Just took a peek at the union contract. If ratified, it says that their Stock Together will no longer continue and they are receiving an additional $500 in corporate profit sharing in lieu of.
If that's an indication of our (management) stock together, I do wonder what our consolation prize will be, given we already received our comp sheets w sti info.
@dv You must be talking pre 2014 VZW employees. On the VZT/B side, there was NO LTI except at band 5V and above. We got up to a 3% corporate profit share (and was usually only 1.5%) added to our 401k every March. As a band 6 with over 35 years, we have NEVER gotten true LTI on the VZT/B side. Stock Together (which is very different from the executive LTI program, regardless of what they call it in the SPD) was introduced in 2020 and replaced the old Corporate Profit Share match for band 6 and below. Band 5 and above will continue to get Long Term Incentives (which is a PSU/RSU mix above band 5). The other difference is that LTI is salary based and Stock Together was band and job function based.
At this point, it's all semantics. The worker bees get sc--wed again because you can be sure they won't replace it with anything.
@dk LTI was a 3% salary bonus that vested after 3 years and was deposited in to your 401k. This was replaced by Stock Together due to the Trump tax cuts (Their way of pretending to share the tax savings.)
Even current literature for Stock Together references LTI.
@CG that discretionary 401k bonus match was never called LTI.
@cg have you been living under a rock all this time? Stock together came about 4 to 5 years ago. We have been getting STI but they keep changing the criteria for it. Wake up and pay attention.
@cb When were we STI only? We have been getting STI and LTi for approx 20yrs now. Before Stock Together, they would give an additional profit sharing amount to 401Ks that was up to 3% of your annual salary.
I would be surprised to see LTI completely gone.
Regardless of the group you are in, our compensation will no longer be as lucrative as it has been. Cutting heads, focusing on profitable parts of the business, more out of pocket for insurance, no stock together, etc.. We will likely go back to STI only which leadership can manipulate the payout amount to make certain we meet financial targets. The writing is on the wall.
@bt not good at reading eh? it says IF ratified
Dan wants to siphon all stock options to himself.
So it ratified without a vote? Neat
We will get no consolation prize. This has happened before when they took it away for anyone that was 6V to 9V. It was gone for more than 15 years. Yet the executives got to keep it. Don't expect anything else from the behavior we are seeing.
Stock together was a good idea when the stock was flat. Tides have turned and they don’t to share the upside with us. Not surprising at all.
@OP Dan no like stock together