If I were to leave Citi the first week of January (i.e. I am still employed at year-end), will I still get my annual bonus and 401k match?
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you must be currently employed to receive your bonus. Do not resign until after it hits your checking account.
I left last feb on my own and received my 401k paid out last march. Moved my money out this summer. Interested to see if I get a match for Jan/feb 2024 contributions
Post ID: @3zal+1uXbgpcs Additional: you can probably start your new Non-Citi job at the earliest in Mid-March but this may be an optimistic estimate. Just to be safe and still ensure you get your bonus, most likely April or in late March at the earliest. So in other words, hand in your resignation letter 1 to 2 days AFTER the bonus money hits your bank account which will probably be mid or late February.
As other posters mentioned, as long as you're a FTE on December 31, 2024, you will get your 6% 401k match in March 2025. As others also posted, where it gets murky or hazy is the discretionary bonus since it's basically a retention tool. That's why it's called discretionary bonus.
Even if you hand in your resignation After the bonus numbers are communicated to you, Citi is Not obligated to pay the bonus to you and can choose Not to. Let's say the bonus number is communicated January 15 and then you hand in your resignation letter on January 16. You probably need to do Garden Leave for at least 30 days which means you're designated as a Non-working employee who still shows in the GD but with iuo status. The bonus will probably be paid in Mid or Late February, and by then you will No longer be an employee or showing in the GD.
Unless you have an Employment Contract/Agreement that specifically states you will receive your bonus regardless of whether you're still an employee when the bonus gets direct deposited into your bank account because of the payroll cycle, Citi can choose Not to give you the bonus. Regardless of the aforementioned, you need to speak to a plaintiff-side Employment Lawyer.
Post ID: @uhc+1uXbgpcs I would also add to strategize and plan your Vacation usage based on just in case Citi Fvcks You over, Lays you off and then you have an extra 2 weeks worth of salary. Immediately deduct 80 hours = 10 vacation days from your allocation.
10 vacation days are permitted to be carried forward until March 31 of the next year. You must use the 10 vacation days on or before March 31 or else you forfeit them. However,if Citi Fvcks You over before March 31, Citi owes you 10 days or 2 weeks worth of salary, money that will be helpful while you look for a new job.
Also, use up your Sick Days Before your Vacation Days. Let's say you have 3 sick days remaining in November/December, make sure you use your Sick Days first because Sick Days are NOT Salary. You will NOT be paid for them if you Quit, Get Fired or Laidoff. I make sure my Sick Days balance is zeroed out on or before December 31 every year. It is No One's business what you actually do on your Sick Days, whether you're sitting on a beach or actually ill at home. There are HIPAA and Privacy Laws in the USA, and similar Laws in other countries. Just as long as you do Not take >2 consecutive Sick Days, or else you'll be required to get a Doctor's Note.
Do Not forget your allotted Vacation Days which most employees do Not realize are Salary. Look at your Pay Stubs and you'll see that Vacation Days are tracked and accounted for based on your Salary (i.e. Wages per hour. Example: if you make $10 per hour, Citi counts one Vacation Day as 8 hours of full time work. Then $80 gets "deducted" from your Pay Check, but you are Not actually billed or deducted $80.).
However, if you take More than your allotted Vacation Days (example 10 days per calendar year, but it's prorated based on when you start working in Citi. So if your first day of work is July 1, you only get 5 vacation days), you better believe Citi will claw and hold back that money from your last Pay Check or Severance if you Quit, Get Fired or Laidoff from Citi because again, Vacation Days are Salary just in a different format just like any other benefit (i.e. a car or apartment in lieu of cash they are Going to Take Back).
Many employees are foolish and Svckers for working their A$SES off, delay or Not take their vacation days and just shrug them off saying, "I know I usually lose 1 to 3 vacation days per year because of my workload." Citi and Employers in general Blood Svck every waking minute and penny out of their employees. Employees Must do the same because when the tables are reversed, Employers do NOT give a Flying Fvck about their employees NO matter if you are their best worker or brought in Trillions of US$ in business!!!
Citi does pay the 401k company match. It’s for the previous year , if you left layoff or otherwise in April 2024, for example, you’ll see company match March 2025.
I can share my experience, I left in Feb but I put in my resignation after the bonus number was communicated. I got both my bonus and 401 K match.
Bonus is discretionary, Citi might not pay it (and in the current env surely they wont) and anyway its peanuts after tax. However 401 K match is mentioned in the employee handbook and you get the 6% match if you are employed for the full year.
No. Do you give your notice until AFTER the money hits your bank account. Citi is not obligated to bonuses or doe 401k matches if you have given your notice to quit as they are considered "retention" bonuses based on previous calendar year or work.
So let's say bonus is scheduled.to hit your bank account Fri Feb 28 2025. Let's also say you are required to provide 30 days notice. You need to ensure that notice to leave is provided after 28th Feb - the clock starts on the day you tell them in writing. If you thought you could be "efficient" and give your notice on on Jan 30 so that notice finished on Mar 1 and you could start new job on Monday Mar 3 then you are in for a rude shock.
As soon as intent to leave, i.e. notice period starts Citi is not obligated to pay unless contractual.
This is not Citi only, btw, it's other Financials too. I am a people manager at Citi and I was one at one of Citi's competitors previously. Same advice for both.