Just wondering, if an employee is offered severance pay, is it possible for the employee to request a lump sum amount rather then by weekly payments? The reason why I am asking is because I do not think that severance is guaranteed and can be pulled at any moment by the company. So if employee is for example given 30 weeks severance pay by weekly and let’s say by week #10 the company updates their policy and discontinue the severance pay, then the employee will not get severance from week 10 to week 30. That’s why it’s always better to take the lump sum right away if possible.
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@bcp+16BJonkd - page 14-6 of the Benefits Book. Which is why it states that if you take another benefits eligible job, you will be paid the remaining in a lump sum.
Page 14-6 of the Employee Hand book state:
"You will be eligible to continue participation in some of Wells Fargo’s benefit plans, as defined by the terms of each plan, during the Salary Continuation Leave."
I was displaced last year and my insurance was available for the entire leave time.
Where exactly is it stated in team member handbook that benefits continue on salary continuation? It doesn't say this, so you're not getting company-paid health insurance once severance begins.
Why would you take a lump sum? Make Wells Fargo pay for your insurance as long as possible. You can get another job and still have the WF insurance, which is cheaper than most companies.
They are buying you silence so they won’t change it afterwards.
I think Severance would be treated like regular income. Either you take a lump sum or by weekly payments would be taxed same percentage.
If someone got a new job and took a lump sum, wouldn’t taxes be increased? Or is there any kind of tax break since it’s severance?
Ill take the lump sum too!
As others have stated, it's a contract once you sign the paperwork. If they were going to change the severance rates, they'd have done so prior to personnel moves. It would be id–tic for the company to send out severance contracts and then immediately undercut them. Won't happen.
The only way to receive separation pay in a lump sum is if you find a new job – then you'd no longer receive it in 2-week "payroll" increments.
I was laid off in December. The agreement stipulates that it will only be revoked if you don’t adhere to the terms of the agreement. They won’t just pull it. Don’t request a lump sum unless you have benefits from somewhere else. That’s a big reason to keep it.
The agreement is supposed to be dated the date you receive it, too. Clock starts when you receive it. Don't sign it until you have a chance to read it over.
yes, what FWO said.
once u sign the agreement, it can't be changed by the company. The regulators are all up in WF's business about everything about comp, displacement, etc.
At one time there was something in the severance that said that if you got a new job, they would pay the remaining in a lump sum.
There's no lump sum contract. Read over the layoff paperwork very carefully and have a lawyer do the same if needed and you'll be fine.
could they?
yip.
would they?
nope.
Its not in their best interests.
Lump sum means they trust you to keep your mouth shut and obey the terms, given to you 1 nickle at a time.
Lump sum= they lose control
Ever watch a chuckie give a presentation?
He likes control, in sortof a Jame Gumb kinda way.
- and I don't recommend visiting his house if you are a slightly overweight woman....
Don’t worry about that. Once you sign and return your severance agreement the company is bound by the terms and so are you.
Don’t forget - when you sign that agreement you sign away your right to sue them. If they break the agreement you are free to sue. It won’t happen.