I HAVE spoken to my HR business rep, who was friendly but for the most part unhelpful. I am pondering retiring between now and end of year. I am an executive dir. in CB and must give 60 days notice. I am fairly sure it will be non-working, but my manager is hard to nail down, so not sure. I think I know the answers to my two questions, but pls chime in if you are or were in a similar situation. If my notice period extends beyond 401k match, then I get that, right? If my notice extends beyond bonus payout, do I also get that? Looking for the best time to put my notice in. Thank you all in advance.
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The leaving Wells Fargo policy states that ED and MD in CB and CIB have notice periods. Sounds like it might be something that you can get out of?
Don't ask here; ask HR and get it in writing. If they short you, a simple letter from a lawyer is the fix. As for your proclamation of being an ED in CB all requiring 60 days, I can just say that is not universal (having been an ED in CB at one point myself). If you signed a doc on that then those things prevail.
Meh, I would ride it out.... make them pay you to go away. That's what happened to me.
Yes, you are still employed, even if it ends up being non-working, BUT......if you tell them more than a week before bonus is paid (paydays are on Friday and the payroll files are run the Friday before the payday Fridays), you run the risk of them adjusting your bonus down to give more to those who will remain. It shouldn't happen, but it absolutely does and quite frequently. Managers tend to want to make those who are staying happy and you're leaving, so no need to make sure you get what you might have otherwise if you won't be around any longer. I've seen it happen time and time again, so I would highly advise that you give your notice the beginning of February or later if you want to maximize your potential for bonus. Otherwise, while you will still be eligible for bonus, you risk not getting as much as you otherwise would have if they weren't aware you were leaving.
I retired August 2023 and got the match and sold back PTO. The bonus was getting away from worst manager ever.
Best time to notify them is right after bonuses are paid. Then there's no question about whether you get matches or bonuses or not. Carry over 5, don't use any PTO but your personal holidays so you can sell the rest back. Grab the sandals and a drink and enjoy retirement!