How much notice is required if one decides to retire? I’ve read the “preparing to retire” handbook and it doesn’t really say. My boss and I get along well, but I have had it with this place and want to leave. I am old enough to retire under one of Wells Fargo’s definitions of retirement.
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I retired last year and you get nothing, I mean nothing in retirement. The only thing I kept was RSRs, which continue to vest. The retirement guide in Team works is a joke. I would say, if you have another job lined up and want to keep your RSRs, retire. If you quit, you lose them. There is a notice period if you have a corp. title, although I don’t know how if at all Wells would know if you took another job.
I think the only advantage of officially retiring is getting a lifetime of no account fees. You’re better off trying to get displaced - then at least you will get severance and benefits - 2 weeks for every year. But you better make sure there isn’t more to retirement… no shame in a layoff and you may benefit more - how sad!
Try typing it in google.com you will get a quicker response, and likely more accurate.
I am about to retire also from WF after 17 years. I meet the definition of retirement from WF I want to keep working. It’s just become the most toxic place. I have looked through the definitions of notice and they “suggest” giving as much notice as possible, however if you quit you cannot comeback for 18 months, if you retire you can come back immediately. This applies foe contract work as well.
ok have to ask - what is RSR?
If you have RSRs and have a corporate title, review those agreements. They stipulate required notice periods.
I retired last year and also gave 2 weeks notice. My boss and I were close, so told him I could stay up to a month, but he said 2 weeks was fine. I later went to work part-time in consulting. Kept my RSRs even though I did not give 30 days notice. Wasn’t sure how that would pan out, as no one gave me any info about those, even HR.
I retired a few months ago and gave 2 weeks' notice. I had quietly been preparing my work. Be sure you print all that you need before you give your notice. They cut off printing quickly. For cash balance you will deal with a third party even though you will dial WF HR. You will also have access to Workday for your last paycheck and W-2. I will say nothing of mine got messed up, but remember it is not HR that takes the handoff, just their number.
Depending on how long you’ve been here and your predecessor bank will determine notice.
Are you retiring with legacy retirement plans? Then you better understand. Are you retiring with no relationship to wells Fargo after its last day? You can send the letter at 459 that you’re not coming back and have retired. Make sure you know your path!
There is no specific notice requirement, rather more of a professional courtesy to your manager. No matter how much notice you give, I recommend making your retirement date the second calendar day of the month you plan to retire.
Example: Last day of employment February 1, First day of retirement February 2.
Said another way, the main goal is to be an active employee on the first day of the month. By being an active employee for one day of the month, you get your full month's worth of benefits, e.g. health, dental, vision, PTO accrual.
They may try to get you to pick a different date, like a day that falls on a Friday, or the last day of a pay period. You don't have to. It's your retirement. You get to pick the date. Why work additional days into your retirement month if you don't have to.
OP here, I do have RSRs and there’s no chance of me being laid off. Thanks for the responses so far …
Retire at the time most beneficial to you OP. Can't think of a good reason to give more than a couple weeks, especially if there is ANY chance you might get a layoff / severance. Let's face it, unless you work in Hudson Yards, we all face that risk. No point in leaving for free if the company will pay you to do it!
book recommends 6 months. 30 days if you have RSRs if not 2 weeks as a courtesy.
It all depends on the prospective retiree, the manager, the reason, etc. In other words it is in the book, however, depending on the circumstances it is a very flexible policy that should first be worked out with the manager. Let them take the lead and HR will absolutely follow the desired path.
Good luck!
I’ve had coworkers give as much as 6 months notice and one that only gave two weeks notice of retirement.
Congrats for seeing the light & getting out of here.
I've seen announcements for "retirement" with 1 day notice lately. So there's that.
lol - bare minimum before you give notice is what I’d recommend
The firm give team members 90 minutes notice when they get displaced. You don’t owe them anything
The booklet recommends 6 weeks as I recall but basically very little warning is required…just read through everything and get your ducks in a row first…