Ok so I put my name in the list. What are the odds they will say no and make me stay? I’d like to start planning my next steps and get a job lined up.
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One thing I'm considering is taking the CPM package this year because I've already maxed out my FICA/social security deductions. I'm not a finance guy, but it seems like I'd be better off paying more taxes, even if some of it puts me in a higher tax bracket, than to be subject to FICA + heavy taxes in early 2023 on my payout. I welcome all thoughts on this as I just don't know for sure. My Tcomp is about 225.
Not all are eligble to Volunteer, not sure if it is by WWID or by org, Wishing you good fortune on your next endeavor.
@mms.. Then those are great news for the person asking about when the payout will occur for volunteers. Less taxes then and a no brainer/// :) thx
@ rnz, I think even if you volunteer to leave, you will still get paid out on Jan 2023, since that is the starting time of 9 weeks redeployment for others.
@jqm .. Great point and I asked that question to our HR rep few weeks ago. The answer was that the "volunteer" people if their request is accepted, would not go thru the 9 weeks "physical" period since it will be considered quitting rather than redeployed.
The volunteer's will get a cash out equivalent to the 9 weeks but will not stay the 9 weeks and hence, depending on your group timetable it may happen this year or next.
Yes, if you volunteer and get accepted and leave in 2022 , it will be added in top of your 2022 W2 which I agree that will have some higher taxes implications but even at that point, you may still be getting a great deal especially if you were ready to leave for X or Y reasons.
Personally, I rather pay "some" extra taxes now and still take a good 70-80% of a future pay rather than stay and take nothing where I may be miserable moving forward and miss some great job opportunities outside Intel. At the end you may leave anyways so why not take as much as you can now ?
I have no issues paying 20,30,40K in taxes if I can still get 100K+ clean from the severance. Better than leave with ZERO next year when the windows are all closed, and you missed your chance.
I know it may sound as a complicated decision but if you do your math, you will be in the positive side $$ even after taxes plus you can come back at Intel a year after your last day so why not take advantage of that now and put everything in motion sooner than later?
Good luck!
If they say "yes" the question the CPM-AP documents aren't clear about, and that can have large income tax consequences especially if you're able to retire, is whether all or most of the severance payments occur as 2022 income added on top of your total comp for 2022, which would itself be essentially a full year of total comp.
I/O/W, it's possible they might do your exit in calendar 2022 if you volunteer. Or it might extend into 2023. It's not made clear anywhere.
They can say NO and "force" you to stay. The question at that point is, how are you going to play your hand if that happens if you really want to leave?
If I wanted to leave and have nothing to lose after they say "NO", I would just drop my hands down and basically do the bare minimum or just do nothing and force them to remove me on focal which at that point will force them to give me a severance package.
I can also take a nice and sweet medial leave of absence (MLOA) up to 52 weeks paid which I don't even need to ask or tell my manager or HR as I just need to contact REED and submit my health reasons.
I agree with some other comments here that Intel should not hold you back if you volunteer for CPM but if your leadership team wants to be a-holes and negate your request (which benefits them at the end), then play hardball back and just use the system on your favor.
If you are ready to move on, you have nothing to lose.
"What are the odds they will say no and make me stay?" .. the odds are zero, you are not an indentured servant, or am I missing something here?
Nobody can make you stay. If you volunteered, then you should be trying to line up a new job immediately. That should be common sense unless you're near retirement, but given you've asked this question, that seems unlikely.
Do you have another job lined up or planning to retire?
What list?