A month ago a manger sent notice that one team member is going on retirememt.
We were all notified on Tuesday non-paying week.
The retirement was to take effect beginning on that date.
Two weeks ago - another manager did the same. He notified the big group the morning of that Tuesday non paying week.
Are these voluntary retirement or layoff disguised as retirement.
Normally, people who retire - give ample notice.
Absolutely nobody would choose to retire rather than be displaced. There is NO upside to that. You can retire at the end of your severance. It's not like you lose your pension or RSRs if you get displaced.
You get your pension regardless of how you leave.
Happened to me; I got laid off . Got the 60 day notice period then the severance period. At the end of my severance, my status was changed to retired. Had the required age and years to become retired.
My manager "retired" but was really a layoff. He was allowed to control the timing and provide a more official transition but was definitely asked to leave. However, he was told not to discuss the package.
I've also seen some "retirements" basically same day but they were involuntary. They also received packages and probably also signed an NDA.
@dmo+1tqoyyCU, actually, you can officially retire and get paid severance. You must meet the criteria for retirement and then be displaced. Once your notice period ends (60 days) you can request that your termination reason be changed to “retired”. You’ll still receive your severance but will be recognized as retired from WF. As others have mentioned, there are not many benefits to retirement other than a free checking account.
I am about to retire. Yes, you must meet the definition (there are two) and there is nothing at all in retirement EXCEPT keeping your RSRs. I am an Exec Dir. and must give 60 days notice. I guess the people in OP’s post have no notice period.
Yeah, there's no point in giving a lot of notice these days. You might miss out on a year's worth of severance by telling people too early.
If your boss ever asks how much longer you plan on being with the company, it's best to tell them something general like "a few more years" if you want to stick around, or "I'm never going to retire, I'd get bored" if you'd prefer severance ASAP. In many cases it won't matter, but HY loves voluntary resignations and may be willing to wait for it.
OP here ,,
The two managers that have announced this and my manager report to the same manager which explains why I can’t ask the managers directly.
Pre Covid - people have retired, but we always get like 1 month notice and in some cases on the final day , we eat snacks and celebrate it.
The two cases I am taking about , out of the blue about 9:30 am on Tues non paying week, the team member manager announced that the guy is retiring today - that is strange to me.
That is unusual. People just don’t wake up in the morning and tell. Their manager - I am retiring effective today.
These are senior level guys with lots of workload.
Look up WF Retirement Plan in handbook. It's all there.
I have noticed that some managers choose to leave prior to major layoffs - whether they were going to be affected or their team members. I think some would rather be in control of when they stop working than wait to be laid off (or lay off their hardworking employees). Layoffs are brutal on managers, too- they can see what the company is doing (gutting itself), and not all of them are complicit.
I didn’t know there is such thing as retirement from WF. Does one need to work for certain number of years, certain rank? We don’t have pension but 401k match. Unless one started when WF had pension plan? I have seen coworkers worked 30 + years and got laid off. That’s not retirement. Can one receive severance and pension ( provided one participates in the pension plan)!
You can't officially retire from WF and collect severance from WF. It's one or the other. If you retire, you also can't collect unemployment.
In the past I've known a few who were eligible for retirement who were also displaced, and were basically given the option of retirement. They opted for retirement. Not sure what the perks would be for retirement in this instance vs a displacement. Can't comment on timing.
Read your OP back to yourself except slowly this time.
If I am deciphering your post correctly you’re asking if it is strange that your (or is it just A) manager (not your coworker) is announcing to your team that your coworker has retired effective immediately on a Tuesday after payday which has been layoff day as of late?
Your entire post is strange. Why are you asking randos on the internet? Why not ask the two who have since retired prior to the end of day? Nobody retires effective immediately, but folks are retired effective immediately when situations present themselves to management.
Could be that they were planning to retire and were waiting for a severance package.
I've worked for people here that said they are retiring. I asked them "What are you going to do in retirement?" They would laugh and say "I'm going to look for another job." So I guess that meant they were only "retiring" from WF, but not the workforce yet. Could be that situation going on. I agree it is suspicious it's happening on Tuesdays after payday currently. 🤔 I'm interested to see the responses your post receives.