When you are laid off what happens to the RSR’s that you may have but not yet vested? Do you keep the same vesting schedule, lose the stock or do they all vest and payout immediately?
15 replies (most recent on top)
Must be nice to still have been getting RSRs. As far as I know they vest if you're laid off.
There are two different legal documents on the LTIs. One set says if you leave for any reason, you forfeit your stock. The second legal document vests the LTIs for certain conditions... like retirement and involuntary separation. Make sure you know which legal document governs EACH year’s LTIs.. yes they can be different.
Given the dismal stock performance, is there any value in your LTIs? Might worth it to just sign them back and not give up any of your legal rights.
10 different people read the policy docs and get 10 different answers. This says it all about WFG hiring standards doesn’t it.
No. You quit, you lose. Your position is eliminated, the grants pay.
When they give you a 60 days warning notice, you are still considered and employee and can exercise the option on the RSR within the 60 day period.
I read my doc's - they basically said they would forfeit if are no longer an employee.
Have read the LTI site. All it says I’d you forfeit if are no longer an employee for any reason. Not sure what paperwork and policy these other posters are referring to.
@hbr: they continue to accrue if you retire.
It's all in the documentation. If you leave voluntarily (i.e. leave the bank for a job at another company, retire, etc.), then you lose the unvested portion. If you are displaced, then they vest immediately. If you have RSRs, go check your paperwork, it's all there.
Read your policy docs. It’s all in there.
They vest fully.
Fully paid out
Going by the LTI program it states the shares are voided if employment ceases for any reason. But do wonder if I’d get a vested payout in March if on severance salary continuation
Gone unless you get rehired with no gap in service
Hoping to get an answer on this as well!