To the doom and gloom poster (@6mbs+1lmnNZtf) who apparently retired some years ago:
If you are supposedly so bitter, it might be worth focusing more time on enjoying your retirement rather than perusing these threads, years later, to talk about how bad it is.
Maybe get a new post-retirement hobby and move on with your life…
There are multiple people responding to you.
There is a big difference in agreeing with a policy and providing accurate information.
Acknowledging the policy is as stated and has been available doesn't indicate agreement with the policy.
Many people on this site are concerned about a real or potential job loss or asking about timing to receive payments.
Screaming you won't get your money and everyone needs an employment attorney is not true and not about helping current employees.
A few will have issues but the vast majority will get their RIF or retirement payouts as scheduled.
Fear mongering and misinformation isn't helpful to people going through a stressful time.
I can't quit AIG, I retired some years ago. But you're right, I am bitter about the way I was treated at AIG, and I do not won't anyone else to have to go through what I went through to obtain the bonus/sti/benefits that I was entitled to upon retirement.
What is your story? HR, PZ, self-appointed protector of all things AIG, site-monitor, slacker (you have spent most of the morning responding to the AIG site).
An observation to the previous poster: you are clearly bitter and only interested in negative posts that support your agenda, even if they are blatantly lies. You do realize that if you don’t like your job, you can quit, right?
An observation to the previous poster and supporter of AIG policy: I wonder why someone who is so supportive of AIG is spending so much time on an AIG layoff site, especially during normal 8 am to 5 pm work hours?
Sorry you had a bad experience many years ago. I understand disliking the company for any number of reasons.
Suggesting everyone leaving the company under normal circumstances must hire an attorney is at best poor advice.
Your experience and information isn't analogous to people leaving today because everything is different from process to systems.
AIG doesnt control access to your 401(k) and they couldn't unless they were the plan administrators. They may have been at some point but not in many decades.
For most people the pension has been converted too. Punch a button to start the process.
For us little people it makes more sense to wait a few weeks rather that incur unnecessary attorney fees.
If you have an employment contract or leave under dispute it may be a different story to get help negotiating.
As to why a 4 week difference? Don't know. Payout for everyone used to be in March. They moved it up for employees.
Retiree payout is probably outside the system/process for employees.
I know plenty of folks who have retired in the past couple of years and had no issues.
Or no more issues than employees do when trying to get info through shared services.
If OP is entitled to a timely STI after resignation, why is he made to wait until March, and everyone one else (that are currently employed) get their STI in February? I bet the delay in payment is not part of AIG policy for retirees.
If OP has to deal with people like you and similar AIG people, I would recommend that he hire a TEAM of employment lawyers. I am long (very happily) retired from AIG, an attorney, and I had to threaten a lawsuit in order to access my pension/401k money in a timely manner after I left, which I moved as quick as I could to a reputable financial services company. By the way, Bonuses and STI did not exist prior to 2008 (for the little folks-executives like you have always had the golden parachute), it was added as an incentive to keep employees after the 2009 debacle, so it makes sense that employees are being strung along an extra 2 months to get their well deserved money when they retire, and no STI when they resign,
People need to stop talking out of their a-s. The STI policy is on the company website available to all employees. And it says that if someone meets the rules of retirement they will get prorated STI. Last I heard those payments get made at the end of March. OP doesn’t need to get a lawyer.
When I applied for employment with AIG, I don’t recall receiving a copy of this policy.
People who retire get pro rata STI.
People who resign do not. They get prior year STI if employed at payout.
That is the way the program has always worked.
That is why there is high turnover after STI every year.
People sit on offers until the pay out or time the search to leave after.
Some people may negotiate their target STI payout as a sign on bonus to leave early. Some people knowingly leave it on the table because the new offer is that much higher.
This isn't new and it isn't uncommon. Employees always need to look out for and educate themselves on policies when taking a job. Make decisions accordingly.
Most people never looked for it. They assume they know how it works because the STI is communicated as part of compensation.
Despite the terminology It is legally a bonus which means it is treated differently than salary. By policy and legally depending on country.
A bonus is not guaranteed in 99 percent of companies. Never has been.
The offer discussion or letter doesn't go into the detail of what happens if you retire, quit or go though a layoff. I doubt any company does that. Up to the employee to ask questions or do the research.
The information has been available since the program was started.
These are details one should dig into with any company.
Some companies even reduced salary during the pandemic. Yes, they could do that as long as it was done equitably.
It’s fairly common knowledge to never trust AIG with your STI/bonus and not quit until you see the money land in your bank account because they will come up with any unethical policy (excuse) to cheat you.
Hard to comprehend aig thanks employees for their contributions and throws out fluff throughout the year about how they value staff, DEI, etc etc., but if such employees retire or resign end of year, and do not hang around until STI payout date they don’t get a bonus which is a part of their compensation package?? Wtf. This deserves media attention.
Regarding the STI policy, how long ago was this policy put on the website? Many people have said they never saw it.
OP I'd think you'll get payment soon.
Probably processed at the same time but maybe with a check instead of direct deposit.
Ignore the drama poster.
AIG is a lot of things as a company.
Resentful that you were lucky to escape into retirement isn't one of them.
Thank you to HR/your former manager for the STI policy per the AIG website. I can advise you that AIG has applied this policy unequally to their former employees, distributing STI to employees who have resigned and not worked through the payout date, depending on whether HR/ex-manager think they can get away with it. Thus, the need to get an employment lawyer involved.
Read the STI policy.
At least for US it clearly states you must be employed as of the payout date Or retired Or released as part of a RIF or rebadge to receive STI.
Voluntary resignation prior to payout date and you lose STI. Why do you think people wait to leave?
What can an employment lawyer do when the company is following their policy?
Retire and you get pro-rated payout if not working through 12/31 and then you get full.
I have had several former aig co-workers that had the same issue with AIG (I am now retired). Some AIG HR/managers claim that you are not entitled to your bonus/STI unless you work until the money is in your paycheck (per the website). However, this is wrong (since you put in the time to earn your STI), and you may need to hire an employment attorney to contest this for you. Once confronted with the issue, AIG will back down. Make them also pay the cost of your attorney at that point. AIG is the worst when trying to find ways to sc--w their employees (particularly ones that escape through retirement or resignation). They resent the lucky employees that got away, and try to withhold money.
See an employment lawyer on this. AIG is a very unfair company and want to stick it to employees who have diligently worked all year, done their jobs to support the firm and then resign or retire. Some managers want a feather in their cap and will hold back the person’s bonus. See a lawyer, there are nuances in the law that may work fun your favor.
You’ll probably get the run-a-round from HR, and have to threaten to sue. It all depends on whether your ex-manager supports you and is willing to back you.