Thank you, Bob
On Thu, Feb 27, 2025 at 11:04 AM Robert Valliant <bob.valliant@thekey.com>
wrote:
> Hi all:
>
> I am writing as a reminder regarding eligibility for incentive payments
> for employees terminating from TK.
>
> In order to be eligible for payment for a prior performance month from an
> incentive plan in which they were participating: *Their termination date
> must be on, or after the payout date for a prior performance month.* See
> below the exceptions to this policy.
>
> For example, an Operations employee on the Keys Plan who resigned, with a
> termination date of tomorrow, 2/28, will NOT be eligible for their JAN
> bonus to be paid on 3/7. And, they of course, would also NOT be eligible
> for their FEB bonus, to be paid on 4/4.
>
> The applicable section in the incentive plan documents is displayed below
> for your reference. This policy has been in place since at least 2023.
>
> Please ensure all of your managers remain aware of this policy, and if
> presented with an employee resignation, they should remind the employee of
> this policy stated in their plan document.
>
> Kristen: When your team receives inquiries on this eligibility question,
> they can provide this policy language to the querying employee, without
> need for further escalation. However, hopefully, these inquiries will end
> based on the policy reinforcement at this time.
>
> 3) *Partial Year Plan Participation:* A Plan Participant may become
> eligible or lose eligibility under the Plan at any time during the Plan
> Period. In those situations, the following policies will apply:
>
>
> b) *Separation:* Where a Plan Participant terminates employment with
> the Company prior to the bonus payment date, no bonus is earned and/or paid
> (except as noted below under Reduction in Force).
>
> c) *Reduction in Force / Death:* In the case where a Participant
> (otherwise eligible) is involuntarily terminated as a result of a reduction
> in force or death that occurs after the end of the Plan Period and before
> the bonus payment date, a bonus will be paid for the completed period. No
> proration will be made for partial periods.
>
>
>
--
*Kristen Jarbo, PHR*
Manager, HR Service Center | *TheKey*
Phone: 757.708.2954
HRServiceCenter@thekey.com
1.888.874.8088
<http://www.thekey.com>
*I am located in the Eastern Time Zone and I am sending this communication
at a time that suits my schedule. Please do not feel obligated to respond
outside of your designated working hours.*