Several people on my team are going to be displaced (and some outsourced). Most have their 80 points to retire. If you are displaced can you still "retire"??
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@gf You do not have to wait until the end of severance to change your status to retired. It can be requested beginning the first business day after your last active day (working or non-working) with Wells Fargo. The information is in the displacement package.
@ch was the amount higher than what was modeled using the cash balance tool?
Are you referring to the cash balance plan? Is there another place to look for a pension? I've heard from a few people, they had a pension that they were not aware of...
I was told by HR you must wait until after severance is complete to change your status to 'retired' or it will cancel your severance. Hopefully they would warn you too before you changed your status.
Guys, anyone ready to retire now has participated back when we had a real retirement plan. We stopped the plan in 2008 not eliminated what you accrued. You do get a pension when you retire, monthly payments or lump sum. It will be much more than you think. Mine was well north of $300k lump sum. Rolled it into an IRA.
I was severed in 2022 and retirement eligible -- I don't know if rsr agreements have been modified, but my agreements said if I met the retirement conditions (aka 80 points) they vested per the schedule. I called to check but didn't have to really do anything.
you also get to keep your RSRs if you are displaced.
After your final active work date, you must proactively contact the displacement phone number to ask them to change your status from "displaced" to "retired." It doesn't happen automatically. If you don't contact them, it won't be changed. As many have mentioned, there aren't many tangible benefits although you do get to select a retirement gift from a catalog.
Retirement is just a status in the system based on a combination of years of service and age. As noted many times on this site, there are very few benefits of reaching retirement at Wells Fargo. If you've been given restricted stock rights, they will vest and are not forfeited. You can also enroll on retiree medical if you can afford the astronomical price. Other than that, there's no benefit. So, no reason to worry about it.
Yes, but what's the point? I think the only retirement benefit is that you get a "free" checking account.