Are laid of Wells employees required to disclose to WF of starting a new job at a different company during the severance eligibility period? From the language in the Agreement and Release of Claims document, it seems more optional than required:
"You may notify Wells Fargo's Displacement Operations in writing that you have started another position, in which case your remaining Severance Pay may be paid in a lump sum within 60 days of Wells Fargo's receipt of your notice." Thanks
Most haven’t found new employment
Speaking of employee handbook . . .
has anyone had any success in printing? I've tried to print the severance section and continously get errors. It's easier for me to read a hardcopy of the details, and make notes to understand all of the steps.
As someone below said, "WFC has opted in with Equifax's service https://employees.theworknumber.com/ to track your employment activities during 60 day window. " If there's anything Wells will be good at, it's trying to get out of paying severance. Take new employment during your notice period at your peril.
Who cares what it says? They have to catch you first dont they?
I imagine for some, if not many, a lump sum would put them in a higher tax bracket. It'd all work itself out at tax time, but that particular check will take a huge hit.
unless the lump sum puts you in a higher tax bracket you will not pay any more or less. While they will take out 22% fed, like they do with bonus, come tax time if you tax rate is less than that you will have it refunded. For many of us we have the opposite where they don't take out enough. limp sum early in the year is probably a different decision than later in the year. Outside of tax liability. you have to decide if you need health insurance or not although I would presume you could cancel your health insurance premium while still on severance
I had to make that hard decision. Continue getting paid and have premiums deducted, or take a lump sum and get taxed at a higher rate.
60-DAY NOTICE PERIOD
60-day notice period is NOT part of severance period, whether it's working or non-working. You are still a WF employee during this period and cannot accept another role, unless you RESIGN and forfeit remaining 60-day period and any severance you would had rec'd otherwise. (I was laid off and, within 60-day notice period, I was offered internal role. I had to resign from previous role (bc I was still an employee and in that role, even though non-working during 60-day notice period).
SEVERANCE PERIOD
Severance period begins AFTER 60-day notice period. You are no longer a WF employee during severance, but do enjoy certain benefits until severance ends (e.g., medical, if part of your prior elections). You cannot contribute to 401K, etc. You CAN accept a new job outside of WF during severance and collect all of your severance, regardless of overlap. However, if you accept new internal WF role, your severance ends (you can keep what was paid out to you until your start date in new role).
PLEASE read the Employee Handbook. All these details are covered.
Although optional there could be an impact to your severance package . WFC has opted in with Equifax's service https://employees.theworknumber.com/ to track your employment activities during 60 day window.
Lump sum payout ends health insurance too…. You do not have to inform WF if you take another job while you’re being paid severance.
Completely optional.
If you want a lumpsum (buying a home etc.) Then do it
May impact taxes and you may need to adjust withholding appropriately