If a long time employee were to resign in early to mid December of 2020, would they receive a prorated 2020 bonus (assuming bonus pool is funded), or does the resignation forego any bonus payments? Wasn't able to pinpoint info in the employee handbook. Thanks!
15 replies (most recent on top)
@1nlx
Were you not taught how to use a dictionary to look up the definition of words you should have learned in the 3rd grade?
When posters say that you are eligible for bonus if you retire, "retired" means that you are formally eligible to retire. Not just that you say "I'm retiring" There's a formula for age and years of service. Retirees can continue to purchase health insurance at wells fargo group rates, which is a benefit. And if you are bonus eligible, you will get bonus for that last year of service, prorated. That's about it though.
If you resign, no bonus, and you're on your own for health insurance if you aren't going to another employer
So yes, "retire" and "resign" are different.
retired and resign seem same to me, both start with R
I see no difference
Retired is different than resigning.
if you voluntarily resign you forfeit bonus.
If you retire, or are displaced, you receive a prorated bonus for the portion of the year worked.
If you are terminated for cause, you do not receive bonus.
they changed the bonus structure in the last year so if you leave before payout (which is feb 2021) you get nothing. You used to still get your bonus if you stayed through 12/31. Just shows how greedy the company has gotten.
I have had friends, in years pass, who resigned and got the prorated amount of their bonus. Most recent, friend retired on 4/1 to make sure money in the bank and then the next year got the 3 month portion of the plan for which he was eligible. My manager retired last year in February and in March received his full bonus in March.
I would have thought you wait till the money is in the bank, then any day after feel free to resign IMHO
All of this information is in the plan documents on Teamworks. You should go there first. If you still have questions, call the service center. Don't trust your life to people on this site for your information.
No, you do not get WF bonus under those circumstances.
If you resigned to accept a role at another company, hopefully you were smart enough and able to negotiate a sign-on bonus of approximate value of what WF bonus would have been.
I think that is not right, i want my bonus for working the full year
If you meet retirement criteria, submit your intent to retire. Do not use the term resign. If you retire you do get a prorated amount.
Until the bonus dollars hit your bank account, it is not guaranteed.
Nope, have to stick around until bonus date to get one. If you're displaced before bonus date you'd still get a bonus.
For a resignation, they wouldn't receive a bonus.