My retention bonus which I signed while still with TDA in 2021 is tied to "end of client conversion/CD1" without an actual date. I recognize this was a stupid thing to agree to but in my defense I thought I'd be long gone by the former CD1 date of 2022.
Anyone out there have a bonus agreement with similar conditions or even know when "CD1" is supposed to be anymore? March 2024?
TDAer who worked in integration team: I had one for LD1 (40K) on the integration team and as the above noted it had language about if I was laid off before then, I would get the full amount. It wouldn’t be your fault if they suddenly decided you were not as valuable…
April 2024 is the timeframe for me I think. If more conversions have to happen after that I don’t think many will be happy.
Yes, last date I heard was March 2024. I have to reread the agreement but I believe you will get it if you are let go.... otherwise the loophole would be offer everyone $1m retention and let them go before it's paid off (probably not legal).
Copied from my agreement:
The special cash retention award will vest on the completion of the "Conversion" as defined below following the acquisition of TDA, which is expected to take 18-36 months from the close of the transaction, as determined by Schwab in its sole discretion (the Vesting Date).
I took “as determined by Schwab in its sole discretion” to mean as late as possible
If prior to the Vesting Date your job is eliminated and you receive a notice of eligibility for severance benefits, and you sign an agreement to receive severance benefits in connection with your job elimination, any remaining payment that has not been earned and paid will be paid in a lump sum payment within 30 days of your termination date.
If your position was eliminated, you’d get your retention before anyone that was still there. Best of luck.
Ex-TDA, Schwabs “big five” CD1 retention for me was $100K. I ended up leaving anyways for another job that offered a signing cash and stock bonus worth 2x of that, plus a good raise. The job market was wild back then.
Would you mind sharing how much your retention bonus is?
I am quite confident you don't receive it if you are severed before CD1.
No wonder TDA people haven’t left in massive numbers despite being treated like sh-t.
March or at the worst May. So we get paid a month after that. If we get laid off, we get it then.
We were never given a choice on what to sign or not and no one thought it would take this long.