Thread regarding Wells Fargo & Co. layoffs

Target date to qualify for 401(K) & 2021 Bonus Payout

I've been searching on Teamworks and read through the employee handbook, but I can't find the answer to the following questions: as of what date do you I need to be an active WF employee to receive (1) the 401(K) match; and (2) the bonus payout?

I also tried calling HR but they have an automated message stating that they will not answer these questions and for me to follow up with my manager - which I want to avoid like the plague because I don't want to tip my hand that I am leaving. Thank you all in advance.

by Anonymous
| 3438 views | | 14 replies (last ) | Reply
Post ID: @OP+1dcidoeN
Comment! It's anonymous!

14 replies (most recent on top)

In the grand scheme, matches/bonuses aren't especially relevant. Negotiate what you can with your new employer and leave now.

by Anonymous
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Post ID: @4bif+1dcidoeN

If you can't find this information.....you should be laid off.

by Anonymous
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Post ID: @3mxe+1dcidoeN

if you are resigning before 12/15 you don't get the match

If you are resigning before bonus payout (first week of feb) you don't get the bonus.

If you retire (meeting WF requirements for years of service and age) you get a prorated bonus.

If you are displaced you get a prorated bonus.

If OP is leaving for another job and not retirement eligible, they forfeit bonus. Negotiate buy out with your next employer.

by Anonymous
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Post ID: @2gcg+1dcidoeN

@ 1kwa you're right but off topic from the posters question, which is why I didn't mention layoff related..they're choosing to leave and are questioning eligibility; in that scenario unless they can officially retire, my answer was correct

by Anonymous
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Post ID: @2kte+1dcidoeN

I can confirm that displaced employees get a prorated bonus. Former Tech manager (not at WF anymore) who had a displacement in November 2020 and the bonus was given to the displaced person in 2021.

by Anonymous
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Post ID: @2oau+1dcidoeN

@1skw+1dcidoeN’s response about prorated bonus is incorrect. Prorated bonuses are also given to those who were displaced (so long as their notice period, regardless if it was non-working extended to at least 3 months of the year) and same with those who are part of a divestiture. It’s not just for retirees.

by Anonymous
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Post ID: @1kwa+1dcidoeN

The only way you get a prorated bonus is if you qualify to retire. Otherwise you need to be an active employee as of the bonus payout date.

by Anonymous
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Post ID: @1skw+1dcidoeN

If you’d like to qualify for a prorated bonus your start date must be somewhere around Oct 16 (or earlier). Double check the handbook.

by Anonymous
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Post ID: @1ici+1dcidoeN

401k is 12/15. Bonus is 1/29 as that’s the end of the payroll period and bonuses (as well as your regular pay) are paid in the check on 2/4 that covers the payroll period of 1/16 - 1/29.

by Anonymous
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Post ID: @1lkd+1dcidoeN

Same as @xpx. If I have to go into the office for 3 weeks to get my bonus and leave for a remote job, then that’s what I’ll do.

by Anonymous
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Post ID: @1nec+1dcidoeN

401k is 12/15; bonus is as of payout date (first week in feb)

by Anonymous
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Post ID: @1xms+1dcidoeN

401k at the end of the year, bonus as of the February payout. Sorry; if you have an offer now you'd better get a sign-on bonus to cover what you'll leave on the table.

by Anonymous
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Post ID: @1xkp+1dcidoeN

Yes for both

by Anonymous
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Post ID: @gur+1dcidoeN

I am staying until the bonus is in my paycheck, not taking any chances!

by Anonymous
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Post ID: @xpx+1dcidoeN

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