I’m actively applying for other jobs and several recruiters have been shocked when I explain that my current role requires a 60 day notice period. I’m worried that I’ll find the perfect role but they won’t want to wait 2 months for me to join. So, does BOA take this requirement seriously? Will they blacklist me if I only give 2 weeks?
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If I'm in a role that requires 60-day notice, can i advise my manager of my retirement date (in 60 days), take my 6 week milestone sabbatical + accrued vacation and just not come back?
Any trip wires?
My manager is incompetent (surprise!) and I feel no loyalty to this firm any more.
It’s garden leave, you’re paid for the 60 days to do whatever you want to do. You cannot work anywhere, or not supposed to. They do or can enforce it. Enjoy two months off and be paid! Your new company should be proud that Bank Of America is willing to pay you for two months to stay home. You must be worth it!
I retired with the rule of 60 in the summer and received my RSUs for that year the following spring.
@1ukr+1rrBDekY - congratulations on your upcoming retirement. You should porbably post your payout questions on a separate thread. Not ot hijack this one, which is about the Notice Period, but will give a quick answer. Tto receive your YE Bonus for 2023, you need to remain at least thru 12/31 and possibly thru the Bonus Payout date. (Feb 15).
Senior execs (CEO DRs) have retired EOD Dec. 31, and still paid their bonus. (example: Montag - who was definitely "gone" before Dec 31, made sure he was paid since he put in the whole year).
For RSUs, there are different programs with different rules. HR will assign a Retirement Specialist to explain yours. (Unvested Shared Success RSUs are immediately forfeit upon departure, whereas for RSUs that are part of YE Bonus vest 1/48th of their value for each month you are employed of the 4-year vesting period. View the Award Agreement, Section (c). Check each one separately as they tweak a bit every year.) You can leave sooner, but most remain employed thru Feb 28 or even March 5 to ensure any due payments clear.
as I said on a different thread but completely related...the 60 day notice period might be 'appropriate' and 'enforceable' but the fact that NO ONE ever INFORMED me is what really grinds my gears...I only found out because I happened to check Workday. Otherwise never would have known and set myself up for an embarrassing situation when accepting another offer... there should obviously be a notification to the employee when the notice period changes (increased or decreased, any change)
You can look it up on Global Policy Source
I'd like to hear if 1. anyone in/near retirement has heard of the notice period being 'enforced' and 2. if they've already retired, did they receive any bonus the following Feb. I'm planning to retire, am B3 with 90-day notice, and have some RSUs I'd rather not lose, meet Rule of 60, want to retain the option on retirement medical (though I'm not counting on it), so I want to leave in good standing. I know my group is desperately short on staff, I'm currently a top producer (though I know that does not mean alot), so they may want to keep me around but if I do, would I get any bonus next Feb for doing so. Thanks
It’s an internal job, your existing manager can try to get as much time as they want for transition. However I have seen where if the hiring manager escalates usually they will drop it down. They are just getting as much time out of you as they can get away with
@1bzq+1rrBDekY - I think the 60-day (and in some cases, 90-day) rule must have expanded recently. It's been in place for CEO 2-deep + senior/business critical Traders and Investment Bankers (former GBAM, "Private" side), esp. those leaving to a Competitor for decades. (Often called "garden leave", they don't stay for 60 days, but leave withing a week or two, remain in Corp Directory, but email is disabled and cannot actually begin at your new company until the 60 or 90 day period is completed. It's regulatory, so competitors have same rule in place for similar roles and are familiar.)
This is not a "BofA" thing. It's industry wide for senior mngt/large corporate/investment banking/trading roles.
I am on the Public side (consumer bank, CAO, etc.). Just took the annual Business Conduct Refresher course in MyLearning -- new to me were instructions in the course to "go to Work Day, click on your Profile, then your Role. Then, click on a link in Flagscape where they outlined the Notice Rules for your role.) I was 60-days (!).
I've never been 60-day and have been in the same role/same level (B3) for 10+ years. So nothing about my role changed. I am looking at retirement and planning the standard 2-week notice in writing to manager, so this was quite a surprise. #sux
My guess is that if you are going to a competitor, they will want you to leave immediately and revoke system access, etc. and you cannot start at the competitor firm until the 60 days is completed. I suppose you could trying asking for a waiver if you are not very senior and aren't in a sensitive role. Wishing you best of luck for a better future!
Yes. They enforce it. Depending on your role, may be a working notice period or not.
OP- what roles at the bank require a 60 day notice period? I've been at the bank for 20+ years and have never heard of such a thing.
It is only one sided. They don’t give you 60 days. At least, there isn’t a non-compete that tries to bar you from working at another bank.