I received my severance packet today. After the 60-day notice period, the company will only give a lump sum severance payment. There is no option to receive bi-weekly payment. Is this the case for everyone? So my medical insurance coverage also ends immediately after the 60-day notice period?
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I have been laid off before, however they told us the amount dollar wise what the severance package was, how can we determine the amount of the package so if you chose the lump sum. So you can work on your action plan. And should I wait after the 60 days notice to inform Esc.
Recruiter displaced 8/8: Correct - If you don't turn in the lump sum form, regular payments will continue the same pay dates as usual until your severance ends. FYI: If you decide to take lump sum, your payment will be taxed about 40%, just like a bonus. Same for any lump sum PTO pay out.
I didn't receive any offboarding email... Also nothing in my spam folder. Need to check with my manager for that.
The zoom call for the displacement briefing was supposed to be emailed to you automatically as part of the offboarding. That's part of why your manager needed your email address. If you received the offboarding information by email, you should have gotten the zoom invite at the same email address unless it was blocked by your spam filter or something.
How can we register for the displacement support sessions? I didn't see information for support sessions.
You're not reading it correctly (this is my 3rd layoff at Wells). The lump sum and end of benefits is ONLY for after you've found a benefits-eligible job elsewhere. Otherwise, your salary and most benefits continue as normal until the end of your severance period.
Read the paperwork more carefully. If you're still not sure, attend one of the displacement support sessions tomorrow (Monday).
Regarding the severance question, go to teamworks.Wellsfargo.com and review the 2023 benefits book for salary continuation plan details.
In reply to the individual who made the previous statement about being fired for “providing evidence to the EEOC”, that did not happen. It is implausible to suggest that numerous individuals in conduct management and employee relations would display such incompetence by terminating an employee for disclosing information to the EEOC, a highly unlawful act. This scenario did not occur. If you were fired, it was for another reason.
Read the Benefits Book, Appendix F, it will answer most of these questions.
I was "displaced" in April. I was with the bank for 12 years. Mu severance is being paid in the regular 2 week cycle through mid October. I have the option to get COBRA when time runs out in October.
at least in California companies are required to offer cobra for 18 months which basically give you the option to continue your current health care coverage at the rate the company pays for it however the company doesn't need to pay their portion and therefore you would be on the hook for the entire amount. Does WF continue to pay their portion if you are on severance?
I'm actually curious about that. if you are on severance do you keep your wf health plan or do you have to use cobra and we will take that out of your severance check?
You're wrong
are people not capable of managing their financing that they would spend the lump some when. received?
Understand that the issue is that when you receive a lump sum your benefits stop like healthcare. In salary continuation mode you keep your medical and other healthcare until the end of the severance. It's not a managing money issue.
are people not capable of managing their financing that they would spend the lump some when. received?
Can someone from HR provide an answer to this? This is important to everyone receiving a package recently.
Be happy with what you got, I was just fired for providing evidence to the EEOC when interviewed regarding a case a coworker has. Wells fired me for discussing company confidential items with non employees... the EEOC!!! 10 years of severance shot, I lost my medical the next day (they did it at the end of the month).
Ph--king criminals, that's all this place is.
I have 3 years of service, and my severance payment is for 8 weeks. In Agreement and Release of Claims document, section 2 is lump sum severance payment, saying the company will provide a lump sum severance payment. Didn't mention the option for bi-weekly payment.
I was displaced in may. If you don't turn in the lump sum form they will pay on the same pay dates as usual until your severance ends
This is the first I've heard of them doing that. How many years of service did you have?