Thread regarding Wells Fargo & Co. layoffs

I plan to be gone before hitting 65. But my take is that if the work and environment is tolerable then hang on. Why walk away from months of severance if you don’t have to? In many places/roles you can pretty much do a decent job without ki-ling yourself.

I’m still in my 50s but close enough that severance will bridge me to draw from retirement accounts without penalty if I need to. And I recently found out about the rule of 55 which says you can draw from your 401k if you’re over 55 and get laid off. In my prior role I had hardly anything going on and could pursue some technical interests. But I thought long term me and a few others were easy targets for being laid off. I changed role this year and busy but one never knows if your number comes up to get the boot.

If I was 65 already F it. I’d be out. I doubt anybody on their deathbed would have wished they worked more.

Many confusing answers here:

1. Severance was paid off with healthcare benefits continuing to be paid by Wells. 2 weeks for each year employed. 1 year limit?
2. Pensions paid regardless of being laid off, quiting, or firing? Most are fully vested by now? Didn't the Wachovia/Wells merger happen over 102years ago?
3. 401K matching only if you employed at end of year.
4. free checking and cards account continue only if you retire. free during severance period but not afterwards?
5. consider starting medicare (if over 65) before being laid off or retirement.
6. consider leaving if your health can't take it.
7. still unclear about the vested stock bonus that they gave a couple out a few years ago. At this time I believe that it is forfeited if you are laid off, quit or are fired.

Agree with all that this is pretty complicated in planning for your retirement, quiet quitting/waiting for layoff, just quitting endeavor.

All the different answers in this thread is yet another example of the cluster-F that is Wells Fargo. No two employees treated the same, even HR has trouble determining your retirement benefits. I thought Charlie was going to simplify this pos dinosaur.

Was long time employee 20 years. So I do have rights to the pension called the Cash Balace plan. It was shut down in 2008, but still has worth of 8,500. I will see how quickly I can get that paid out to me. I probably don't have too many more years left.

Well, just got the layoff notice a few minutes ago. Woo Hoo! Wonder what happened to Doreen? Anyway,I had hit 65, 3 weeks ago and had planned to bail at the end of July. I am getting my regular paycheck and benefits for the next 60 days with no work. Then there will be Severance, I have read it will be 2 weeks gross pay for every year of service. They will continue to pay it out in biweekly checks with no benefits. Or you can request a lump sum. Yes, please! 20 years service = Happy Me! I'm off to contact Social Security to delay my benefits for a bit longer.

There is so much wrong with this post and the answers.
You don't get 401k match is you retire during the year
Once paid prorated bonus but does no now
There is employee health care for retirees but Obamacare is cheaper.
WF pays nothing in healthcare otherwise after you retire
All stock options stay but vest on original schedule not immediately
Wachovia people MAY be eligible for a nice pension. I started in the late 90's and got a lump sum pension over over $300k Depends on how many years you were in the old plan before it stopped at WB
Medicare does have a premium for part B which is currently around $164 a month
Medicare Part A has a $1500 deductible as well.
Medicare premiums are lower if you get on Medicare BEFORE retiring as is becomes your supplemental insurance to what you have from work.
The 2021 401K payment mentioned after retiring was the settlement of a class action lawsuit against WF it wont happen again. (Other lawsuits for sure.)

The main reason to retire is to get out of the cluster#@*k called WF. My blood pressure is down from the 160's to 130's after a year of retirement. (I'm 66 so 130's is good) No more meds for that. I have time to eat right so cholesterol numbers from a physical this month were good. I play golf once a week, pickleball three times a week and go the gym twice a week. A1c is down from 6.4 to 4.7. I have visited relatives in other states 5 times this year vs 4 times last decade. I volunteer and spend time giving back to the community. Retirement choice should be about mental and physical health not money.

I had an employee retire in early December 2022. She got the 401k payout, she did not get annual bonus that paid out in 2023. Years of Service matter. Severance would be a years pay which is more than the 401k annual match. I’m holding out. I also have a pension I’m entitled to. I’m just trying to make it to my anniversary later this year! I’m not retirement age yet, but have enough years of service that I’m fully eligible under WF current rules. I am old enough that I fear I would have a hard time getting another job, but I do have a backup plan to start my own business if necessary. This place has become so toxic it’s truly sad to watch.

I was displaced in late 2019 with and end date of the 60 day as mid Jan 2020. Do to length of service I was on the 52 week severance package with full benefits except 401K match.
I received full bonus for 2019 as well as built up PTO pay. I had been with Wachovia Securities and was in the Pension for a couple of years from some previous company. so that has built up a fair amount.
Also in 2021 I received as a surprise an additional 401K payment that was not expected.
I also have a Wells Credit cars that continued with the employee rate still plus fee free checking.

What about the foemal WF retirement plan, which you might be able to take advantage of much sooner?

My experience much the same as Post ID: @1tfd+1nj4dB9a.

I also retired rather than waiting for the severance, as my health was a factor.

I do know your “retirement benefits” depend on how and when you started. I was part of the Wachovia merger and nothing for us, but I do remember reading that long-term Wells Fargo employees might be eligible for some sort of a pension or cash pay-out.

For me, Retiring - I was paid a pro-rated bonus. I have heard laid off employees do not get that.

Medicare is better coverage, lower deductibles, and cheaper than Wells Fargo’s Insurance. Wells does not make any reimbursements towards Medicare. I don’t think anyone gets the 401K match whether Retired or laid off. And Wells Fargo WILL lay you off just in time for you to NOT get the 401K match.

There is something to be said about choosing when you leave vs Wells Fargo walking you out the door. But, in hindsight, I would encourage most long-timers to hang on for the severance since it’s a year’s pay (plus medical coverage if you’re under 65).

Per the CFO, they are warning investors there will be a large one-time severance hit before the end of the year. That would encourage me to hang on until the end of 2023, then re-evaluate.

Good luck to everyone. There is light at the end of the tunnel.

If you are grandfathered in under the old Norwest retiree benefits the benefits are worth retiring from here

As a recent retiree from WF and over 65, the ONLY benefit I was offered was a free checking account. Over 65 and you are on your own. If you can stand to wait for a severance, go for it. I couldn't and left on my own terms.

BTW, Medicare only has approximately a $300 annual deductible and the rate was only a few dollars more with a supplement than the premium for WF medical. I started medicare BEFORE I retired. Smartest move I ever made.