Has anyone resigned from Lowe’s and not had their 401k reflect they are a terminated employee more than a month after their last day? I admit when I quit cashing in my 401k after 30 days was part of my plan, but when I called yesterday I was told that I’m still showing active with no term date. They told me to contact the store HR, they obviously need to update their script! I’ve received all my Cobra paperwork, my vacation has been paid out, Workday shows me as a terminated employee, so it’s not a matter of not being termed in the system. Just wondering if anyone else has had it take longer than a month for Lowe’s to let Wells Fargo know they are no longer employed and what the timeframe was?
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Yeah after 30 days I think you can move it. Wells Fargo didn't like it because it was a lot of money. I rolled it over to my etrade account and put it into VHYAX. High Yielding fund. I get more in reinvesting dividends than I got in money Lowe's was contributing.
- Same thing happened to me Wells tried to talk me into keeping the Lowe’s stock. I declined. It dropped almost $20 shortly after I got out. I also noticed Wells Plans not paying quarterly dividends. Wells Fargo has been sued over their target date funds. I want nothing to do with them.
Yeah after 30 days I think you can move it. Wells Fargo didn't like it because it was a lot of money. I rolled it over to my etrade account and put it into VHYAX. High Yielding fund. I get more in reinvesting dividends than I got in money Lowe's was contributing. So glad I am gone. What a POS company. They KEPT your dividends in your 401K. If you notice you never see them any more. Ever since they removed the tickers thats what they did. So instead of Lowe's matching they keep the dividends and transfer that to you so Lowe's never pays the matching. Pretty smart of them. Just screws you over. In the past we got dividends and lowe's matching. I am shocked there hasn't been a Lawsuit on that trickery.
When I left I went to a broker. He called Wells Fargo with me present. The broker put $1000 in my account for transferring to them.
When I left, I called Wells Fargo and told them that I was going to rollover my 401k. Open an IRA at your local bank or credit union and have Wells Fargo make the check out to your bank with your acct number on it. It can be done over the phone. I did mine before my resignation date. Since you are still showing active, it should work.
Thanks for the advice guys! I called the HR hotline and they were extremely helpful. They contacted Wells Fargo and everything was updated almost immediately.
Having been thru this 2 years ago (x DM), and with the HR upheaval at store/district level,I would call the main corporate office. This would save you a lot of time and confusion. Also, to save you on taxes, you should set up another 401K locally and flip the Lowes into that.
You are paid out vacation and holiday if you have accrued a positive balance.
You get paid out for vacation?
With HR in total transition at the store levels right now, I wouldn’t be surprised if there is some extra lag time in getting the notification to Wells Fargo. I’d contact your area HR mgr. They might be able to help.