Has anyone checked with hr .
if erp folks are eligible for this in feb 2017? It was listed as line item in the retirement benefit but general eligibilty needs you to be working until june 30 to get it
whereas erp last date was june 24 hence the question...
whew I was NOT going to be happy if I spent all that time typing up the slide just to have it not post. That was a WTF moment for sure when I saw what didn't post. h aha
-31pfe
fingers crossed this works I see where it cut off. Everything after the ampersand (I was saying Q and A only using the ampersand). Then it picked back up after the ')' of my smirking smiley face. Weird.
One mo' time!
It cut off at....... This slide is titled ""Enhanced Retirement Program: Overview of Incentive". They mention APB in 2 columns. In the first column headed "ERP Benefits". It says:
1 yr base pay
APB target OR 50% commission target
Up to 2 yrs healthcare assistance
1 yr financial planning by Ayco Financial Services
The middle column is titled "PLUS - Existing Retirement Benefits" and says:
SERMA
Stock Acceleration (only applies to Rule of 75 and Age 60)
Pro-rated bonuses (APB, QPB)
Pro-rated discretionary retirement contribution
Retirement celebration
Retirement service award
There ya have it. I thought I remembered correctly that it was prorated and doubted my old email saying 1 year. So... mo' money, mo' money.... ;)
-31pfe
Huh. It didn't print all that I spent time typing! I've had that problem once before. For whatever resason it's not printing stuff before some characters if I recall correctly. Let me see if I can figure out WTF might be causing that and see if I can get it typed. Thank GOD hitting the Back key on this site populates the 'Reply text' box with everything you've typed. Just a BKM if that ever happens to you. It doesn't work everywhere but that tip does work on this site.
Now to figure out WTF this site doesn't like about what I typed. Will post in a bit once I figure out what cr4p characters did that. Apologies!
-31pfe
BINGO!! I FINALLY found proof! Man, I get a little determined, don't I? LOL
I found a printout of a screenshot I took from a session called "Retirement Training 2016" which was Intel giving those that ERPed info and the chance for Q)
-31pfe
This is @31pfe again. Oddly, I found 2 comments of mine (not actual proof from the package) saying we'd get 1 year APB. I can't imagine that's correct and think I must have been wrong when emailing someone about that. I either meant prorated and said a year, or possibly misunderstood. Then again I might have been right and we get a year! That just doesn't seem right to me though so don't get your hopes up or spend it before you get it!
I do have notes about getting the APB so know we get something. It'll either be prorated as I'm thinking, or the full year (but doubt it).
-31pfe
@yrh is mistaken about what he saw/read regarding this. He said "I saw that too (the 'have to work to June 30' to be eligible). "
While he's correct, that statement is NOT about the APB, rather, it's about the QPB. Also (and very important to note) that has NOTHING to do with those that ERPed, that's the standard language for people leaving Intel on their own. The E part of ERP is 'enhanced'. They gave us more and I recall a prorate APB being one of the perks of this package..
While I can't find an proof to whether or not we get a prorated APB in February, it was my understanding that we WILL get that. For the life of me I can't find the proof (still searching) but that was what I remembered.
Hopefully this doesn't cause confusion but this is what the Intel site says about those leaving Intel and the bonus (Which has nothing to do with those that ERPed).. just showing where @yrh more than likely saw the 'need to work till 6/30' rule.
*Bonuses
The payout of a Quarterly Profit Bonus (QPB) or Annual Performance Bonus (APB) requires an employee to be employed on the Intel payroll through the last day of the applicable bonus period (June 30 for first half (1H) QPB and Dec. 31 for second half (2H) QPB and APB). No prorated bonuses will be paid if termination occurs before the last day of the applicable bonus period.
In other words, the effective termination date for the employee must be July 1 or later for the employee to be eligible for 1H QPB and Jan. 1 or later in order to be eligible for 2H QPB and APB. As an example, if the employee's effective termination date was Dec. 31, the employee would not be eligible for either 2H QPB or APB.*
Source: http://www.intel.com/content/www/us/en/employee/leaving-intel.html
Was this question ever answered (ERP participants pro rated ABP in Feb 2017)? Thanks.
Btw.. With the ACT charge the quarterly bonus will be next to zero days
I believe the ERP prorated bonus (no multiplier) was included with your years pay
It was the E part (Enhanced) of ERP that allows us APB next year. What I don't know for sure is whether it is prorated, or the whole thing. I could have sworn it was as if we worked the entire year. If I can find any material I brought home related that that I'll repost here. I couldn't find it in a Word doc I pasted info into but maybe it's in one of the docs I printed out.
By and large, HR has handled the things offered in the ERP pretty well, as promised. It just seems to take time and getting an answer or knowing where/how to ask, now that we are off of Circuit, has been a problem. I am visualizing a bunch of overworked HR people doing the best they can. I hope they don't go cut those people once the crisis of dealing with a flood of separations is over.
The june 24th could also be so that they have time to close books on q2. Thought there would be special dispensation for retirement based on ayco presentation but you never know
Yes that was my understanding from ayco presentation but was not sure so wanted to confirm if that was the case
Maybe that's why they set the separation date to June 24 instead of June 30, so they don't have to pay the bonus? I always thought that was strange.
Maybe that's why they set the separation date to June 24 instead of June 30. I always thought that was strange.
I saw that too (the 'have to work to June 30' to be eligible). I'm assuming that they lifted that for the purposes of ERP because in the AYCO presentations they specifically said we would get prorated bonuses. I've been having a hard time getting an email address for HR. I used the Ask HR call line and they said a special team was handling separation transitions. They gave me an email address but it bounced.