You need 80 points between your age and years of service. I have a year before I hit 80 points (31 years of service and 49 years old Dec 2025). Was trying to find benefits that you get from "retiring" but not being 59 1/2 or meeting the rule of 55. It looks like there's some kind of healthcare coverage until you're eligible for Medicare? Obviously I know I can't get SS or 401k withdrawals. Teamworks is awful to try and get answers and I don't want to reach out to HR. Thanks.
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"most" people get nothing except retention of unvested restricted stock with retirement.
Exceptions:
- If you are not yet eligible for medicare, you can keep purchasing health ins at WF group rates until 65.
- if you are part of one of a few specific legacy orgs and were employed by that org before certain a certain date - you may have pension and other benefits that are specific to that legacy org. you can only find this out by calling HR.
You can't be certain about your own situation unless you call HR...so just do it. Don't rely on the conflicting info on here.
RSRs continue to vest if you retire.
Team checking account?
I retired at the end of last year. As an executive director in CIB, I had a 60-day notice period per the leaving WF policy. My notice period went through the early Feb. payout, so I got the bonus. This is all spelled out in policy and on team works.
“ Cite the page in the Employee Handbook that doesn’t exist where this “fact” is or STFU” lots of hostility here. I am a mgr and have had people quit this decade and walked down the path of whether a) it was a retirement or not and b) if retirement was bonus included or not. As a mgr I get policy from HR. Current policy is retirement does not get you any bonus unless you retire day of bonus (which is in February of following year). If you have evidence of otherwise then let me know as I know of someone that is retiring in December but it was made clear to them they won’t get bonus and I sure would like to help them get it.
I was a Norwest employee prior to the merger with WF and am at about 89 “points”. My understanding is that I am eligible for an insurance subsidy equal to $25 x years of employment (with accrual ending 2015 I think). Not much, but about $500 a month. Retiree benefit book has a section with about 20 different scenarios depending on start date and entity.
One only gets a bonus if you are employed on the day it is paid out. Displaced employees are “eligible,” key word. It is up to your manager at the end of the day. If you quit, nothing. If you retire, again, you are only eligible. CIB HR here.
@1lsr+1v6xv2Xz Cite the page in the Employee Handbook that doesn’t exist where this “fact” is or STFU. Pro Tip : You can’t because it doesn’t.
Only certain grandfathered people get any real retirement benefits - the most important being health insurance. Otherwise it’s basically cobra and like $2k per month.
The comment ab Be about prorated bonus USED to be true but isn’t anymore. They changed it in 2022. You must be here on bonus payday. It su-ks but that is the new rule.
The proverbial gold watch would be nice, but as far as I have found out, it’s a discount on insurance - staying on the group plan, but not paying the full amount - not to be confused with the discounts we get from being an active employee. Will still be high, but probably chesper than alternative/traditional insurance
Go to teamworks and look up retiree benefits book. It’s about 300 pages but should have all of the information you need.
You need to call hr retirement. Tell them you are at 80 points. Premium is partially paid for by wf once you are at 80 and increases as you go up. You need to just call and ask for it.
I had 83 points when I was "displaced", so theoretically I could have "retired", If had told them......
Meh, for the most part, it didn't matter. I still had my "pension"/Cash Balance Plan, an maybe Health insurance if I needed to apply for it.
bottom line, I lost my Life insurance, but the only needs enough money to dispose of me.................
Cheers!
“Retiring” vs just “quitting” would put you in the segment where your manager can give you your bonus (pro-rated) if you were to retire mid -year. And I agree with what others said below regarding it depending on your legacy firm and your position in the bank.
Sorry to say, but you will never figure it out on your own without calling HR, which is now located in India, so good luck with that!
Where are these “points” discussed officially?
There are some things like partner shares, cash balance plan but you’d have to have been around for a while and then other goodies for execs.
really the only benefit i can think of is that you retain any rsrs granted to you--which will vest per the schedule
aside from that some folks get some medical benefifs based on their legacy institution but it tends to be not worth very much
There are no retirement benefits unless your manager buys you a cake.