Sign on/retention bonus
02-09-2023 | 08:43 AM
#301
On Reserve
Joined: Aug 2018
Posts: 75
Likes: 0
Can anyone that has joined F9 recently and taken the bonus confirm if they pull your credit ? I didn't see anything in the offer letter or promissory note mentioning it, but rumors on this thread would claim otherwise. I'm not planning on spending the money, I will just be keeping it in a savings account for 3 years, but I am planning on buying a house in the next few months and this would kill my almost perfect credit score and likely affect my mortgage rate...
02-09-2023 | 09:04 AM
#302
Line Holder
Joined: Mar 2015
Posts: 300
Likes: 2
Can anyone that has joined F9 recently and taken the bonus confirm if they pull your credit ? I didn't see anything in the offer letter or promissory note mentioning it, but rumors on this thread would claim otherwise. I'm not planning on spending the money, I will just be keeping it in a savings account for 3 years, but I am planning on buying a house in the next few months and this would kill my almost perfect credit score and likely affect my mortgage rate...
02-09-2023 | 10:01 AM
#303
Line Holder
Joined: Jul 2017
Posts: 84
Likes: 0
Thanks for the response everyone. I was more concerned with it showing up as a loan on my credit than anything. I realize they would have to disclose if they were pulling your credit, but companies don't always do the right thing.... I can confirm that in my offer letter email they gave me the option of having a different offer letter that did not have the bonus language in it. I'm definitely going to hang on to the money until the 3 years is up and hopefully it will earn me some interest in the meantime.
02-09-2023 | 05:23 PM
#304
On Reserve
Joined: Nov 2022
Posts: 17
Likes: 2
They do not. It’s an up-front payment, now $50K. You either pay it back + interest (dumb, but unfortunately just how it is) if you leave. Or you stay for 3 years and you’re off the hook. Anyone hired in 2023 would have the bonus reported to the IRS in 2026 and it would be part of the return policy you file in April 2027 (the $50k plus whatever interest accrued over 3 years, even though you were only given $50K; that’s the contentious part for many)
Again, the interest-bearing part is dumb. But if you have any intent to stay for a while, and don’t touch the money during the 36 months, for better or worse you make an extra $50K. Since it’s only been offered for 3 classes so far, most people here are speculating.
Many people in my class took it. I can’t speak definitively about the next two groups but I believe people are mostly taking it. Word on the street was that you could decline the bonus and request they rewrite the offer letter to omit the bonus language. But someone from a more recent class would have to chime in to confirm.
Again, the interest-bearing part is dumb. But if you have any intent to stay for a while, and don’t touch the money during the 36 months, for better or worse you make an extra $50K. Since it’s only been offered for 3 classes so far, most people here are speculating.
Many people in my class took it. I can’t speak definitively about the next two groups but I believe people are mostly taking it. Word on the street was that you could decline the bonus and request they rewrite the offer letter to omit the bonus language. But someone from a more recent class would have to chime in to confirm.
02-15-2023 | 12:38 PM
#307
Line Holder
Joined: Sep 2019
Posts: 51
Likes: 0
Skipping the regionals and going to a major is amazing and am grateful to do so. If I have to do 3+ years at Frontier I will. I was asking out of curiosity because my end goal is legacies when that road comes.
02-25-2023 | 02:47 PM
#310
I Pass the Butter
Joined: May 2017
Posts: 555
Likes: 0
Someone might have a better memory of that meeting than I do, but it sounded like S.O.L. if any sort of disruption. Though if furloughs happen, frankly that’s the last thing that would be on my mind.
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