Well, I expected a lot more than what I got today. Once again, Wells Fargo has let me down. I been with WF for almost 7 years and got 155.00.
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Your settlement amount is based only on the ESOP contributions to your 401k from 1 Jan 2013 through 31 Dec 2018 BUT you had to be a plan participant through 31 Dec 2021. So it doesn't matter how long you were employed or how much you contributed to your 401k yourself. It is all calculated from how much went into the ESOP portion of your retirement plan and for how long you held those funds in WF Shares that was confirmed by the 3rd party to never pay more than fair market value. The settlement we are getting is our share (after subtracting all class action fees of course) of the theoretical value lost for us holding on to the WF shares for whatever time period. So the more ESOP shares you received and the longer you held them the higher your calculated loss so the more settlement allotment you receive.
$906 bucks!!! But that was yesterday and the stock market is crashing today. Thanks Wells Fargo for putting my settlement into stock instead of the stable value plan.🖕🏽
But did get almost 1200. will be putting that with the severance fund unfortunately
The amount you got is based on the funds you were invested in from 2014 (or around that date). You may have been put into funds that paid the administrator/broker more and had higher expense ratios without disclosing that to you. I thought it was fixed but if you are in WF stable fund or a large value fees are still outrageous. Just saw I am getting charged $86 a quarter (almost $350) for a 401k company plan. Saw $3.25 to purchase a fraction share of a WF fund. Most employers do not charge those ratios for investing in the company fund. Maybe I'm wrong, any thoughts?
$1256 been here 19 years and have always maxed out the match. I had no idea until I came to this board.
Just over $600 and I’ve been here for over 15 years. It’s more than I expected since I invest very little into the ESOP and quickly move out the company contributions. As someone else mentioned, I’ve never wanted an Enron repeat.
20 years, about $600. Better than the $6 I was expecting. I'm sure the lawyers got millions.
5 years $41.27. Yippie!!!!
$1025 here, 15+ years
About $1200.
My settlement for their wrongdoing is larger than I anticipate that my bonus will be.
$815 / 8years. always made max contributions
- 25. 13 years. How do we get the money? Recently laid off.
$85. A little over 4 years.
A little over $1,100. 12 years. Typically contribute the annual max, or close to the max.
Interesting didn’t think I qualified after reading the requirements but I got a settlement. 5 years employed, $176, but I have received very few profit sharing allotments and the like. And anything I do receive is rebalanced into a non-Wells holding because I don’t sh!t where I eat. No reason to go full Enron and invest it in the place that gives me a pay check.
$900+ Been here before 2013
Settlement probably based on your esop contributions
not seeing it yet - got the email saying i was eligible.
@xgj...the description I saw under transaction history was settlement.
$700 - been here before 2013.
Does it have a description other than "contribution"?
$290.75 .... 8 years
$609 24 yos
350
$547.62 for being here 17 years! That’s crazy, how was this calculated?
$922 / 11 years
What is the transaction date to look for here?
$1,238.74... Yes, I'm that fool that never changed the default allocation. I was here the entire time period in question.
If you log into the Empower 401k site and go to Account -> Overview, it should show up in the "Transaction History" box (for me is about half to 3/4 of the way down the page).
Weirdly, if I actually click into the Transaction History dedicated page on the left menu, the settlement isn't yet listed there. That might because it's dated today so it won't show up until tomorrow, but I'm just speculating.
What did you expect?
Where do we find this information?
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I checked my 401k and I don’t see anything. I got the email saying I would see it by the end of the year. Any recommendations on where else I should look?
559 /17 years
1420 here, 14 years
depends on how much you have in your 401K as to how much you were effected. I received almost $400
As always with class action lawsuits, don't spend it all in one place.
Only the lawyers win.
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