I am considering leaving the bank voluntarily and expect to receive a job offer from another company within the next few months. What is the cutoff for receiving the year-end bonus and 2% annual company contribution if I resign? Do I have to be an active employee as of 2/15/18? Or could I resign earlier? I'm trying to figure out the earliest possible I can get out (I'm absolutely miserable here) but still get my year-end bonus and 2% annual company contribution. Would 2/1/18 be the earliest I could resign (assumes giving my 2-week notice on 2/1/18, which would make my last official day 2/15/18)?
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OP here. Thanks for the supportive comments. I just have one last follow up question: what do you mean by "open company pages"?
To address how this is related to layoffs: My LOB is facing upcoming layoffs, and I am looking for another job proactively, before I am severed.
@ctwt OP came to a LAYOFF site asking about what happens if OP QUITS. This is a site to help and keep engaged those who have been or may face a LAYOFF, not those who want to make money before they head for the hills.
OP: all answers are on the open company pages. It will hit your account in March.
Don't listen to @cxdi.
By asking a ? Here you are actually helping multiple people.
It's all online on the company pages. Clue yourself in and do a simple search rather than post here. Quit already do someone else a favor so they can keep their job. Better yet, contact your hr person... and btw, you are jr if you're trying to collect 2%...
OP is not referring to the regular bonus, it's the extra % for the 401K in Feb, & that is calendar year.
Not sure calendar year is accurate, bonuses aren't technically funded until the BOD votes to approve payment at the January meeting
It's calendar year.
I really don't know the answer to your question but if you are valuable to another company they will have no issue compensating you for your potential bonus loss. Negotiate a sign up bonus.
Original poster here. So we have 2 different responses: 2/15/18 or end of the prior calendar year (which would be 12/31/17). Can anyone confirm definitively which one is correct? Thank you!
You have to complete the prior calendar year.
I am referring to the 2% annual company contribution to the 401(K). I thought it is given in February of each year. I believe it is 3% if you have 10 or more years of service.
Which 2% are you referring to?
I thought the 2% was paid in July. For bonus 2/15, that's why there is always a rash of retirements 2/15, it's different if you get laid off