Thread regarding Wells Fargo & Co. layoffs

Wow. Sounds like grounds for a lawsuit.

I have been with WFC and Norwest for over 34 years and the retirement benefits are next to none my health care for 2 people is like $1350 per month. I just went to our states exchange and purchased medical dental for $650 for the 2 of us. Check out your local exchanges.

Be happy with a layoff. Ready for retirement and a nice bonus to walk away with. Severance obviously depends on years of service, but I too and retirement eligible and I would love to get laid off. I am sticking around a bit just waiting since my department has very little work. Just trying to be patient for that extra year and a half of pay without working.

I was displaced from technology at age 63.5 after 32 years of service. I had never had a bad review. I'm now getting paid for 14 months including the two month non working notice period. There is no real benefit to "retiring" formally from WF. Don't retire, let them lay you off if its in the cards and move on. I would have kept on working but can't believe how lucky I got.

I would never retire when the company is in aggressive downsizing mode. You never know, you might get lucky and get "paid to go away". Burn personal/float holidays and sit on your PTO until late in the year, just in case. Rinse / repeat for a couple years and you might just score a nice severance as you sail off into the sunset!

Hold fast! Don't retire just yet. If you get laid off during the ongoing headcount reductions then you'll get severance.

Severance is likely to be larger than any prorated bonus. Depending on your pay/tenure, it could be considerably larger...

Severance decisions are made at a higher level in the organization. Bonus decisions are made at a lower level. If you retire your manager will likely rate you low for the year (since he needs to rate somebody low, and you're gone anyway), which would eliminate your eligibility for any prorated bonus.

The only benefits I found in retiring is that unvested stock options remain. You keep them vs losing them when you quit. Bonus prorated is paid out the following year by HR.
Your former boss doesn't even see it. COBRA rates are around $500 a month for just you and you can pay for them for 18 months using HSA dollars. The cash value pension can be activated or you can take a lump sum which I did. Roll it into an IRA and no taxes. If you have significant years in the bank before the pension was cancelled you have a larger payment than you think. Lastly peace of mind!

There’s one big benefit no one has mentioned: if you’re retirement-eligible, when you retire, you’re eligible for a pro-rated bonus. I learned this after mistakenly assuming an employee who retired at the end of June shouldn’t receive a bonus after year-end. Fortunately, I caught it in time and was glad to surprise him with the news. Now, anyone can retire, but if you don’t meet the criteria, bonus is the same as if you resigned: $0.

The retiree healthcare benefit was discontinued but still applies to employees with certain tenure - I believe that’s very few of us at this point.

If you retire they wouldn’t have to pay you severance. Maybe your manager has to trim salary? What was your mid year rating? I don’t know what benefits you get in retirement. It’s nobody’s business and I would ask your manager why he is asking. Let him know that you are going to file a notice with HR if he won’t tell you or seems guilty.

If you have deferred stock, I believe you can take any unvested stock with you at retirement, as well.

@mis+1cvCstmb - thanks 🙏

@azb+1cvCstmb Go to front page of Teamwork’s, then look under the “pay and benefits section. There is a section “retirement income and planning” and you will then see another section “getting ready to retire” . Once you are in that section you will see specific info about health care coverage rates.

interesting I qualify but received no such email. Perhaps I am safe and you are not

@wsw+1cvCstmb

Thank you.

@opj
The number is 80. Your age plus completed years of service, or age 55 with at least 10 years of completed service, or age 65 with at least one completed year of service.

For Wachovia people who were in a benefits eligible position as of 12/31/2009 your age plus full years of service equals 50 or greater as of 1/1/2010 and on your last day of employment with Wells Fargo you are at least age 50 with 10 or more years of service.

Just curious but what is the number? I’m in the same boat but I’d actually be inclined to run the numbers on that.

FYI - retiree healthcare “benefit” is going to cost you over $1000 per month just for you. No other benefits.

It is ILLEGAL for them to ask you. Not their business until you notify them. It's your very personal decision.

Not sure about retiree healthcare. I do not see anywhere in teamwork mentions it. Have been reaching for info on it

They can't force you to retire, but they can lay you off. In which case you can get another job.

Retirement eligible just means you can qualify for retiree healthcare; there’s no other benefit..they could certainly lay you off just like the rest of us but only you know the value you specifically bring to your team and how easy or hard it would be to replace you.