been promoted. They came up with a number years ago and it hasn't been looked at or changed since. I would rather have a cost of living raise as well as a regular raise.
It's worth it for a lot to wait and get RIF'd
I agree. There is life after AIG. You have six long months before you qualify for your STI. Is it really worth the opportunity cost and misery of working for a company not looking out for you?
@ZIsL4Tj-arxt what's the basis? Are you involved in RTS work?
Oh Lord! There’s life after AIG regardless of an STI - and riddle me this Batman... what kind of STI does the average Joe get that qualifies as the golden handcuff... geez I’ve really missed out in life!
If you have a decent relationship with your manager, and get an offer, let them know your plans. If . there is a RIF planned in your area, volunteer for it. Offer to knowledge transfer your role, write up process documentation, etc, try to be positive about it.
If you don't have a good manager relationship, stick it out if the STI is worth it. Or, negotiate a bonus/STI for year one of your new job and cut your losses.
BTW, with this RTS thing driven by McKinsey ongoing, expect to see significantly more cuts. I expect another 20% cut in headcount at least in the next 2 years. Don't hitch your wagon to this horse.
The Bottom Line is don't quit until after the 1st of the year. Make that your New Years' Resolution. This economy is on fire. To put up with AIG is on you for not taking the initiative. Complaining about a Bad Company falls on deaf ears. They have no interest in your future. Listening BD?
most of us drones don't have an employment contract we got an offer letter and it's not that specific
You should read your employment contract to be sure.
it is so untrue that you need to be employed at the day of payout I know for a fact a friend resigned in January and receive the entire STi for the prior-year because they worked through the entire year. you won't get anything for the current year say if you worked up until early March you won't get anything prorated.
Not true. The STI is based on your 2019 employment. I verified this point with a reliable source at AIG.
You MUST be employed at time of payout; unless you are RIF’d... if you are RIF’d; it is paid-prorated.
Others have said you'll get it, but in Europe you wouldn't. I didn't
1/1/2020 + a day. As long as you worked all year in 2019, you will receive your entire STI in March regardless if you quit. Getting fired may be another matter. 6 months is a long time
This is from the SEC filing available online:
Resignation, Voluntary Quit, Constructive Discharge:
If the last day worked is prior to the Award Date, Incentive Award is forfeited.
I believe there is something regarding this in the employee handbook
Varies from country to country
You have to be employed at time of STI payout
My colleague resigned and was not given STI. Reason from HR is that STI is a means of employee retention. Have to stay until March 2020 if you are after STI.
Not true. A colleague of mine got fed up and just walked out in January and got The entire amount for the prior-year so you don't have to be there till March. big misconception. and I think don't quote me if you leave in the middle of the year it doesnt if you're Rifd ir you walk out it's prorated. But not sure how that works. So much secrecy. Maybe u have to work past march for current year to be prorated.
That's my understanding too unless you are rif'd then it's prorated.
I believe you are required to be an employee when it is disbursed unless you are retiring.