What are the benefits of retiring at age 55 or rule of 80 with WF anymore? Are there any?
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Why does it matter who you are working for if you have still-vesting rsrs but have retired?
Not sure. I retired last March. Checked on mine throughout the year through Equate. Got a form in Nov asking me to confirm I am not working for a competitor. Said no. New batch vested on 2/5 and I believe tomorrow, 2/7, I can sell them. I have them going through 2028, so will help pay the last few years of college for the kids. It used to be if you got displaced they were vested right then and there, but that changed like 3 years ago I think.
F WF. The only way I want to retire from here is getting whacked with a severance. I'm ready, counting the days, it is only a matter of time.
Isn't there a certain age where the RSRs vest immediately and don't cliff vest?
Most Sr. executives are over 55 and still working. Charlie is 59.
For the newer RSR plans, there is another definition of retirement, 5 years of service and age 55. I know, as I retired last March. RSRs continue to vest as normal, they do send you a notice in Nov. to ask if you are working for a competitor. Their definition of a competitor is ridiculously broad, including amazon and wal-mart. I kid you not
For me it was getting my First Union cash balance into the market.
as others have said , retiree health benefits are limited-- biggest benefit is that of you meet the retiree criteria (80 pts etc) you keep any rsrs which then vest per the schedule. note that you have to meet the retirement criteria not actually retire-- ie if you are severed but have 80 pts you retain the rsrs
There are more benefits in getting severed than retiring. I’m eligible for retirement but severance would be a nice windfall.
you get a retirement gift that's worth around $40 and a wells fargo bank account without no minimal deposit and no monthly fee. This bank account terms could change anytime bank wants and don't depend on it for your primary account.
Basically you just walk out free and light after years of service and devoting most of your productive years.
Very little. Biggest issue is health insurance which is over $2k/month for retirees.
You get to keep any stock options you have under their current vesting schedule. You get access to retiree health insurance that costs the same as Obamacare without the tax credits. You get a video celebration call attended by people you never meet because you RTO in different offices around the country. You get a glass plaque that is so poorly made you have to hold it at an angle just to read it. One less person gets displaced that week, but they get the axe later anyway. Millennials celebrate another Boomer leaving like it will somehow help them. Finally, Wells Fargo wants nothing to do with you anymore and shows it with many sc--w ups and miscommunications.
Rule of 80- Does not apply. No pension
Rule of 55-Does apply. Allows you to withdraw from 401k without 10% penalty.