Just hit my 25 years in Feb. Told them they can keep the acrylic cube - I have no desk to keep it on. I am really thinking about getting off the stagecoach. I mentioned this someone who left a few years ago. This former employee said he thought that there are retirement benefits once you hit 20 years of service even if you leave prior to retiring with WF. I cannot find any sort of documentation on this. Anyone have any idea/info on if this ? TIA.
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If you retire before 65, no 401k match. Also no bonus unless you work until bonus payout date (retirees used to be an exception but no longer).
No real benefits except I could roll the cash balance plan to a 401k of my choosing.
Throw it straight in the trash along with the PINS (yuck)
If you find anything other than the Retiree health care and Cash balance lump sum, please post. I didn't find anything else. If you have options, I believe you will vested.
As for acrylic cube, that was such a let down at 25 years. At 5 years I got a cool set of binoculars selected from a catalog of nice options, 10 years a framed certificate, 15 years an unframed certificate, 20 was the small acrylic cube. Sad how times have changed.
That plastic anniversary cube is a shameful joke of a gift for so many years of work and loyal service. IMO
As a recent retiree I can tell you that the retiree health care is very expensive. Much more than COBRA. COBRA price is the full WF price but that includes lots of young people in the group. Mine is $522 a month. Retiree health care only includes us old people so that was $918 a month. Difference is that retiree health can continue for years where COBRA is only 18 months. COBRA premiums however can be paid out of your HSA dollars. I will have an 8 month gap to Medicare. I will user ACA at a rate of around $57 a month. I did not take retirement benefits yet nor taking out any taxable income from retirement accounts. Just using already taxed cash this year making my taxable income so low I get a great subsidized ACA rate.
Gee, what a great "benefit"!! Ever since the cash balance plan was frozen in 2009, benes have been on a nose dive. Just a matter of time before they ki-l the final worthwhile bene, 401(k)s. They already tried once, going after those 'high earners' before they walked it back. I'm sure they'll be back.
A friend of mine retired from WF a couple years ago. She said the WF retirement health care was more expensive than cobra so she opted to do cobra and then find insurance on the open market until Medicare kicks in at 65.
Two separate measures.
One is that your age plus years of service has to equal 80.
The other is that your age must be at least 55, plus 10 years of service.
Weather-or-not the "employee benefit" is worth it is another question......
Good questions. I'd also like to know what the retiree medical benefit is. I mean, is it the exact same coverage / cost as an active employee or is it more like COBRA where you might as well just get insurance elsewhere because it'd be cheaper?
Can I have your cube?
Thanks @fzc
OP you are awesome :-)
What I haven’t figured out yet is - is it worth it? How much of a benefit is being on WF retiree health insurance? I don’t see any other benefits in getting to the rule of 80 other than the retiree health insurance and aim not sure whether it’s worth much.
@qnj+1gIZEo20
It was called the Cash Balance plan. Money that was in there in 2008/2009 is still there earning interested. WF just no longer adding to it.
@wji+1gIZEo20
Add up to 80, not 85. So age 55 with 10 years of service, OR years of service plus ago have to add to 80 to qualify for retiree medical.
Stripped away for rank and file only. At C suite and a few levels under, they surely have the most golden of parachutes.
You can retire from Wells and then get another job elsewhere. One of my former co-workers did just that. It allowed her to vest in all her retirement benefits and not have to walk away from those. She’s also much happier at her new job, which is probably not surprising!
I believe you have to be 55+ and have 10+ years of service and those two numbers have to add up to 85 or more to qualify for retirement, but definitely check it out before you jump ship!
Dig deeper. I was severed after 35 years at 61. I was able to retain my WF healthcare until I reached 65.My Wife is much younger than me and my greatest concern. I was able to keep her on WF healthcare, the “Affordable Care Act” was a big let down for her, could not keep any of her doctors (remember that promise)! A little more expensive but we’ll worth it. Check it out….
There used to be a sort of pension plan that had been recently discontinued when I joined in 2014. I forget the proper name of the plan or if it’s still being honored. If you can’t find it in the benefits, call HR.
Your years or service and age need to add up to 80.
I doubt there's anything left nowadays. They've probably all been stripped away.