Yes. If an employee receives cash and the retention period is not fully fulfilled, then any portion that has not vested must be repaid within a 60-day repayment period (60 days from the last day of the month following termination called the “Full Repayment Period”). If, after the Full Repayment Period, there is a remaining balance, this balance converts to a 1 or 3 year (employee choice) interest-bearing installment loan, paid monthly over 12 or 36 months, as the case may be. If the employee is late on their monthly payments, their account will default and Keep will collect any remaining balance.
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Articles in this section
- Verifying a bank account using Micro-Deposits
- Bonus statuses on Keep
- How are collections handled?
- How can I educate my employees and potential hires on how Keep works?
- What happens in the event of death/disability of an employee that receives a Keep Bonus?
- How do Keep Vesting Cash Plans impact my financial statements?
- How are taxes handled on a Vesting Cash Bonus?
- How are the vesting milestones tracked?
- How long does it take Keep to process payments to the employees?
- How do I fund my Keep Vesting Cash Plans?