Author Topic: Question about giving notice and benefits  (Read 3911 times)

secondcor521

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Question about giving notice and benefits
« on: August 01, 2014, 03:20:55 PM »
Hi all,

I'm starting to plan my extraction from the workforce.

I have stock options that vest every February 4th for the next several years, so I'm thinking 2/5/2016 is a good date to officially retire.

I'd like to give my company a reasonable amount of notice (say, 2 weeks).  I'd also like to not work any longer than necessary.

If I give 2 weeks notice on 2/5/2016 and my employer wants me to work those two weeks, then I'd have to work two weeks longer than necessary.

If I give notice 2 weeks prior to 2/5/2016 and my employer wants me to work those two weeks, then I'm golden.

If I give notice 2 weeks prior to 2/5/2016 and my employer says "Don't bother working the next two weeks", then I have questions and concerns:

1.  If they do that, can they terminate my employment at that point and make my stock options go poof into thin air?
2.  If they do that, do they have to pay me for the 2 weeks?
3.  Is it safe to ask the above questions of my HR department?

I know my employer walks people out if people go to work for a competitor or if they're laying someone off.  I'm not sure what they do for people who just retire.

(334 work days left!)

usmarine1975

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Re: Question about giving notice and benefits
« Reply #1 on: August 01, 2014, 03:25:49 PM »
My own opinion would be to play the safe side give your notice after you have received the benefits.  What's 2 weeks yes it's 2 weeks you miss being at home but is the 2 weeks worth losing the benefit.  Especially if they have walked people out before.  As far as asking HR you have to know how they will handle it.  Will they go to higher management etc...  Only you and any others at the company can really know that.

Eric

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Re: Question about giving notice and benefits
« Reply #2 on: August 01, 2014, 03:42:29 PM »
1.  If they do that, can they terminate my employment at that point and make my stock options go poof into thin air?
2.  If they do that, do they have to pay me for the 2 weeks?
3.  Is it safe to ask the above questions of my HR department?

1.  No idea.  It's probably in the fine print somewhere.
2.  No, they don't have to pay you unless you have a contract specifying such
3.  Absolutely do not, under any circumstances, ask your HR department about this.  Despite them wanting to appear to have your best interests in mind, it is their sole job to look out for the best interests of the company, not the employee.

But I agree with usmarine1975 above.  Wait until they vest and then give notice.  It's only two weeks, and since everyone will know that you're leaving, they will be way better than two normal work weeks (I'd guess, can't wait to find out!)

secondcor521

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Re: Question about giving notice and benefits
« Reply #3 on: August 01, 2014, 04:08:52 PM »
Thanks.

New retirement date is 2/19/2016.  It's even a Friday :-)

MooseOutFront

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Re: Question about giving notice and benefits
« Reply #4 on: August 01, 2014, 04:43:47 PM »
On a related note, say you put in your 2 weeks and the company tells you to go ahead and get to stepping, but you actually wanted to work those last 2 weeks and don't want to quit before then.  Can you file for unemployment on them?

curler

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Re: Question about giving notice and benefits
« Reply #5 on: August 01, 2014, 04:54:03 PM »
On a related note, say you put in your 2 weeks and the company tells you to go ahead and get to stepping, but you actually wanted to work those last 2 weeks and don't want to quit before then.  Can you file for unemployment on them?

Yes, but only for that 2 week period.

Chrissy

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Re: Question about giving notice and benefits
« Reply #6 on: August 01, 2014, 05:00:26 PM »
Why can't you wait till you're vested, then just up and quit without notice?  If you're retiring, you don't need a recommendation from them.

gimp

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Re: Question about giving notice and benefits
« Reply #7 on: August 01, 2014, 05:50:21 PM »
Because even if you never need another job, it's impolite to quit without notice.

Unless you hate your boss / team, and are absolutely sure nothing can ever happen to require your good professional reputation, in which case, go ahead.

BlueHouse

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Re: Question about giving notice and benefits
« Reply #8 on: August 01, 2014, 08:49:44 PM »
Is your state an at-will employment state?  If so, your employer can terminate your employment at any time for any reason.  You can also leave at any time for any reason.  The two week notice is a courtesy on both sides of the equation.  Do not resign before you are fully vested and please reread all vesting information just to be safe. 
Congratulations on retirement!

secondcor521

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Re: Question about giving notice and benefits
« Reply #9 on: August 01, 2014, 10:19:29 PM »
@Chrissy, what gimp said.

BlueHouse, yes, Idaho is an at will employment state, and I understand what that means on the typical day-to-day basis.  I didn't know how or if the equation changed in that short period of time between giving notice and actually leaving.  And thanks.