Assuming you are of retirement age
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It USED to be the case that retirees who worked at least four months out of the year received a prorated bonus. This ended after the 2020 performance year.
Source: I am a manager and had an employee retire at the end of April 2020 who received a prorated bonus early the following year.
Honestly not sure I can make it to retirement age with this company, and I'm about 12 years away from it. The money's good, but management is trash, and literally everything is chaos.
I seriously doubt that a retiree (who retires say in June) would be included in any end-of-year bonus. 401k match - maybe. But a bonus? I'll believe that when I see it.
Look at it from management's perspective: what's in it for them.....?
A prior post indicated that if you retire mid year you are eligible for bonus. Is this correct? I ask because the January 2023 Bonus Plan document indicates retirees ALSO have to be employed on the date the bonus is paid. Section 7 of the Plan doc speaks to this. “Retirement - participants who retire prior to the award date payment date are Not eligible for the award’. Am I reading the Jan 2023 Bonus Plan doc correctly? I have a friend that retired in 2021 and received bonus on the Feb 2022 bonus payment date but reading the 2023 Plan - poof.
Not much difference between the two at all. Just did it myself.
- Restricted share options you KEEP if you retire. They still vest in the future. You LOSE them if you resign.
- You can buy retiree health care until you are 65 but it is just as expensive as an ACA policy.
- In both cases you could buy COBRA health insurance for 18 months which is cheaper than retiree health plans by a lot.
- Yes you get free checking but watch out. My "checking" was a Command account opened by WB years ago for my pay to go into. I never took advantage of the investment part of Command in 20 years. WF still zapped me with a $150 annual fee one month after I retired and would not refund it. They also sent me a bill for $125 for my IRA that I never paid as an employee. I moved that money out quickly.
- If you retiree under the age of 65 you dont get the 401K match nor a prorated bonus.
Per a site I found you can have an HSA with the Retiree HSA compatible policy.
f you're unemployed and have an HSA-compatible health plan, you can open, contribute and use HSA funds for qualified medical expenses. If you're unemployed and don't have an HSA- compatible health plan, you're not eligible to open a new HSA or contribute to an existing HSA.
Not certain at the level of detail you are describing. According to the WF retirement literature they provide, once you retire you can keep WF insurance until age 65. You can find it on Teamworks.
Can you? Don't you have to be working to do a HDHC plan with HSA?
Just so you know, you can only keep your health insurance at WF until age 65. Then you're on your own with medicare.
You no longer have to listen to the id--ts in Hudson Yards... Which is the greatest benefit one could ever get.
Retirement “benefits” from Wells is a joke. So you get to keep your health insurance and pay full price for it which is super expensive. So really no benefit. After people have served over 30 years, they used to give you a piece of paper and a pin. Yahoo!!!! Basically, no benefit for retirement, but does that surprise any employee?
retir38ement
C Suite gets something either way, rank and file Schmucks not so much.
Be sure to send an email to Charlie either way. He loves hearing from employees based on comments from the last two shart halls.
If you retire mid-year, you are eligible for a pro-rated bonus for the portion of the year you worked. Not the case with resigning. Also if retiring, you are eligible for WFC retirement medical insurance if you are not yet 65, but that is quite expensive.
Both would be ducking awesome
not much in the way of retirement benefits except free team checking account and continued accrual of RSRs.
With retirement, you keep any outstanding RSR stock grants and a level of benefits.
If you retire before Dec 15, you still get Dec 401k match at year end; If you resign, you do not.99
For you Millennials out there:
Resignation = Respawn elsewhere
Retirement = Leveling Up
Getting ready to retire. The only "benefit" I saw is that you get to keep your WF Checking account for FREE! That's about it. BTW, I don't do any banking with WF, so no benefit other than getting a chance to say "good-bye" to some really good friends I've made through the years.
The transition of your benefits, mostly.
Retirement = peace out from all work
Resignation = peaking out from this job