This month we've received a couple of tips wondering about the KPMG Early Career Incentive Bonus, something we initially covered way back in 2011. We also did a follow-up in 2013 when the first payouts were made.
For those with foggy memories, here's how it works:
If you are a current CSD senior associate with a 1, 2, or 3 rating you will be awarded $4,000 to be paid on May 15, 2013, provided you are employed by the firm on that date. Simple as that. But it gets better. By December 31, 2011 (just prior to the earnings period), you can elect to defer that $4,000 award for one year or two years and watch it grow: • Defer the bonus for one additional year and receive $8,000 in May 2014 • Defer the bonus for two additional years and receive $12,000 in May 2015 And it gets better still because next year the cycle starts all over again. And, the following year, it starts again! So a typical first-year senior can look forward to three ECIB cycles with the opportunity to “layer” up to $36,000 in total bonus payments by the end of the last cycle. Alternatively, participants who are eligible for multiple ECIB enrollment cycles can choose different deferment options for each cycle, giving them theopportunity to customize the timing and amount of their ECIB award to meet their own needs or particular life events, like a down payment on a new home.
And yes, it just happens to be May 2015. Our first tip came in early last week and someone was excited "to spend some $$$ on hooks and blow," which sounds pretty banal, but whatever floats your boat, pal. Our second tip came in earlier today, "Is there a follow-up post to to see how that worked for seniors at some radio station?"
So now there is. (Thanks for reminding me.)
How's it working out Klynveldians? Who's cashing in? Who's in it for the long haul, "layering up" for the bigger payout next year or in 2017?
Also, how do you think this particular bonus program is working out? Discuss below and if you're in the know, email us any new details or insight.
