I am 55 years old and over 10 years at the company. If I retire instead of resigning do I keep my RSR awards? I have landed another job but I am not starting until late March. I called ER and got passed around 4 times before being accidently disconnected. No one could answer. Someone said you had to be actually 65 then you keep the RSR awards but they keep the same vesting schedule. Another said years of service + age but 80 total, another said you keep them, and ER said you can retire anytime at Wells (sighing). Does anyone know for sure? This is sort of layoff related since I hinted at being willing to be displaced but my manager has me lined up for multiple initiatives for the rest of the year. I just want to budget - forecast this out so hoping a kind soul can provide clarity. I am sure I will be trolled but I looked on Teamworks, read every article, went from SharePoint link to link (on my own time), I quietly asked peers, and did call HR but they were just really unhelpful not willfully, they just did not know.
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Not true about not being able to work in the industry after retiring. I took a four-month break after retiring from WF and then went to work at a regional bank. Kept my RSRs and never heard a peep from WF.
Thanks for the info. No one seems to know the answer to the question of how would Wells Fargo find out if you went to work for another financial institution. I will give my 60 days notice but may want to work at a smaller bank.
I retired late last year. RSRs that are vested….you can exercise as you want. Retirement allows the unvested stock to continue vesting per the vesting schedule. In order to keep them though, you can’t go to work for another financial company.
My stock will continue vesting up to 2027.
Hope this helps.
Everything vests at retirement.
Restricted Share Rights. Kind of a cr-ppy not as good as cash bonus thing that has a vesting period. Google is your friend amigo.
What is a RSR
What is RSR's?
SoFi bought me out, not that I had a ton of RSRs. I think I had accumulated $24k? There is a notice period you have to give if you are a VP and above. It’s 30 to 90 days. I don’t believe there is a lot in the agreement about not going to work for another FI, it seems more around just the notice. But correct me if I’m wrong. I think if you give the proper notice you are fine. It’s up to your manager if they make you work it or not. They can also waive it, as my friend in CB gave 30 days and they told him he was good to leave after 2 weeks. Just do the right thing and if you have a good manager you should be ok. Best of luck…you will see a different world when you leave WF!
I retired with RSRs and was able to keep the vested and unvested; however, not sure about the "80" calculation today and things might have changed. Check your RSR paperwork for each award granted. The program can change year to year. The other thing you can do is ask your new employer to buy you out of the WF RSR. Good luck!
There are those with skill sets that don't do anything and then there are those that promote and leverage there skill sets into more money and other benefits
Apology, did not mean to sound elitist at all. The point was that you need to keep honing and expanding your skillset relative to the market. What this does is ensure you have a place to go voluntarily or involuntary. Good people with good skills get displaced for many reasons. By being focused on things that build strong skillset this results in promotions, raises, and RSRs which allows you flexibility if or when the time comes. Posting class warrior / crass statements just shows everyone who you are and why you will never have a career or career options when things, inevitably, go south.
Sure, the guy you were responding to is an id--t, and probably an underachiever, but there's no need to go all elitist talking about your cool "skill set". Believe it or not, most employees have valuable skills. In large swaths of this company though, the people at the top don't care about anyone's skill set, they just want to downsize at any cost and the people making those decisions don't know you, or your skills, from Adam. It's a non-factor. I know plenty of people with amazing skills that have been downsized already, and another 20-30k are going to be let go this year. I'm glad you got yours. A lot of good people will not.
@1dpa+1qFeM08T
A lot of people actually work hard to achieve RSRs. These aren't the people complaining about RTO, having to work or say they need a union. In 20 years, you'll still be whining that you don't make more than $50k but you never do anything about it.
Further, who says this site is for those that only make under x? An employee is an employee.
"I'm 55+ y.o. and 10 yrs tenure. Wondering if it's better to retire or get laid off."
why not do both? I did. they tossed me, gave me a generous 14 month respite and then I retired.
My RSR shares were issued in 2018 and vested in 2020. Those are mine, even after I was tossed from wf in 2023.
You are the problem, not others.
Seriously, seek help. you don't need to go through life like this.
It's in your award docs. go read them.
and yes, 55 w 10 years you are eligible for "retirement" - which gets you nothing at WF EXCEPT allows you to keep your restricted stock as long as you do what the plan docs say about notice
Go to Equate and carefully read each word of ever stock award agreement. It is clearly spelled out that in some award years if you retire and then get new employment in banking you will be required to pay funds back from some years of RSRs. You will get an annual survey in the mail after you retire and answer questions about your employment and whether you work in banking or financial services. Go to equate, scroll down to library at the bottom. Click library and then go read every word of the award agreements for each year so that you can make an informed decision.
None of the above stated earlier is true. I am about to get the last of my vested shares this March. Never got a survey. In fact never got any communication from WF on anything since I left. They sc--wed up reporting on my prorated bonus received in 2022 causing me to lose some of my SSA payments. Still trying to get them to correct that mess. The exercised options do not count as income against the SSAs early retirement limit on earnings since you already paid social security and Medicare taxes on the income.
Layoff vs. retire depends on the financial position. I would prefer to be laid off but that could be later or not at all or at a time that makes it impossible to get a job, if you need or want one. I want one since every financial model is better with cash flow but I have saved, planned for a day I may not have a job or essentially have "no thank you" money as the "stuff" piles on. No better time in the year to try and find something so I want to be 100% focused on that so I get the right next step, not just jump into WF2.0 for less money. Some extended time off that can be spent on self improvement, physical, mental well being is a good thing. You only live once.
You are the reason I am leaving. I just needed to wait for 2023 to finally end. People like you will never get ahead, too busy trying to tear others down to your sad, lonely, pathetic level instead of building a skillset, delivering which is when you are awarded through being incentivized to achieve. My audience on this site are the other people striving to achieve, plan ahead, so they can make the best decisions for their careers and family. Some day you may understand what I am saying. However my guess is people like you will eventually be in the majority and the company will sink. By then me and my audience with our actual skill sets will be working in a better environment, out on the golf course, or enjoying time with out families instead of being on boards like this dwelling in misery and making crass statements. Maybe your team will get lucky and put you on the next displacement list. Signed, will soon be enjoying a post WF world cashing in all the shares I earned carrying people like you.
Could be wrong, but I'm guessing getting laid off is a bigger benefit.
I retired in early 2023 VP level. I had all 3 requirements: age 65, age 55 plus 10 years of service, or 80 points (age + years of service).
I kept RSRs and they vest according to their normal vesting schedule.
Medical benefits did not apply (Medicare plus supplemental insurer and prescription insurer were in place)
401K $ Matching contribution was paid out on 12/29/2023
Good luck to you!
From what I understand, retiring from Wells Fargo does not offer you much of anything. As for RSRs, a lot of people do get them. Obviously not bank tellers or admin types. Most of my team gets RSRs. The amounts vary greatly, but a number of employees on my team get $10k a year, some $20k.
What are biggest benefits of WF retirement program?
I thought it used to include reduced medical premiums (through group insurance), but that's not the case anymore.
I'm 55+ y.o. and 10 yrs tenure. Wondering if it's better to retire or get laid off.
Shut the fudge up! 99% of the people don’t get RSR’s. So either you don’t know your audience or you are full of ship! Either way go su-k a monkey dock!
Go to Equate and carefully read each word of ever stock award agreement. It is clearly spelled out that in some award years if you retire and then get new employment in banking you will be required to pay funds back from some years of RSRs. You will get an annual survey in the mail after you retire and answer questions about your employment and whether you work in banking or financial services. Go to equate, scroll down to library at the bottom. Click library and then go read every word of the award agreements for each year so that you can make an informed decision.
Thanks, this is helpful. I am planning to retire very soon but may take another job after a month or so off. I have RSRs and do not want to lose them. I realize there is garden leave of 30, 60 and 90 days. I am in the 60-day period. What if I get a job within that period? Would Wells Fargo have any way of knowing that? Thanks again…
I can help with this :) You can technically "retire" at any time from WF, but to qualify for retirement benefits, which aren't great, there are various triggers you need to meet. For some benefits, it's age 65, age 55 plus 10 years of service, or 80 points (age + years of service). For others, it may be age 65, 55 plus 5 years of service, or 80 points. And you only have to hit one of the criteria.........so with yours (age 55 plus 10 years of service, you should it what you need for accessing retirement benefits (which includes RSRs as part of your LTIP). If you retire, you keep your RSRs, but they continue to vest according to their normal vesting schedule. They do not get accelerated just because you're retiring. Nor do they get forfeited as long as you meet the retirement criteria. Go to Teamworks, search for "Planning to Retire". This should take you to a ServiceNow artricle. Within that article, there is a link to a "Planning Guide for Retiring from Wells Fargo (PDF). That will tell you all the criteria for each of the retirement benefits. But at age 55 with 10 years of service, you're good on all of them.
Appendix A of the award agreement, which is on the equate site. VP or above you have to give 30 or 60 days notice. MD is 90. No one seems to know what happens if you get a job or start working during the notice period. I am also looking to leave soon for another job but don’t want to forfeit my shares. Not sure a future employer would wait 60 days, so kind of a gamble although I don’t know how WF would find out. Not sure.
Look at the plan docs. They are available on the site. The more recent plans you would be retirement eligible and be able to still get the stock according to the vesting schedule. The older ones 3 to 4 years ago I think you would lose.
I am 56 with 8 years of service. I am retirement eligible under the newer definition. You do carry your RSRs with you in retirement IF you give the 30 or 60 days notice as outlined in the award agreement. Vesting schedule stays the same. If you leave voluntarily you forfeit them. If you do not give the 30 or 60 days notice, you also lose them. That is my understanding.