This may have been asked in previous posts but if so I missed it. Anyone know what the benefit is to change to Retired from Displaced? Doubt there is much just curious if anyone has done that recently. Thanks.
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@ag RSRs go with you without retirement if you are laid off. If not laid off, and you quit, then they have clawback if you go somewhere else so the RSRs will be taken from you.
That benefit is almost a sick joke at this point. Every penny I have at WF will go to a local credit union the day I get downsized.
At the end of my severance, I was automatically retired from WF.
For the record, there is no termination status as "retired.". You are voluntarily or involuntary terminated/separated. If involuntary, you may also be severance eligible.
However, eligiblity for retiree benefits is calculated based on a combination of factors, including age and service. But WF does not code your exit as "retired."
Be smart and stay on severance. Cheap benefits and full pay. 'Retirement' at WF is nothing but cheap checking account and option to stay on insurance plans. Last I saw, 2 years ago, cheapest plan for 1 person was $9XX per month. Each addn person was another $9XX.
The only other perk (than those already mentioned) I know of is being DONE with “the firm”. Layoff was probably not what you had in mind for leaving, but you can’t even get a celebratory “good job!” for putting up with this place for so long now.
Congratulations, OP! Best wishes!
you'll also keep any RSRs. If you change though, do you lose your severance?
With retirement you can continue to get WF free team member checking and savings.
You get the opportunity to select a retirement gift from a catalog of options and also a years of service plaque. You may be eligible for retiree healthcare insurance but it is not typically the most cost-effective option. Wells Fargo will report your status as retired rather than displaced to any potential employers doing a reference check. Be aware that you need to proactively request the status change through the displacement phone support group beginning the day after your last day. It's quick and easy so probably worth doing even if the benefit is rather slim.