- If I have decided to retire, do I contact HR first, before doing anything else?
- Is there always a paid 2 weeks from the time I contact HR and the day I actually retire?
Thanks !
11 replies (most recent on top)
The only benefit in retirement is you keep your RSRs if you have any. You also keep them if you are displaced. If you quit, they are lost. I retired earlier this year, as our team was done with displacements and alas, no golden ticket for me. Found a part-time gig, so all good.
Don’t “retire” - there’s no upside for you if you do that. Instead, wait for the inevitable layoff, and collect that severance for a year or so.
That’s what I did. Got a layoff within 3 months of my planned retirement date (which I kept secret and shared with NOBODY). I was getting full pay for doing nothing for a full year after I was going to retire anyway.
There is ZERO benefit to “retiring” from WF. It’s not like how it used to be.
“ If you no longer have a mgr, who handles it?”
You have a mgr. look in teamworks. I had several missing for a month and my mgr listed reported to the board. No, he didn’t have 1:1s with me but he was the one responsible.
With regard to RSRs the rules are there. The rules changed in 2022 or 2023. If I’m working at Amazon not on a competitor product to my work here then unless it is spelled out in documentation at time of award I’m not telling them it’s a competitor. If Chase hires you on then just show them and they likely will make you while on signing.
Can’t speak to the other things you mention, but you are completely wrong on RSRs. Current award agreements clearly spell out that WF will come after you if you work for a competitor after retiring. Will they, not sure, but I retired last year and you must certify in Nov. each year that you are not working for a competitor.
I know this has been discussed previously, but what are the mechanics of retiring at the end of severance? If you no longer have a mgr, who handles it? Is this initiated towards the end of severance payments or the start?
Before anyone asks why, I want the flexibility of Cobra, which an insurance broker told me was a plan and price he could not beat.
Read the RSR agreements, very clear you risk losing them if you go to work for a competitor. I had a meeting with our HR exec before I retired and she confirmed this, even pulling language from the agreements and sending those to me. Wells Fargo considers Amazon and Wal-Mart competitors, I kid you not. Will they come after you, who knows. And yes, this is being challenged legally from what I hear and may at the end of the day it’s not enforceable, but as of today this is the policy.
Lots of bad info on here. Your direct manager enters what ever retirement date you want into the system. Retire on the 2nd of a month. Benefits stay through the month AFTER you retire. HR has a great checklist including when to do things out on Teamworks. Your don't lose RSRs if you retire and later go to work for a competitor. Courts have said that for many years. You will be paid for accrued PTO so don't bother using it up before you retire. We have been told over and over you can't volunteer to be displaced.
Yeah, I can't think of a good reason to retire right now, when Shart will pay us to leave soon enough.
I retired earlier this year after my bonus. As an Exec Dir, I had a 60-day notice period, which was non-working. I told my boss at the beginning of a pay period and she told me “would Friday be ok as your last day.” She knew for a while that I was milling over retiring. Only benefit for me was keeping my RSRs, but you cannot work for a competitor if you do go back to work, otherwise you lose the RSRs. I am considering some part-time work if I can find a good gig.
If you are planning on retiring and if people around you are getting laid off and/or replaced by Indians do your comrades a favor --- volunteer to be laid off. You collect 60 days + severance and might save one of your fellow workers his/her job.
Your mgr can walk you thru this. Your last day is when you say your last day is. No golden two week vacation at end. If you have PTO you want to burn then plan it and put in two weeks notice before that (if you like your mgr) and work 1/2 day the day you want to retire which is login out in your goodbye email and mail laptop back (or show up to office if there). You work 60 minutes and get half day pay.