If you are laid off, and get another job, do you no longer get severance or so you get a lump? Does it have to be outside of the “60 day notice”? The Severance plan doc is clear as mud.
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Bump due to todays relevance.
It is not about securing a new job but simply a job that includes health insurance benefits. The devil is in the details.
Read the Severance SPD online. Unless you get a job at WF or affiliate, you get your entire severance, per schedule or lump sum (if you get another job at other employer). You don't lose $ by getting another job. You stayed at the stagecoach, you get your severance if you endured :-) a qualified event. Take their $$ and run, run fast!
We have it on good authority that the only lump that WF wants to give you is a lump of coal.
LOL at actually banking with Wells Fargo.
You get a lump, but it has to be after completion of the 60 day notice period. If you leave within the 60 days you get no severance.
Wen I got laid off at a different company they paid the severance and that was that. Job or no job, they paid it and it remained with you.
The reason NOT to take a lump sum is that your benefits would be terminated too.
If you got a new job during the 60 day notice period and the new employer posts your direct deposit pay to your Wells Fargo checking account then I think they would know about it. Just saying.
What’s the actual wording to get severance. Can’t start or accept a job offer until a specific date?
I think those saying that you should stay off social media and not say anything are correct, but during the time that the paychecks are overlapping don’t spend a dime of that extra money from Wells until you know you’re in the clear, just in case they do somehow find out and try to claw it back. I realize that may be difficult to do if you’re new job pays less, but you’re going to have to eventually get used to budgeting on the lower paycheck at some point so might as well start immediately and then the severance, assuming you keep it, turns into a safety net.
If its outside of Wells, stay off social media - don't put the new job on Linkedin or FB and just wait until after the 60 days. If you want a lump sum, tell them you got a new job after the 60 days. If you prefer extra money coming in monthly, don't tell them.
They treat their "employees" completely unfairly so Fu(K'em!
They will have no idea that you have started a new job during your notice period.
Stop acting like such lambs.
the answer is if start a new job within the 60 day notice period and let wf know them you get no severance. if after the 60 days you still get paid. obviously many on here suggest not saying anything but that's on you and your conscience and your thoughts on the risk of them finding out if you do say nothing.
Good question, OP. I am still confused after reading these responses, though.
Why would you notify them at all? If you start a job within the 60 days, just keep quiet and enjoy the payout. If for some reason they find out, let them come after you to collect. If they want to make a big stink and take you to court and rack up legal costs, let them. Court will throw out the case in disgust for trying to shamelessly take back severance from someone they laid off.
Even if you get job within 60 days, you dont notify WF. Its not like they are spying on you. There is no way they will know. Just enjoy your severance package. Only id--t will notify WF.
You do not have to notify that you got a new job outside of WF after the 60 days notice, it says you MAY notify them. And I know many who got a job outside of WF even during the 60 days and chose not to notify. Given they rook a risk that if WF found out they’d have to pay back the money, but I think it would be hard for WF to keep tack and find out if you keep it quiet.
I got laid off at the end of March and started a new job (outside of Wells) at the end of April. I had obviously been looking prior to my layoff. I was paid from the time I was laid off until they processed my new employment paperwork (about two weeks). Technically I should have only been paid from my layoff until my start date, but they are so backed up it took them a while to process the paper work.
I did ask about overpayment of that two weeks and they said I wouldn't have to pay it back. I did have them send that in an email so I have it in writing. I obviously knew I'd be missing out on the lump sum payout because it was under that 60 days, but I did get a bit of a paid vacation.
Unless things have changed, you will get a lump sum payoff, and your benefits will end, if you get a new full-time job with benefits AFTER the 60 day notice period.
If you start a new job during the 60 day notice period it will be as if you just resigned and you will get nothing.