Investment change:
Matching contribution will be in your investment selections and no longer solely in Wells Fargo ESOP Fund (unless that's what you've elected for you investment selection).
Guess WF is not thrilled w/employees immediately selling off all WF stock and the message it sends to other investors.
What an embarrassment for this dumpster fire.
BOD and Chuckles should be jettisoned.
This su-ks - my favorite thing is to sell our su-ky stock. Bummer but I can live with this.
There wa a lawsuit relating to ESOP settled in 2022. Wells was playing a little arbitrage with their employees retirement funds. Good riddance
ultimately I don't see this as a bad thing and the change is likely legal. cost savings, or both. We have always been able to move funds out of ESOP and I'm guessing lots of people do, and given empower now manages are 401k there is probably extra cost added to WF so why not just distribute as is.
"With two trading days left in 2023, the returns YTD for both 401K eligible funds, SP500 and NA100, are astronomical!
SP500 = +26%
NA100 = +54%"
To all the down voters on such wonderful 401K news:
Sorry you missed the 2023 run up to riches. It's not too late to reposition and grab a little of the super Santa Claus rally as there are still 3 1/2 trading days to get on board!
Have some fun for a change!
With two trading days left in 2023, the returns YTD for both 401K eligible funds, SP500 and NA100, are astronomical!
SP500 = +26%
NA100 = +54%
The Santa Claus rally is alive and well underway!
Happy New Year and investing to all!
Does the stock generally drop in the beginning of the year with so many people selling?
Disgrace it’s taken this long
Ending in late 2024, WF 401K contributions. Not enough employees are leaving so we had to pull our last lever on our golden parachutes.
Love Chuckie and Scotty (and their BODs)
I'm sure this was done to avoid legal issues, but it's still a good change so, yippee yippee.
Beginning in 2024, based on the 401k plan document that was adopted in December 2023, your matching contribution will be invested according to your investment elections on file on the date the matching contribution is made, instead of being invested 100% in the Wells Fargo ESOP funds, as it has been in the past.
This is avoiding a potential lawsuit...there's no such thing as coincidence 🤔
Well, want to wish everybody a last ever happy 401k match exchange-out day. Hopefully no new scandals break between the 29th and Jan 2.
Likely, Empower was complaining about the strain on their systems from all the people selling out of WFC so they finally relented to what makes sense and every other company does.
They're probably doing to avoid future lawsuits. Way too many sue happy people and lawyers.
It’s prob cuz it’s just a sh---y business practice and they will get dinged for it.
Wait til the layoffs are done. Then you'll really see some "stock movement".
It's in an email to employees today. If you're OOO, then that's on you lol. Hope you're not on my team -- too lazy to check b4 acting like a child.
Source is check your email—company wide email
Love this! I always sell my WF ESOP shares, though I do keep 2% in there just so I don't raise any red flags as being disloyal lol
lol, source?