Severed employees get paid VCIP pro-rated for the time they worked during the year. It's in the policy posted. If you are eligible for retirement, you elect that upon severance. Regarding VCIP, it doesn't matter whether you leave because of severance or elected retirement. VCIP is paid in February. The company appears to be working toward paying it as Lance townhalls typically report how we stand vs VCIP targets. It would be stupid for them to keep pointing this out, and then at the last minute say it is not being paid.
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Retiring is totally different than being laid off
I wish they would cut VCIP and other perks before laying off so many people.
You will receive your pro rata portion of 2015 VCIP. when it is paid next spring. However, it could be a pro rated portion of very low, or zero, VCIP.
My wife retired in August and did not get her vcip the following year.
The Company is borrowing $$$ to make payroll. Why would there be ANY VCIP this year?
My understanding was that you will receive a prorated cheque in February (since they don't know the "factor" numbers yet)
http://hrcpdocctr.conocophillips.com/Documents/HR-documents/Leaving_the_Company_Summary_final.pdf
Summary
The Variable Cash Incentive Program is a worldwide program covering most of ConocoPhillips’ workforce in
hourly paid jobs and in all salary grades. If the various business units and the company as a whole perform as
expected or better, employees could receive cash payouts, generally in February.
VCIP award determinations and payments are performance-based and subject to executive approval. This
applies to total company, business unit, subunit and individual performance. The company may change or
discontinue the program at any time.
Purpose
The VCIP Program:
• Aligns employee compensation with the company’s success on critical performance measures.
• Motivates and rewards employees to achieve business results that meet or exceed the operating plan.
• Provides variability and differentiation in compensation based on business and individual performance.
Generally, to be considered for an award, an employee must be with the company throughout the program year
and remain with the company until the award is announced, usually in February after the close of the program
year. The amount of the payout, if any, is determined by the company based on its determination of the
performance of the company, business unit, subunit, individual and any other factors the company may take into
consideration.
ConocoPhillips Leaving the Company Summary For US-Paid Employees:
ConocoPhillips reserves the right to amend or terminate the benefit plans at any time, in its sole discretion. This is a brief general summary of certain terms and
conditions of certain plans and is for information purposes only. If there are any conflicts between this information and the terms of the official plan documents and
any underlying insurance contract, the official plan document and insurance contracts will control your actual benefits. If you are in a job represented by a collective
bargaining unit, the bargaining agreement or practices may affect or alter the information shown in this summary. This summary is not intended to describe
terminations under sale-of-asset situations.
Page 4 of 16 Revised 07-15-2015
ConocoPhillips Leaving the Company Summary For US-Paid Employees
Awards for Terminated Employees
Certain terminated employees are not eligible for awards:
• People who voluntarily leave the company during the program year.
• People who voluntarily leave the company after the program year and before the award is announced.
• People who are terminated for cause during the program year.
• People who are terminated for cause after the program year and before the award is announced.
Certain terminated employees are eligible for awards if their employment is terminated by:
• Retirement (defined as age 55 with at least 5 years of service).
• Divestiture or outsourcing (with CEO approval).
• Layoff (if a waiver is required and has been signed).
• Disability.
• Death.
Awards for Employees Not Active the Entire Program Year
Certain people may be considered for awards, even though they were not actively at work during the entire
program year, as follows:
• New hires (the amount of the award, if any, will generally be adjusted to reflect the portion of the program
year actually worked as an eligible employee, assuming earnings are received during the program year).
• Individuals on Family/Medical or Military leave of absence.
• People whose employment status changes from eligible to ineligible (or vice versa). The amount of the
award, if any, will generally be adjusted to reflect the portion of the program year actually worked as an
eligible employee, assuming earnings are received during the program year.
When will laid off people receive partial year VCIP? In February?