Anyone who has a pension go take a look at your lump sum value. Down by @ 1/3! Read the fine print as to how they can get away with this. Just another example of how Wells Fargo screws over their employees once again. CHUCK YOU FARLIE!
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Charlie just looks for ways and opportunities to F over the employees. F Charlie and Wells
Yes, loss is due to interest rates. However, if WF was a decent company they would have notified employees like Ford did and offer retirement so employees didn't lose their hard earned pensions. But WF would have had a mass exodus and would have lost control if their workforce. And for anyone who doesn't fault WF or not tied to CEO, think again....the employer pays the pension. With it being down @30% who wins?!? #Chuck you Farlie!
hmmmmmm........
unless they are taking a while to update, I checked yesterday, and my lump hasn't changed and neither has my projected monthly.
As stated ONLY the lump sum payout is down. Any of the monthly payment amounts are the same. The Cash Balance lump sum payout uses actuarial factors based on age, mortality tables published by the Society of Actuaries, and the Internal Revenue Service's minimum present value segment rates, which are updated monthly. With rates up the lump sum TODAY is smaller because with the higher rate you can still earn the same result over the number of years left in your life.
F Charlie and F Wells Fargo
401ks did not replace the cash balance plan, prior to 2009 the company offered both. Shortly after CBP was frozen they did start to offer profit sharing that went into your 401k though. Well, it did until Charlie came along and decided that 0% was a good place to keep profit sharing at forever.
The official name is the cash balance plan. These were the old time pensions that ended in 2008 that were replaced by the 401(k). They are tied to interest rates and because of the rate increases the lump sum balance declined around 30%. If you retire and take monthly disbursements, there is no impact, Mine was worth 150 some thousand before the interest-rate increases and when I retired it was worth 113,000 so yeah it sucks but there’s no sleight of hand or control over it by the company.
It’s explained on the cash balance plan site but also you can Google it. The only thing I fault Wells Fargo over is that unlike Ford, they didn’t notify people that this would happen. As a way to encourage people to retire, Ford sent out a communication about it.
Wells Fargo overs a pension??? To which employees??
pension performance has nothing to do with the CEO, unless you were foolish enough to invest your retirement funds in WF stock - then that's on you.
Think it's tied to rising interest rates.
Haven't checked my balance, but WTF?
I see what you did there, "chuck you charlie." ROFL. I looked at my cash balance plan and it is indeed down. Assumed it was tied to the markets. Another explanation?
Please explain what is going on with the pensions.
I’m sorry to those impacted. Very sad.