Thread regarding Wells Fargo & Co. layoffs

Cash Bal Plan - can we just cash this out and pay the taxes/penalty?

Mine is like $7k....it's not even enough to worry about remembering/tracking long into the future, especially since I'm leaving the company soon.

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Post ID: @OP+1jmd06xnc

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If that is all you see then you have never modeled retirement on the site. Although the retirement plan was frozen anything in there prior to the move to the cash value plan is still there. You need to model retirement to see it. I started in 1996 and retired in 2021 and had $9k in the cash balance plan. I left with a lump sum payment north of $300k. The old retirement plan was frozen not eliminated.

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Post ID: @je+1jmd06xnc

Can only access after termination

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Post ID: @b8+1jmd06xnc

It was designed portable, not available until you leave the company

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Post ID: @af+1jmd06xnc

Not retirement eligible?

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Post ID: @ac+1jmd06xnc

This is the site where you can log-in, see your balance, plot scenarios, etc.

https://benefitconnect.wf.ehr.com/account/login

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Post ID: @a6+1jmd06xnc

Yes, you can. That is one of the scenarios you can build on the site. You can Google to get idea of how much taxes might take

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Post ID: @a5+1jmd06xnc

2nd the rollover to IRA. Don’t forget to invest it so that it can FINALLY grow!

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Post ID: @a3+1jmd06xnc

Roll it into an IRA.

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Post ID: @a2+1jmd06xnc

not sure if you can do anything while still with the company, once you leave WF you can roll it over to an IRA with another institution

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Post ID: @a1+1jmd06xnc

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