Lots of IT people cut in Columbus
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@1nzr+1qB6FXi3 no you want it to be high as possible. Best is anything 1.xx, what we'll most likely see is 0.xx. If your salary is $100k, your base is 10%, and the multiplier is 1.5, your ICP is $15k. If it's 0.5, your ICP is $5k.
You want that number as large as possible. One year we had somewhere around 1.7 but those are days are over.
For ICP a multiplier of 1 means you should receive the % by your salary grade. Example, if you are a grade 8, ICP is 10% of your salary assuming the score/multiplier is 1. So let's say your grade 8 and your salary is 100,000. With a score of 1, you should be receiving around 10,000 gross. This figure may vary as some BUs have separate ICP criteria and your ICP can also be adjusted at your managers discretion for performance. In this example, If the ICP score is .88, then you receive .88x10,000 or 8,800 gross. The score ranges from 0 (no bonus) to 2 (maximum amount allowed). Ideally we want ICP score to be at 1 or more.
The ICP score is largely driven by our Earnings per Share. We have a EPS guidance range with the midpoint equating to an ICP score of 1. EPS alone accounts for about 70% of the overall score and there are other factors such as safety performance, strategic goal performance, etc. If you are an employee, you can search 2024 ICP on the AEPNow and find the ICP scorecard which gives a breakdown of how ICP performance is calculated.
Lasy year the ICP score was .57 - it was the lowest payout in probably the last 10 years or so. Previous years it has been above 1. Long story short, you generally want an ICP score above 1.
So wait a lower multiplier is better? This is too convoluted for me to understand
The "Carl Icahn hedge fund agenda" to impoverish employees and customers while further enriching the filthy rich is not well received. It is imperative we lobby our state legislatures and put an end to this hedge fund or-y of rabid greed. We are the many and they are the few. When we turn against them, their "agenda" and their political sycophants shall not save them from our virtuous and righteous indignation. This is a fight for the survival of our way of life and our American values. We cannot afford to fail.
I heard it’s .88 this year
If some stranger broke into your home and threatened you and your family's well being and lifetime of hard work, what would you do to protect your family and property? Bill is an unwelcome intruder, who broke into our home, attacked our family and started stealing what he never earned.
Unless I missed an HR announcement changing the policy, I know people last year that had their last day as 1/31/24 and received a check at the end of March.
They were not part of the buyout, nor layoff but they
did give 4 week notice and did not retire. Now, it might have
been at the manager's discretion but they got the ICP.
High Commander Billiam Fearman has issued a new directive in his total war against AEP employees.
From now on, AEP employees will be bombarded with an aggressively escalating amount of more and more sophisticated phishing email. Those who fail the test will be....liquidated.
If you leave before March 14th and do not "retire" then you do not get your ICP for 2024. You have to retire to get that money for the 2024 ICP period.
ICP is a percentage of your salary and varies based on your salary grade. Search 2025 pay structure on AEP now and it’s listed on the linked document. Don’t expect a 100% payout, that hasn’t happened in a couple years.
@1nvs+1qB6FXi3
Example, you make $100000 and your an 8 which has a 10%
Payout so you starting at $10000. The multiplier turns out to be
- 58(this is the number everyone is waiting for)
$10000*1.58=$15,800. What you will actually see is
About 70% of that or about $11,000.
Depending on what your 401k match is set
to it could be a lot less.
If the multiplier is say .6 your payout is a lot less,
Like $6000 gross. If your position is set at 5,
You'll be starting out at $5000 not $10000.
I believe 9 and up it's 15%. I'm an 8 so I know mine
is set at 10%.
Technically they are supposed to give you 100% payout if you worked the entire year even if you leave between Jan 1st and the payout. But .... Do you trust them? The rules state that if you worked more then 6 months of the year, you earned 50% of the payout for the year. I seriously doubt those folks are going to get that money. They'll make some excuse not to give it to them.
PLUS AEP has generous sick time (for now until Bill also takes that away.) If things get bad, just take a sick day here and there until March payout.
How does the ICP calculation work? What % of base do we receive? Is there a FAQ on AEPNow?
To the person commenting about leaving before March, please don't do that. You've worked all year for your ICP bonus. Don't leave before you've cashed that check. ICP payouts should be sometime in March. If you start applying for other jobs today, and you go through the interview and hiring process asking to start in late March would be perfectly reasonable. That's my plan too. As soon as I get that ICP check this year I'm out.
Team morale is at an all time low. Our new manager lives states away and from what we’ve heard they’re not the best. What really kept me around was my previous supervisor and team. Now it’s gone to sh-t. I’m don’t want to see half the team leave and be left overloaded with work even more than we already are. It’s a very uncertain time.
I don’t think they’re expecting to lose me, but I think I’m gonna dip out. I was hoping to wait until the March pay out, but I don’t know if I can last that long. My group is being micromanaged beyond what is acceptable and I’m now documenting all of it. I probably won’t do anything with that information but it wouldn’t hurt. They’re trying to make the working conditions so uncomfortable that we leave on our own. But I don’t think I’m one of the people they’re trying to push out. The work still has to get done. I’m not retirement age, but I have enough money to leave. I just don’t give a f anymore.
If they valued employee feedback then we wouldn't be going back to the office. I bet if you polled the employees affected by this, the response would be overwhelmingly negative. They don't care what you think at all, they made their decision and that is the end of it.
I doubt they even look at this out of curiosity. They're too busy enjoying their millions.
The snowball employees are trying to push uphill just keeps growing bigger and bigger and eventually we will all just step aside and watch the destruction wrought by a self-obsessed corporate culture we no longer enable.
I wonder if the executives ever look at these discussions on various sites/threads just to get a feel on how their decisions are affecting people. I know I would just to see how things are going. Then again, I'm just a peon.
A pandemic incubator. Pack a ton of people into a small space and recirculate the air they breath. One employee comes to work sick and you loose 2/3's of a floor to sick days. They will be feeding you antibiotics in your food pellets and electrolytes in your water dispensers. Intelligent people can be so stupid when their is a greater profit to be made at other peoples' expense and detriment.
We don't even get full cubes anymore, they swapped out our old ones for the "zoo cubes" with the glass walls and much larger doorway so that you can be seen at all times. They also arranged us in giant rows like factory workers.
Whatever the last guy is drinking, I'll have one as well. I will say my tact will be a bit different, I'm not going to speak up at all. No suggestions to make things better, no input on any survey (if we have one), no speaking up at meetings. Missing as many meetings as possible due to "work" requirements. No replying to emails requesting input. Nothing other than the work associated to what I was hired to do. Bill made this decision, he gets to live with the results. Low morale will only be one indicator of its failure. I agree with the last guy, don't come to my cube to BS or complain, not interested in hearing it. However I may have a 5 minute rule, you need to have your questions limited to 5 minutes. So when you come into my cube, you will be on the clock. Bonus time may be added it you have cookies or cake.
Don't bother to shoulder tap me in the office, I'm going to tell you to put a ticket in and deal with TCS like every one else. Don't shoulder tap me, I'm not turning around, I'll have my headset on all day to ignore everyone. Don't bother asking me for anything with work order and project numbers, not doing it. Oh and if you're above a 1st line manager and feel like you deserve special treatment, F you, you can deal with TCS just like the rest of us.
In general, you want me in the office 5 days a week, I'm going to be the most pi---d off person in the world so stay clear of me, I don't give a dam about your culture now.
Since I wasn't allowed to take the buy out, me being here is your problem, not mine. The best part, I have enough money to retire right now, I can apply for early SS if I want, I have my points. Bill, F you, you don't scare me. I'm just sticking around to make people know the mistake they made and to sow discontent when and where I can before I leave. I'll be that guy that will ask the question that everyone wants to but are too scared to. Only thing I ask, stay the F out of my cube.
The biggest monsters offer the biggest dreams and then they sn---h them away. Our families and our sanity should be our first priority. When you have to lie, cheat and steal to succeed, all you are is a criminal.
They tried that with Julie, but she couldn’t win rate cases. It’s just the nature of the business. You need someone experienced at appeasing the commissions to make your bucks. I wonder if a utility could even get an exciting young CEO to come work there.
The only hope for that is a homegrown rockstar, but AEP doesn’t pay enough to keep those kind of folks around. The talented ones get the experience and leave to go get paid elsewhere.
Why doesn’t AEP hire a younger ceo and structure compensation in a way to incentive sounds long term investment decisions. Someone that is tech savvy to help unite all the disaggregated groups on one platform.
When leaders sow chaos and anarchy throughout their command they are no longer leaders, they instead are traitors. Remember Benedict Arnold? Bill is here to enrich Carl Icahn and himself. He deserves neither our respect nor our support. The sooner we fail him out of a job the better off we will all shall be.
I would guess it will be one of the external candidates based on his wording in the last meeting. Probably someone he has worked with before like the others.
Wonder if next announcement will be who is going to be President of Transmission.... last leader update was that they had one internal and several external candidates and said they planned to announce who would fill the role by the investor call in Feb.
Heard that there is another big announcement coming next week. Anyone know the topic, I am not sure how much more we can handle.
I’m holding on to hope that leadership will pull back and allow remote Fridays. There are companies in my city that are actively recruiting and are in office 4 days with a remote Friday. So if Bill really wonders “where will we go”, well, there are places that pay more and have more perks. In the video with him and Phil, he mentioned wanting to hire engineers in-house. Might be a challenge. Not many people want a 5 day in office schedule.
It seems to me we (AEP) have not reached bottom yet. Every week something happens that causes a new low to be reached. I wonder what else we're going to sell a stake in to get some cash? It appears we're hurting for operating cash. The company could come out as say, we're backing off our push to convert to renewables and save the cost and push it out a few years. Trump administration is not going to ram through tougher EPA standards any time soon. Stop spending money where it's not needed. I'll take a coal plant over a solar farm any day. More so when it's -10 out.
Hello everyone. I have been checking in on this conversation off and on since I was laid off from AEP. Feel bad for those who lost their jobs and now feeling bad for those still there. Anyways, since my unexpected departure from AEP, I have since then found employment elsewhere where I now have union representation. I know many out there just really really hate unions but I gotta tell you it is very nice now where I am compensated for overtime where, over the many years at AEP and lots of overtime, I was not. Lots of other good benefits as well, thanks to the union. So, instead of getting all worked up about RTO and all of the other bad treatment, do some research and talk to those around you and consider unionizing to protect all of yourselves.
As long as you do a direct rollover to a Traditional IRA, you can move your money out of the 401k. I did it. You just cannot take it as a distribution or it will be a txable event. All new funds have to go into the AEP 401k to get the match. You'll have less exposure with AEP by moving it early.
At the same time Bill is claiming to bring more work in house, IT is adding co-source labor at break neck speed. Which is it?
I left and cashed out my pension. I’ve made more money from investing the balance than I made from the pension itself.
you cannot transfer your aep 401k while still employed. unless your want to take it out as an early distribution and have a taxable event.
If you leave, take the lump sum from your Cash Balance plan and move your 401k to some other financial entity. Do not take a chance AEP raids the funds for cash. I just don't trust AEP with doing the right thing. As they say, take the money and run.
Also, did you know you can transfer your 401K to another financial entity even while you're still working. Might want to sever certain money ties with the company, just in case. Anyone remember Enron?
The problem with that plan is field employees couldn't care one way or the other whether you get to work remote or not. So why would they strike for you? They're the majority of the company too.