Displacement package says we can contact them after the 60 day notice period and have term code changed to retirement. Has anyone here done that and does it affect the severance payout and insurance benefits and rates during the severance period? Not wanting to sc--w this up.
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@kz I “retired” with age+ years of service when I got RIFd from BofA. The only thing I got was employee banking benefits. Probably the same at WF.
What are the retirement perks? A free checking account?
@b6 What perks? I read the handbook and there are none anymore.
Retirement really has no benefits here. I wouldn't even waste my breath talking to HR. It's not like I'd ever bank here once I leave. What other benefits are there?
My severance period, had I not taken the lump sum, would have ended on 10/30/26. If that date would have been 1 week later, 11/7/26, I would have hit my 10-year mark and being over 55 I could have retired from WF. Great timing on their part.
I had change my status to retired a month before the end of my severance package. There are some small perks of "retired" status.
@a4 I’m probably not following what you wrote. I’m able to get 18mos COBRA without being flagged as retired.
I did this earlier this year. No issues. It just gets you a few small perks.
I did this last year, there were no issue with the severnace payments or insurance. You have a 9 month window after active emplyment to sign up for medicare (assuming you're 65+) without penalty.
Yeah makes sense in a way but I would want your retirement date to coincide with the end of your severance period of course. When you retire you can apply for COBRA for an 18 month period; you get the same medical coverage you had as an employee but you have to pay the full premium (your share plus the company’s share). Would be worth a few hundred bucks to have an attorney chase that code switching thing down for you.
I would not trust anything said or in writing from wellsfargo. In addition if I was laid off by wellsfargo the last thing I would do is notify them of anything other then a lawsuit