I retired last December and was hoping for a bonus payout, NOTHING. That was one of the reasons I stayed until the end of year.
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Contact HR. I retired last year and received a decent prorated bonus last Friday. Now finding where someone in HR support knows what to do on this topic...good luck. I tried for half a day and got to 5 different HR areas and none knew how to even research what I was asking. I escalated the issue in Employee Care and 10 days later they called back to tell me it wasn't their job in Employee Care. No suggestion on where to go in HR either. I finally asked my old boss who knew my bonus amount.
Its always best to retire (or quit) after the bonus numbers are locked in or ideally after the payment hits your DDA. Even if the bank that claims you are elligible for the payout, chances are you're going to get clipped.
Case in point; a good friend who retired June 30th of last year after almost 30 years of service received 25% of her typical bonus amount vs 50% had it been prorated fairly. She knew this would likely be the outcome but getting on with life and leaving a toxic work environment was more important than money.
Think about it; if you're a manager are you going to give current team members....er current human capital with more bonus money or give it to someone who is already gone.
Its not fair but that's the way it is.
I'm sorry this happened OP. I have given this advice to people quitting or changing roles internally in 4Q. WAIT until the bonus and merit numbers are LOCKED. They now actually publish them in the year end review timeline - pay attention to them.
Your manager CAN give 0's for merit, bonus or both. There are some HR guardrails but they are easy to overcome or, if you have to, appease them by giving crumbs. Combined with the Employee Handbook dates you have to be employed for receiving the payouts and matches, people quitting/retiring have to really read the fine print.
The WF Bonus plan document (this is the discretionary bonus plan) states those who retire are eligible to receive a bonus pay out. It doesn’t guarantee one, but you are eligible. Unless you had some egregious misconduct, they would not wipe it out entirely. Therefore, I would start with your former manager. If you get nowhere with him/her, unfortunately you will have to call the HR Wells phone # and open a dispute with them.
This is why you wait until the bonus hits your direct deposit account and you quickly transfer it to another account that has zero links to Wells Fargo. Then you can tell WF to go fu-k themselves and quit.
That's why you wait until after. I wish I had another job lined up I would have quit today.
if you officially retired, as in - you qualified for retirement status (years of service and age), and your manager processed your exit as a retirement (every exit has to be processed in staff mgt ) then you should have received a bonus.
If you just said "i'm done and i'm retiring" but you weren't retirement-eligible, then you're processed as a resignation and you forfeit your bonus.
If you are in the officially retired category - you should call your manager. I am a manager and last year I had this exact situation - there were a handful of retirees that didn't get their bonus. HR then does a special process to correct it and pay out,.
If retiring and need med insurance coverage, best to make it 4/1 vs 3/31. That way, med ins covered until end of April. Group policy premiums usually less than Medicare premiums. Assuming old enough for medicare...
Maybe you were recorded as quitting and not retiring.
Are you an employee who can work from home during the pandemic. Why didn’t you just wait? You coulda probably taken it easy for a few weeks (or used pto!)
not willing to take the risk, when its my time 3/31
“Also, there is a risk due to you must be here on payout to receive it”
This is not true when you retire.
I can’t speak to quitting, but if you retire in the middle of the year, they will pro-rate your bonus and pay it out to you the following year. You do not have to be here to receive it. I am 100% certain on this topic. Having said that, I raised the question to my manager as I submitted my notice. It might not be that they automatically offer it if you do not know to ask.
It's just like Wells Fargo to have a process where the employee has to take action to get what is rightfully theirs. They hope you forget or don't know the process and the shareholders win with your money. Our HR sucks only protecting WF and not having robust processes either by design or stupidity.
Did you line all that up with HR before you retired? Or just assumed? Your old manager isn't going to care because they have bigger priorities.
Also, there is a risk due to you must be here on payout to receive it
Sorry OP. :( Not surprised they ripped you off. Another example of the toxicity and inhumanity of the cult leadership. Everything for the shareholders and nothing for the slaves.
OP - even if you had retired mid-year, they would have/should have prorated your bonus. I would call my former manager and ask the question. Good luck.
Yeah it comes down to if you left them or they left you i.e. laid you off. If you're laid off they typically pay it out. Enjoy your retirement and don't look back.
I waited, snagged the 401K match and the bonus. Can't wait to be out of here but a few weeks when you're retiring doesn't make much difference IMO. Obviously different people have different priorities.
Sorry to hear that. Not a risk I was willing to take.