I know that the annual 401(k) match that occurs at the end of December is only if you're still working there. I'm assuming that's to encourage folks to stay with the firm, which makes sense. If you are displaced prior to the end of the year (i.e. reduction in force), does Wells go ahead and give you the match that you've 'accrued' so far that year? Just curious. Thanks
10 replies (most recent on top)
I was laid off in Q3 2021, my 60 day notice period ended in Q4, and my severance period is through mid 2022. I contributed to my 401K every pay period in 2021 and into the first couple of pay periods this year. I GOT NO MATCH.
In early early Dec, I think, I was notified that the severance policy was changing so that I would not still appear in any way in WF systems as an employee after Dec 31. I was told by HR on the phone at some point earlier that when you're laid off, you still are an employee in the system but are classified as being on some kind of long term leave through the end of the severance period. But obviously WF changed that in late 2021, and that must have been what happened with the match.
WF mgmt - cheap jerks looking out only for themselves.
To the person who said that the WF match wasn't paid if you left early in prior years when it was paid quarterly - no, you're wrong. It was paid even if you worked a partial quarter. And, at year-end, they did a true-up for employees who met the IRS limit early and did not get all the match by year-end. The Dec employment rule to get the match is new since 2021 when match moved to year-end.
Maybe unionize that way we have real employee rights like every other big boy country
Why don't we get a real pension ? Why are we funding our own retirement? The US was "exceptional"--disgusting. Or late 60, 70 and 80+ year olds STILL working, NOT bc they want to or "like" it, but bc they HAVE to.
Just another way for WF to sc--w you over.
Sorry, nope. If not an active employee in December, then no match. Even under the previous 401K matching it was this way. You missed the match if you were not an active team member for any months the match would have been given,
Laid off in June 2020 and I did not get it.
Serious question?
Maybe ask for a real pension instead of funding your own retirement. The US empire was and is vile.
Busey States emphatically
NO
No
Option