If you retire this year do you qualify for the cip next year?
6 replies (most recent on top)
Just remember if you are retiring the tax implications of the CIP.
I think what the OP was after is if (s)he would get this years accrued bonus if they retired, say, January first. I THICK the answer is yes if you retire (and no if you quit)... and yes it would be a good idea to search rather than ask HR if you have not firmly in your own mind ready to retire in near future.
@1dsn, Ask HR anything to your own detriment. It’s your career—do what you want. Anytime you interface with HR, it is noted in your personnel file, and it can be taken to mean anything, neutral, bad or worse. The answer to the question has been posted on the Corporate HR website. Just search for Chevron Incentive Plan. The answer was also provided by the previous poster. You must have not left the company prior to the first quarter to get a prorated bonus amount. You don’t get anything if you resigned or were fired. Layoffs and planned retirements are entitled to the prorated CIP treatment.
Ask HR for a definitive answer instead of relying on what others “think”. Everyone’s case is different.
You get a prorated CIP bonus if you retire after the end of the 1st quarter. You forfeit any accrued CIP bonus money if you voluntarily quit or get fired for cause.
I think the answer is yes (prorated) if you retire but no if you simply quit....not exactly sure how Chevron determines the difference between those two cases.