Does anyone know if you can just get a lump sum pay out instead of waiting the x amount of time?
I’m going over the stupid package and I thought I read something about that. Let me know. Thanks
4 replies (most recent on top)
If you’re actually going over your package then could you let us know if a lump sum option and how it works?
Did they give 2 weeks pay for every year of service? With a minimum or cap?
It’s also my understanding if you take the lump sum, you lose medical benefits right away.
Benefits book pg 14-9:
If during your Salary Continuation Leave, you notify
Wells Fargo’s Displacement Operations in writing that you
have begun a benefts-eligible job with a new employer,
then your Salary Continuation Leave will end, you will be
paid your remaining salary continuation pay in a lump sum
severance payment, and your employment with Wells Fargo
will be terminated. In the event that a repayment of a partial
lump sum severance is required, Wells Fargo will notify you
of the remaining balance and it must be paid before you
accept and begin the new position with Wells Fargo. If you
subsequently accept a position with Wells Fargo or an Afliate
during the period that would have been covered by the Salary
Continuation Leave, you will owe Wells Fargo the portion of
the lump sum amount paid to you for the period beginning on
the rehire date through the date that the Salary Continuation
Leave would have ended if you had not taken the lump sum.