Hi all - I work for a retail company and our mgmt is hinting that our 401k may be suspended.
It's my understanding that you were in a similar position and that the management backed down.
I cannot find references to it. Would someone be able to explain what happened and, especially if workers fought back, what was done.
Thanks.
I don't think it was any regulators or threatened lawsuit that changed their minds about the match. They changed their decision too quickly for an outsider to influence. It was our collective voices. We have a lot of new management that many not be as familiar with the pride WF and employees have over our rich retirement benefits. That's one reason so many employees have spent their careers at WF - - lots of folks with many years of service who will be able to retire and live the good life, hopefully financially secure. I'm thankful.
OP, you sound like a reporter to lazy to do your own research for a story. Go eff off. BTW, I am not a fan of the current management here so do not se this as a stance defending them. I just hate laziness.
Don't forget, annual discretionary profit sharing has ended for those earning $150K and over.
I sincerely doubt management listened to employees, much less people in WIM. They do not care what employees want.
I’m guess that BoD heard from regulators.
This bank is in a boatload of trouble with the Fed and the OCC. Nothing big like this is done without regulator scrunity and I am betting this does not pass muster because there is an existing regulatory framework on 401ks and highly compensated employees.
I’m a 250k guy and will be cracking a cool one with sunglasses on in celebration of getting my 6% match back, boom!
https://advisorhub.com/breaking-news-wells-fargo-reverses-plans-to-eliminate-401k-match/
The above article explains it well.