Thread regarding Wells Fargo & Co. layoffs

@1ydu, you wouldn't lose your pension if you were fired. And corporations would still have pensions if they weren't forced to pay 12.4% of each employee's salary into a Ponzi scheme with 0.0% return.

@toj. As has been stated many times on here, there is a difference between capitalism and American capitalism. It has to do with how employees are treated.

Educate yourself instead of looking through a certain network with an agenda’s lens.

Post ID: @toj+1iDXB7Ya

Yeah, so unlike the oligarchy we have had here which has grown and grown since the 80s. 🙄

Wake up and look around at the real world instead of quoting GQP talking points

Based on the fact that you get nothing if you were hired after 2009 i think don’t you think it is better to get laid off get the severance and eligible for cobra. A lot of people close to retirement would take that one and run. There is always consulting work and if you are near retirement you get medicare at 65

I heard that they did not want to lay off people at retirement age for that reason and would prefer they reitre

You are better off being laid off. WF has cr-p retirement benefits. They got rid pension but depending on tenure you may have the cash balance acct instead. You can get cheaper health benefits outside of Wells.

@1cdv+1iDXB7Ya

Even if pensions were popular with corporations today, they'd be largely useless. People change jobs like they change their shirt these days. Just how much pension benefit do you think you'll earn when you bounce around every couple of years? Nada. They are non-viable in 2022, and weren't great before that either. I was at WF when they contributed to the cash balance plan. If I could transfer that money into a 401(k) or IRA I'd do it in a heartbeat. All it's doing now is sitting getting eaten alive by inflation. By the time I retire it will probably buy me a loaf of bread. Whooptie freakin do.

You can't be fired. If they try you just retire. Prepare your paperwork and just be ready.

Benefits when you retire vs resign:

• There is a pension payout if you were part of the company before the pension was eliminated. Don't let the measly cash value you see online fool you. If you model the pension payout you will see the real amount. The pension was stopped but what you had accrued was not eliminated. I left after 24 years with a $350k+ lump sum payout.
• Any future stock options you have in place remain and vest as they would have if you kept working. You lose them if you resign.
• You are eligible for retiree medical, but it was expensive about $900 a month just for me. COBRA however is $522 a month for 18 months AND you can pay the premium out of HSA funds.

Other than that only other benefit is that you can truthfully say you retired on your resume rather than explaining why you quit. I told my next employer I retired to get the pension money out before Chainsaw did his damage there.

Not sure i understand. You don't get anything when you retire from WF from what I understand. You don't free benefits for the rest of your life for example. We used to have a pension program but bush/obama ruined that

OP is a troll. Not a true post. So obvious, as OP hit on all of the signs of one soon to be let go. Nice try OP.

"...They are prone to kick you out before you’re ready. That is American capitalism. All about saving a buck..."

So you want to try socialism? Where the poor stay poor and only those in the ruling class have and remain in power. No chance to move up. Want socialism, move to Venezuela where people have a ruling and overbearing government but were once were promised the moon and the stars. Better yet, China or N Korea. Don't wish for what you want as the old saying goes.

Very little benefits to retiring from Wells Fargo. If you retire and over 65, you get the 401k match.

1. OP if your actually that close to retirement, you should know what the process is. Years in + age = retirement. Go read the handbook. You will find all sorts of anwers to your queries. It's called common sense.
2. You don't state what the result was with your manager other than you say it didn't help.
3. This post sounds like BS.

I think this is a fake post. Every team member has a KOD that talks about these issues And who to turn to when there’s issues arise.Regardless, thoroughly document and reach out to HR.

Previous replier is correct. There is a form of discrimination being practiced by your new manager. Do not quit. Hang tough for a package and / or unemployment if you are terminated for performance reasons. Document everything, call HR regarding the disparate treatment. Document the call.

Been there, done that at another company.

They are prone to kick you out before you’re ready. That is American capitalism. All about saving a buck.

Sounds like grounds for a lawsuit if you have been treated different from the team. I think we had some compliance training on this topic.