How did it get to this point? But it's finally inevitable

[38Chevy454]

I think you see a trend here. Just sit tight and give notice after you have the bonus in your bank account. Until then slowly take personal effects and things you might want to save out of the office. BTW, those things like awards and plaques and whatever will mean nothing once you retire and get out of work mode. You only have something to lose by giving notice now, and so take advice of the rest and wait until early next year after bonus arrives.

 

[Aramis]

Thanks to everyone who has offered advice. I will see how things progress during my review and make the call on timing then. It's 16 days of vacation I bank and get paid out if I quit before they expire Dec 31, and the bonus is 20%, so I am looking at preserving 16 days income if I leave before the end of the year and taking a chance I get about 50 days if they give me the full bonus expected. But I have to work 40 more days to get that 50 day's worth bonus income, so......

I think if I gave them an option they will probably elect to have me stay on to the end of Feb and give me both the vacation payout and the bonus. If they balk I can decide if I just want to take the vacation days and be done at the end of the year. They won't walk me because a critical time be sensitive task/project (contractual renegotiation/renewal) that needs my guidance has an unchangeable Dec 31 end date.

 

[DrRoy]

Time to go, but hold notice.

 

[LateToFIRE]

Thanks to everyone who has offered advice. I will see how things progress during my review and make the call on timing then. It's 16 days of vacation I bank and get paid out if I quit before they expire Dec 31, and the bonus is 20%, so I am looking at preserving 16 days income if I leave before the end of the year and taking a chance I get about 50 days if they give me the full bonus expected. But I have to work 40 more days to get that 50 day's worth bonus income, so......

I think if I gave them an option they will probably elect to have me stay on to the end of Feb and give me both the vacation payout and the bonus. If they balk I can decide if I just want to take the vacation days and be done at the end of the year. They won't walk me because a critical time be sensitive task/project (contractual renegotiation/renewal) that needs my guidance has an unchangeable Dec 31 end date.

Sounds like you have some real leverage - perhaps they need you more than you need them. So, if you wouldn't be too put out if they refused your request, then go for it. Come back and let us know what happens. Good luck!

 

[Koolau]

I would wait until you got your bonus before giving notice on your retirement. And to a lesser concern - use as many vacation days as possible.

My Megacorp bonus was set in stone, no matter the retirement date. The payout was based on time served the final year (pro rated.) No issue with announcing retirement date.


BUT, if you have even the slightest doubt - I'd wait until receiving the bonus. What's the downside of that? (YMMV)

 

[Aerides]

BUT, if you have even the slightest doubt - I'd wait until receiving the bonus. What's the downside of that? (YMMV)

The real question to ask is what is the upside to telling them now vs. later. What does the OP gain by taking even a teeny tiny risk?

 

[Koolau]

The real question to ask is what is the upside to telling them now vs. later. What does the OP gain by taking even a teeny tiny risk?

Only thing I can think of is "good will." That and a dollar will buy you a nickel candy bar.

 

[CardsFan]

Only thing I can think of is "good will." That and a dollar will buy you a nickel candy bar.

Ooh, Oooh. An idiom that has been updated.

 

[Midpack]

Thanks to everyone who has offered advice. I will see how things progress during my review and make the call on timing then. It's 16 days of vacation I bank and get paid out if I quit before they expire Dec 31, and the bonus is 20%, so I am looking at preserving 16 days income if I leave before the end of the year and taking a chance I get about 50 days if they give me the full bonus expected. But I have to work 40 more days to get that 50 day's worth bonus income, so......

I think if I gave them an option they will probably elect to have me stay on to the end of Feb and give me both the vacation payout and the bonus. If they balk I can decide if I just want to take the vacation days and be done at the end of the year. They won't walk me because a critical time be sensitive task/project (contractual renegotiation/renewal) that needs my guidance has an unchangeable Dec 31 end date.

WADR, do you think none of us were at a level/in a position to believe they “wouldn’t walk us?” Or that none of us were very highly regarded by our employers? You’re taking an unnecessary risk if you give notice before the day you’re prepared to leave, or two weeks notice at the most. If they don’t want you to retire, they will push back in one way or another. You’re going to be retired for decades, making sure you’re leaving on your terms instead of your theirs is worthwhile. But you do you…

 

[CardsFan]

WADR, do you think none of us were at a level/in a position to believe they “wouldn’t walk us?” Or that none of us were very highly regarded by our employers? You’re taking an unnecessary risk if you give notice before the day you’re prepared to leave, or two weeks notice at the most. If they don’t want you to retire, they will push back in one way or another. You’re going to be retired for decades, making sure you’re leaving on your terms instead of your theirs is worthwhile. But you do you…

+1000

It probably won't happen. But if it does, your prepared. If it doesn't, well it just doesn't matter.

I was absolutely certain i would NOT be walked, and I was right. BUT I still prepared, just in case.

AND, leaving on your terms is PRICELESS. I hear the stories of folks waiting for packages, and I think "Boy it felt good to just say I am retiring". No hard feelings. No animosity. Just walk out the door and never come back.

 

[brett]

When it comes to bonus, stock options, RSU's and a pending retirement I believe that it would be a mistake for you to assume how your immediate manager, his/her manager, and HR would treat the situation. Your immediate manager's decision to award you bonus could be overridden.

You have the choice. You can control this situation or you can give control to your employer.

If you keep control and don't 'give away' the show you will secure your bonus money.

Why give up control of the situation and risk some or all of your anticipated bonus

 

[MichaelB]

When it comes to bonus, stock options, RSU's and a pending retirement I believe that it would be a mistake for you to assume how your immediate manager, his manager, and HR would treat the situation. Your immediate manager's decision to award you bonus could be overridden.

You have the choice. You can control this situation or you can give control to your employer.

If you keep control and don't 'give away' the show you will secure your bonus money.

Why give up control of the situation and risk some or all of your anticipated bonus

+1

 

[Major Tom]

It probably won't happen. But if it does, your prepared. If it doesn't, well it just doesn't matter.

I was absolutely certain i would NOT be walked, and I was right. BUT I still prepared, just in case.

Hope for the best while preparing for the worst. A solid strategy.

 

[ERD50]

^ That's my position too. I haven't seen anything compelling to go with the announce early strategy. What's the upside?

Exactly. Why is this even a consideration?

If the bonus is worth hanging on for, then give notice afterwards.

What is your contractual obligation? Typically two weeks, and if it isn't more then they should be prepared for people following the letter of the law.

Enjoy.

-ERD50

 

[mystang52]

^ That's my position too. I haven't seen anything compelling to go with the announce early strategy. What's the upside?

+1 +1 +1....."etc." Don't get greedy and use at least some of your current vacation days now, but other than that wait 'til that bonus hits your bank account. In the end, business is business and your employer has every incentive to minimize your supposed "guaranteed" bonus. Why stress whether they'll honor the bonus? Wait, then give notice and no stress about "will they or won't they."

 

[euro]

Nice - congrats!

 

[Al18]

I would offer to use 6 days vacation this year and ask to defer the other 10 days next year. I wouldn’t give notice until a week after receiving your bonus and offer to work another month.

 

[Koolau]

+1 +1 +1....."etc." Don't get greedy and use at least some of your current vacation days now, but other than that wait 'til that bonus hits your bank account. In the end, business is business and your employer has every incentive to minimize your supposed "guaranteed" bonus. Why stress whether they'll honor the bonus? Wait, then give notice and no stress about "will they or won't they."

"Trust - but verify"

 

[NoEZmoney]

So I gave 45 days notice thinking I'd get my unused leave and pension paperwork in ok but I found HR sandbagged my plans and wouldn't get my documents in on time to state office for processing in a timely fashion. I was informed that my unused leave wouldn't be eligible for payment b/c I needed to give 60 days notice instead of 45 ( who knew? ) . Since they hadn't found a replacement and no one in house could do my job, I offered to extend my departure for another month to the relief of my boss.
I would encourage anyone about to pop-smoke to inquire about potential trap doors before pulling the pin and leave too much money on the table before leaving.

 

[brett]

So I gave 45 days notice thinking I'd get my unused leave and pension paperwork in ok but I found HR sandbagged my plans and wouldn't get my documents in on time to state office for processing in a timely fashion. I was informed that my unused leave wouldn't be eligible for payment b/c I needed to give 60 days notice instead of 45 ( who knew? ) . Since they hadn't found a replacement and no one in house could do my job, I offered to extend my departure for another month to the relief of my boss.
I would encourage anyone about to pop-smoke to inquire about potential trap doors before pulling the pin and leave too much money on the table before leaving.

Great advice. Understand the rules before making any sort of decision. And just because some colleagues tell you ' it is so' does not mean that it is.

I had a six month discussion with my employer's outsourced DB admin people. I read the DB plan, and just as important, I read the subsequent amendments to that plan.

The firms VP legal resolved in my favor.....a 30 percent improvement in pension entitlement and a 3 percent per year hit on early DB vs. 5 percent over the entitlement over that the firm's outsourced pension admin folks had calculated.

Understand the rules. Play the game. Do not assume any goodwill. You only get one kick at this can.

 

[CaptTom]

Good advice. I was fortunate in that most of my colleagues started around the same time I did, and were around the same age. Bottom line, we were all reading the fine print and comparing notes toward the end there. At one point even my boss came to me with a question about one of the finer points of the retirement plans.

Oh, and I assume in this case DB admin means Defined Benefit administrator, not Data Base administrator. Had me re-reading a line or two there.

 

[Koolau]

Great advice. Understand the rules before making any sort of decision. And just because some colleagues tell you ' it is so' does not mean that it is.

I had a six month discussion with my employer's outsourced DB admin people. I read the DB plan, and just as important, I read the subsequent amendments to that plan.

The firms VP legal resolved in my favor.....a 30 percent improvement in pension entitlement and a 3 percent per year hit on early DB vs. 5 percent over the entitlement over that the firm's outsourced pension admin folks had calculated.

Understand the rules. Play the game. Do not assume any goodwill. You only get one kick at this can.

My Megacorp had a lot of flaws, but fortunately, screwing over retirees (especially by stealth or hidden clauses) was not one of them. I feel blessed to be retired from Megacorp.

 

[aja8888]

To the OP: remember that HR is not your friend!

 

[Rocky mtn high]

I lost mine when they figured out I was retiring. I would advise against giving notice until money in the bank.

 

[Sunset]

WADR, do you think none of us were at a level/in a position to believe they “wouldn’t walk us?” Or that none of us were very highly regarded by our employers? You’re taking an unnecessary risk if you give notice before the day you’re prepared to leave, or two weeks notice at the most. If they don’t want you to retire, they will push back in one way or another. You’re going to be retired for decades, making sure you’re leaving on your terms instead of your theirs is worthwhile. But you do you…

Funny how employee's think they are "special" and valued by the company. Right up until they get escorted off the premises

OP -> Like many folks said, Hold off on the Notice until you get your bonus, and use up vacation days now for a nice Christmas !!