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 Goldman Sachs Group Inc. is altering its retirement rules as it restructures its work force. The program will require employees to work longer. The firm's full retirement package, which originally allowed employees with a combined age and years of service exceeding 55 to collect all of their restricted stock on retirement, has been extended to 60. The Financial Times suggests that the move, which will take effect in 2009, will give tenured employees incentive to leave at the end of the year and therefore could possibly help reduce headcount by more than the 3,000-plus it intends to lay off.
Those who decide to leave the firm will get to keep their restricted stock awards, unless they qualify under the "rule of 55', they have to wait for the required time to elapse before actually receiving their stock. As for those who are laid off but who haven't reached the magic 55 number, they will continue to receive their restricted stock even if they find jobs at one of Goldman's competitors. Last month the investment bank said it would slash 10% of its work force. Goldman Sachs told Reuters earlier this week that it would lay off 200 staff in London as part of that restructuring. - Maria Woehr Categories Deal Video
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