It’s likely that I will be laid off next month. What will happen to my 401K matching and bonus? I’m software engineer.
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I was laid off last year. You will still receive a bonus but it will be prorated. Your 401k contributions stop immediately. I also wouldn't use anymore pto if I were you. They will pay you what you haven't used at the end of your 90 days.
My notice period started today and ends 9/20.
Figures.
Re bonus, I’d be shocked given how Charlie recently said WF pays employees too much and not enough people are leaving. Plus, all I hear about is efficiency, so we’re all facing the distinct possibility of lower bonuses next year.
Sorry ! charlie takes it and buys buck load of remy martin .
As a manager I would feel 100% morally obligated to do something for prorated bonus if employee was eligible. (Assuming no extenuating circs.)
check the handbook, but if the end of your notice period is after 9/30 and your position is bonus eligible your old group may give you a bonus, not guarantee. there are posts on this site from February when bonuses pay out indicated some did get bonus. As for 401k match, I don't recall the exact date but I believe you need to be an employee of records as of middle of December, check the handbook, but so long as your notice period ends after that date you'll get your yearly match. In terms of prior years matches, that is your money and will stay in your 401k or follow you wherever you choose to move your money should you do so. If you have any restricted stock that is on a vesting schedule, it will continue to vest on that schedule so long as your termination is the result of a layoff, if you quit or are fired for cause then you lose it.
I'm in the same boat, expecting notice of layoff soon. Refer to teamwork document called 2024 wells fargo bonus plan, "employment changes". My understanding is if I'm still in notice period on 9/30/24 (pay calculations date), then I'm eligible for prorated bonus. Hope I'm right!!!
No 401k match and bonus is up to your manager (since you will be on notice period thru Sep 30). No guarantee you get bonus, I think it’s up to your manager, but I wouldn’t count on it
There's tons of threads on this already. Search is your friend. So is the handbook.
Charlie gets it
No 401k match
You can find the answer to your question in the handbook.