Just incase you were wondering, I was laid off around April and received my MIP today. So it should show up for most of us. I worked in CRM.
13 replies (most recent on top)
I resigned in May and received the MIP on the 21. After all taxes came to half of the 70%. I am not spitting in the soup because I know my colleagues who stayed at Medtronic did not get so lucky.
@3oix+1nI0UEcR Severance wouldn't be 401k eligible, but regular pay (wages, tips, bonuses, commission, etc) would be. Another likely cause for a lawsuit for MDT.
Received my pay statement from Medtronic for the MIP and severance payout. Confirming that there was $0 taken out of those for 401k. This jives with the fact that once through the 60 days, MDT notified Fidelity of my "change in status" and they have been chasing me around ever since to discuss next steps for my 401k. If the status was changed to inactive (no longer employed), then I assumed that any further payouts from Medtronic were not eligible for contributions.
@2npe+1nI0UEcR Except https://www.newfront.com/blog/401kology-post-severance-vs-severance-compensation would state that this should be 401K eligible pay (both for match and contribution)
To the 401k question, no once you’re no longer an employee you’re blocked from 401k contributions. If financials had been better you would have gotten some more match in June for your payroll constriburions till the layoff but that’s atop comp from before you got laid off.
Yep, received my MIP/SIP or whatever they are calling it but didn't have 401K taken out because was laid off. From my research this should have been included in my 401K comp because it is a bonus. Anyone pushing on this because while it isn't much, it's not nothing either and legally we are owed it.
To the guy below... If you didn't get something and resigned in May, you better make a call.
I resigned in May and did not receive anything. Did you get a direct deposit? I was hoping it was just in the mail or something, but I have received other direct deposits since quitting.
Me too! I was in a non-OU, Corporate role, supporting all OU’s and Functions.
I appreciate the MIP payout, but why is it always combined in your normal salary pay check and why wasn't a notification to reduce your 401k sent out this year? Taxes and a 401k were a vacation ki-ler this year
Same here. Received large payout today including severance and MIP. Haven’t gotten the statement yet to figure out the exact % but based on the total deposited, MIP was definitely included. I’m also former CRM.
Anyone know if 401K is taken out/matched for MIP/SIP payments if laid off? I've read in some places its supposed to be but others are less clear
I resigned in May and received MIP today. People were telling me those who resigned weren’t included in the “special incentive pool” this year. Happy to find those people were wrong.