Thread regarding Wells Fargo & Co. layoffs

Where are you finding a 2023 401K Plan/Prospectus? I don’t find this in any searches. The 1-1-2022 401K plan doc Matching Contributions section indicates exceptions to ‘employed on Dec 15’ of which ‘termination for any reason at age 65 or older’ is one.

All rules changed for 2023. read the plan documents/prospectus. If you retie before 15th Dec you lose your company match. Pro-rata bonuses for retirees have also been axed. you have to be employed on bonus payment date to get it.

I retired from wells w two weeks notice. Make sure to time your date for beginning of month for health coverage…the three month planning suggestion is a lie. Read all the online booklets and you’ll know what you need to do to make sure you have access to all your accounts.

You can get 401k match up to retirement even if not on record date of 12/15. For that reason I would be careful - if you care about that match - to follow the protocol for notice for retirement vs quitting.

I retired last year and wasn’t really trying to hang on for the bonus. When it is time to go, you’ll know and just go. I was upfront with management I was leaving in 2022, but did not give an exact date until Medicare and a few other things were sorted out. Once I had a retirement date, provided my last work date then spent the last weeks on PTO and never logged on again. WF provided shipping for my laptop, phone, and keys. Evaluate your circumstances, listen to your body and do you.

I actually just finally found a rep who could answer the question… no unless you are 65, which I am not

Does anyone here know if you get the 401k match up to retirement date?

Don’t forget to estimate your Cash Balance Plan benefit. It was frozen in 2009, but it f you were employed before then - there is $.
Agree with the others on not laboring over the ‘notice’. Do what works for you.
Choose a date early in the month as your benefits will be paid through the end of that month.

Do the world a solid and quit with 24 hour notice, citing RTO policy as the cause. Even if it doesn't affect you personally, it's an intolerable injustice.

Fu(k your manager. 1 month MAXIMUM. If they were going to lay you off, you’d get zero notice. Fu(k them a$$Holes

My boss has known for 6 mos and I still have a few more months before I retire. My boss has been Great had a good year end and compensation. Don't worry about it unless you really have issues with your manager. You don't get any benefits only your 401k which you have time even once you leave to take care of that. But I understand there is some sort of retirement cube etc that manager send away for for you. But medicare and Social security takes a while to get going.

You don't even get any benefits for retiring.

You're kidding, right? You are over-thinking this. There is zero need to notify your manager about your plans. The three-month notice seems like a relic from earlier times of near-guaranteed employment for life. Two weeks notice is plenty -- i.e., it's the standard practice.

I gave 60 days notice and life has been very pleasant. Volume of meeting invites, emails, etc has declined dramatically. I didn't get clipped on incentive comp payment.

WFIW the bank is required by law to give you at least 60 days notice (30 days working/30 days not working) plus whatever severance package you qualify for.

You'll have a lot of things to do to prepare for retirement. Might as well have the company pay you to do research and get yourself ready (insurance coverage, etc) for the next stage....good luck.

Give them 6 to 7 weeks notice so you can sort out your benefits and IRA issue. The worse thing is to give them any indication you'll flee soon for fear of sabotage.

If they lay you off between now and 3 months later they simply would and if that's the case you would get severance. But if they know you're planning to retire in 3 months you would have no severance. Play it smart.

Do your own research. Figure out your own 401K. What exactly does WF HR need to do? You're leaving. That's it. No biggie...YOU take care of YOU!

Phuck your Manager and phuck Wells Fargo, would they give you three months if they retaliated against you for something and fired you, did we give soldiers on duty overseas 3 months notice before we illegally repo'd their cars or houses, did we give customers 3 months notice before we illegally stole money from them in fees on accounts that the never created WE DID.... you owe them/us nothing, be free....

Procedure is to email your manager with an official retirement notice, and he/she then notifies HR. The 3 months is for you to make your decisions regarding medical insurance to avoid lapse in coverage, decide what to do with your 401k etc., There’s a lot of info from HR to read and review.

I think a month’s notice would be fair. Don’t waste your life holding out for the severance package. Believe me, if you want it - you’re not getting it.

Your manager has to initiate the process so will know. I wouldnt be concerned about getting fired. They want people to leave on their own and you would have an age discrimination suit any lawyer would take with a big old smile.

I asked HR about the three month rule. They told me it was just guidance and that the three months was mostly to allow the retiring employee enough runway to get all the things done they needed to to retire smoothly.

Yes, your manager will be informed at some point because they will be responsible for terminating system access, calculating final PTO payout, etc. It doesn't take 3 months to do that though. If you are really worried about potential retaliation, you might want to wait until July to announce retirement. That way, you'll have your official mid-year rating and so it would be hard for your boss to justify termination for cause (assuming you get rated as Meets or above). Seems to me like 2 weeks to a month in advance is adequate and 3 months is just nice for the company to take its sweet time getting it set up.

Give only the amount that is required to get your retirement and employee benefits. I assure you that no decision maker at Wells Fargo is thinking about your best financial interests.

Are you in a line of business where layoffs are a possibility? So for example, are you in Correspondent or Home Lending? Why would your manager try to fire you if you give retirement notice? Wouldn't that potentially open them to a discrimination lawsuit? If your work performance has deteriorated to a point where your manager has reason to fire you "for cause" then is that likely to happen anyway?

I had 2 people retire from my team

1. We needed him for some work so had him stick around for 4 weeks
2. Other person wasn't needed so he gave the 2 week notice but took 1.5 week PTO so technically was gone in a matter of a few days

we don't get 3 months when mgmt. decides when they will "retire" us. Why should mgmt. have something different?

I wouldn't worry much about your boss making your life miserable. They'll be more focused on jumping through the hoops to replace you and likely won't send any major projects your way because you're leaving soon. If they dislike you personally I suppose they might be rude, but just keep in mind that in a few short months it won't matter anyway. It's sorta like winning the powerball and going to work, you don't NEED them anymore so there's not much psychological damage they can inflict on you at that point. Turn the Care-o-Meter down to 1 and coast to a happy retirement.

I feel like it would be the opposite. If someone gives a 3 month notice to retire i’d expect less projects or work given to that person. Unless your boss hates you for some reason.