The MIP policies seem to suggest that it is only paid to those who are still employed by Medtronic when it is paid out in July, even though it is for the fiscal year that ended in April. So it seems that even if layoffs were done in May or June, those who were laid off would not get MIP. Does anyone know of actual examples of people still getting MIP if they are laid off in the May/June timeframe?
7 replies (most recent on top)
Past doesnt matter cause today, MIP is dependent on the BU. One BU may get 80% payout while other gets 50%.
I've been at Medtronic for a 1.5 years. How many times has the MIP been paid in full for last five years?
Does this include the 60 day warn period? So if I lose my job before the end of the fiscal year, but I’m still on the books into the new fiscal year because of the warn period, I’d still get MIP (which at this point might get me chipotle burrito, no guac though).
To further add to the first comment, if you leave Medtronic (on your terms) after the end of the fiscal year, you’ll still get your MIP. You just have to be employed on the last day of the FY.
However, for those that have other incentives, such as RSU’s or cash, you have to be employed when those incentives vest in order to receive them.
This is very sad, I just bought my house three years ago. 😢
Yep. You get paid based on what you earned for the FY it's accrued. First hand experience here. Payout happens when everyone else gets their payout.
Read the plan procure from mip.Medtronic.com. The entire last page of the brochure is dedicated to your question.
Termination due to restructuring, retirement, death and disability result in prorated mip