RIF'd in February and received my separation package this morning. The dates are right and the weeks lump sum is correct but there is no mention how the PTO will be paid out. Falling under the rule of 60, in a conversation with HR a few weeks ago, they confirmed I would get the entire year's pto. How is that paid out and why isn't it in the separation agreement?
19 replies (most recent on top)
@OP Why would it be? How PTO days are disposed of sits in an HR policy doc which (conveniently) also explains what happens to your days, expense reimbursements, yada yada if your employment is involuntarily terminated.
@18y Yes. The rule of 60 isn't an option, it's just a condition you meet. You don't elect it like you would retirement. If you meet the rule, your get a full year pto. Probably a good idea to remind hr just in case.
So if I meet the rule of 60 I do not have to select retirement status and can collect NYS unemployment after my pay out. Can someone clarify and thanks.
@fv yes it does. The rule included “involuntary or voluntary termination”. And a layoff is involuntary termination
@gs I was RIF’d in the January wave. My last official day was 3/16 and I have not received my final paycheck. I’m expecting that this week as the previous pay period was through 3/7.
HR is correct and if someone is of retirement status they should have gotten paperwork that explains that. And PTO was listed in the severance, it just said any accrued unused PTO would be in the final paycheck. Which could be different for each employee.
@gs Thanks for confirming!
@fv clearly you're wrong as evidenced by what HR communicated and the example stated from someone who was RIF'd in Jan and received the full year PTO. If you don't know something, don't comment. It spreads misinformation.
@ak can verify this is correct. (January wave here!). I got my last paycheck and PTO payout for entire year on 3/14, and my last official day with Citi was 3/17.
They seem to have vastly improved since colleagues of mine JDd last March!
Yes, Citi has a Rule of 60 (age + tenure ≥ 60, with ≥5 years of service).
No, it does not provide a full year of paid time off after a layoff.
The rule’s purpose is preserving deferred stock vesting, not extending severance.
Thank you!
@fm age + tenure = 60 years and you have worked for citi for at least 5 years then in the case of a RIF, you are entitled to an entire year of PTO instead of the accrued amount.
To the other poster, yes, HR confirmed I get the full year PTO.
What is the rule of 60?
@fg
Did they confirm accured or full year? If meet rule of 60? Thanks.
OP here. Heard back from HR. The PTO is not mentioned in the separation agreement because it's considered "regular pay" and not a part of the severance and will be part of the last paycheck prior to separation. HR confirmed that I meet the rule of 60 but if I want to know the actual PTO amount prior to the check I can open a ticket. FWIW I have to say my experience with HR has gone surprisingly well so far. Shocking I know. But email inquiries are answered in a day and if I request a phone call for deeper explanations or multiple questions, I get a phone call the next day. And she was actually very knowledgeable and friendly. Stark contrast to my experience on the inside.
If you want to get paid out ALL of your time for the year, you do or did as of 2?years ago. You don’t have to take retirement benefits. I wouldn’t assume C would automatically pay you for more than accrued but do you.
@aj No I did not. It was a question because you're right, it reads that way. But no, if you qualify for the rule of 60 you do not have to put in for retirement. I asked them for clarification on it and the response was I qualify along with the rest of my package without claiming retirement.
@ac But did you have to tell HR that you are putting in for 'retirement' status? The FAQ sheet makes it sound like your 'retirement' status does not matter for the rule of 60.
@a9 Thanks. I confirmed with HR I meet the rule of 60 and they confirmed I will get the full annual PTO.
it's not part of separation policy. You need to call HR and tell them you are retiring which will trigger the full allotment of PTO if you are eligible to do so. It is paid out with your last pay at the end of the notice period (either 60 or 90 days). Be prepared for the huge tax hit on that as they treat it as not as a lump sum payment.