Got laid off on 11/28 and going through the displacement paperwork. Was told that I would still receive a bonus but there is nothing in the paperwork about the bonus or the payout date Notice period ends on 1/26 and the bonus payout would be 2/2 for active employees. Called HR and they couldn't tell me anything about the bonus or payout timing - told me to go back to the business/manager. Has anyone else faced this situation? What should I do if there's no response from the manager?
16 replies (most recent on top)
If you were employed or in notice period on 9/30 you are bonus eligible.
I displaced someone mid-year and they did not receive a bonus.
That denial of bonus is if you quit, not if you are laid off. I no longer have access to the plan document, but from memory, the last wording (as of June 2023, and they only update it once a year) is that if you were employed on November 1st, you're eligible.
If you were just notified, then legally you aren't even laid off yet, you're just on leave. So 99% you are eligible, but keep in mind no employee is ever told for sure they are getting a bonus until it happens. Just because you're eligible doesn't mean you'll get anything.
On the bright side, you will get your 401k match, just like anyone else who was put on leave after November 1st, since you will be a legal employee Dec 31st. IMO that's the more important money, since it's tax advantaged and guaranteed.
If you are in displacement notice period or have been displaced you “may be considered for an award”, but i wouldn’t count on it.
Typical Wells Fargo: "Deceive, inveigle, and obfuscate..."
According to the SEC filing, if you are an employee on 9/30 and still in notice period you are eligible for your bonus.
Bonus is not guaranteed for anyone even current employees, so I would be shocked if you got something. I hope you do, though.
ii.Displacements
A Participant who receives notice of Displacement and is serving out a Notice Period on or before the Award Payment Date may be considered for an Award, subject to the other terms and conditions of the Plan. Participants who have received written notice of Displacement and who are serving out a Notice Period on September 30 will be considered for an Award for that Plan Year.
Page 12: this is what is filed with the SEC
https://contracts.justia.com/companies/wells-fargo-1431/contract/223340/
WF has a fairly strict policy newly instituted starting with the 2023 bonus payments earlier this year that you must be employed as of the bonus payment date (this is applicable to most bonus plans within wholesale banking) - you definitely want to confirm with displacement and your manager as the new policy has not undergone situations with significant number of layoffs. For example I was laid off earlier this year in September and am definitely not getting a bonus, and am not getting a 401k match since you have to be employed on 12/15 to get the 6% company annual match (on notice counts but not on severance).
@sxp+1pRT1D3z Your manager is given instruction not to communicate with you post-displacement, you should have been given the number for the displacement team and they handle everything going forward.
Not the OP, but same situation. I asked my manager about two weeks ago and it's been crickets.
You are "employed" as of the end of the year so you will get it. Your manager cant sc--w you over and give something tiny. I know because I wanted to do that last year and when the system was opened I couldn't change the bonus amount for one of my people who was displaced. Your salary does count in the pool of merit increases so your peers will get a touch more.
You won’t get it in writing… just like regular employees are not guaranteed a bonus in writing. I was laid off last November and still received my Feb bonus
Check with your manager, they (and the leadership) make the decision ultimately on how bonuses are divi'd up. If they're AHs they'll just keep your money from the bonus pool and distribute to others. If they're cool, you should be getting your bonus.
As long as you were an employee on 9/30 you are business eligible. Just remember bonus amount is discretionary and up to the manager, so they could sc--w you and throw you very little. That you have no control over.
When I was laid off in September, my manager told me I was still bonus eligible for payout is February.
Keep on top of it. You should have had it in writing.