Eff. 1/1/2021, change in WF 401K match

Did anyone notice the message on Empower site?

EFFECTIVE 1/1/2022

WF 401K contribution will now be annually on last bus. day of the year AND THE FOLLOWING (does this mean 6% match is no longer guaranteed?)

New base contribution of only 1% of certified compensation deposited into eligible employee 401k accts. annually on last bus. day of year.

Discretionary Contribution, IF awarded, will be deposited in eligible employees' 401k accts. generally in first quarter of following year. [AS LATE AS MARCH 31??? Discretionary, so 1% match might be the only match???]

If that's the case, that's the last straw. No substantive raises, no substantive 401k match, awful healthcare benefits, crushing workload, horrific morale, etc.

Comment! It's anonymous!

22 replies (most recent on top)

@2kzm+1eMPK9Wa

I’m embarrassed daily by the daily posts here from folks whom I assume are actually my coworkers. Please tell me that they are not actually employed at Wells.

Stupidity in numbers.

It has changed. Shocked by number of co--y mo--ns on this forum, but it's WF, so not actually that shocking.

6 percent on 12/31

If you make under 75K they give you 1 percent extra.

If you make under 150 or something total comp you are also eligible for profit sharing referred to as discretionary up to like 4 percent.

So 1/3 of us here only get the 6 percent.

@oau+1eMPK9Wa

We’re glad as well

Bonus hits in Feb instead of March. I can live with that.

I think both sides are probably correct. OP seems to be referring to change late in 2021 impacting 2022, whereby much of the changes were not transparent or discussed. Checked Empower and the msg posted Nov.15, 2021 adds to confusion. So, yes, technically change made last year, but impact might not hit until end of 2022 to 2023 (based on " following year" Q1 comment).

Instead of knee-jerk hostility, look at both sides and apply some critical thinking. So glad I'm leaving this toxic environment in 2 weeks.

Old news

The funny thing is the OP was ready to quit over not understanding the memo. Everyone just needs to stop jumping to conclusions.

The discretionary / profit sharing contribution has always been the next year, as long as the program has existed. It's a reward for last year's company performance. The exact timing has changed slightly over time, but it's always been in the first half of the following year. That is not a change. Why would you get profit sharing for company performance in 2022 in April of 2022? Makes no sense.

Wow. This person has no clue.

Anyone who sticks up for the jibberish in the OP is just as confused as the OP.

Scary that OP works here.

Yeah, that hasn't changed at all. Pay attention.

So many nasty people on these threads. What everyone was up in arms about last year was annual vs. quarterly contribution, which eliminated compounding throughout the year. What's new is the discretionary contribution above 1% (if any) being paid out as late as end of March of the following year (not 12/31, but potentially 3 mos. later or NOT AT ALL). Grow up and stop being so condescending to your colleagues. We're all in this together.

🤣🤣🤣🤣

This place never dulls

ER here. It has changed. Changes were made last year. Empower message reflects the change

Please read the updated information before misinforming others.

Good grief. Same as last year. Did you miss the 83648939744 threads on this subject that have been posted over the last 12 months?

Reading comprehension is poor here.

No need to look it up, got you to tell me. 😘

The 6% match is still there. The discretionary has been a possible 0-3% on top of the match either 0 or 1% since the first year they did it. The 1% base is for those under 75k comp I believe. It is all published if you take a minute and look it up.

This is no different from this past year…

I meant 1/1/2022 in the headline.

Thread regarding Wells Fargo & Co. layoffs

Eff. 1/1/2021, change in WF 401K match

22 replies (most recent on top)

Post a reply