I've read the employee handbook and talked with 2 mgrs. From what I can tell there are none. There used to be reduced medical premiums.
If that's the case, why does anyone retire from WF vs just quitting? For the off chance you'd get a cake and a few attaboys on the way out the door?
Health insurance: IF you are under 65 when you retire (I.e. not medicare eligible) you can buy health insurance at WF group rates. Whether that is better or worse for you than buying on open market depends on what kind of coverage you are looking for.
IF you are 65 or older (eligible for medicare), and were hired by specific LOBs before a specific date, you can purchase a "wells fargo medicare advantage" plan at a subsidized rate.
If you were not in one of those LOBs and/or not before a specific date - nothing.
Generally retiree benefits seem like sht. RSRs vest and of course you take your 401k and cash balance plan if you had one. My cash balance plan is a joke but have far more in my 401k. Retiree health insurance is outrageously expensive. If you're not eligible for medicare yet, you're likely better off going on Obamacare. It's f'ing bullsht that retiree health insurance is such robbery.
There is retiree healthcare available if you meet the time in service requirements. Age 55 and 10 years of continuous service OR Age 65 and 1 year of continuous service. Yes this is still available.
I am retiring this year and have researched this thoroughly.
I think you missed a big one. If you retire and you worked at WF or a predecessor before 2008 you have a cash balance pension coming. Pension was frozen back then but not eliminated. Make sure you run a retirement model to see what it may be. It's bigger than you think. Take the lump sum and dump it into an IRA. Mine was over $300k and I had 25 years in.
I was displaced in Feb. of this year and my RSRs vested. Not the last award (why I stayed as long as I did) but previous years.
If you get displaced your RSR shares vest immediately…
This is no longer true for the last couple years of awards. Please read the terms of the award agreement and you will see that they now vest per the schedule for the last couple years, not immediately.
Depending on when you started at WF, you may be eligible for reduced premiums of health care. Instead of asking on this site, call HRWells and select the retirement option to learn about options based on your hire date etc.
The choices are quitting, "quiet quitting" or staying on. Everyone has a different way of evaluating these actions. It depends on where you are in your career, how stressful your current position/environment is, and how toxic your facilitator ("manager") is. Each action should be evaluated with opportunity costs and benefits and your financial position. So in my case. Late career, ~15 years at WF, ok facilitator (at least 2 up was), over 1.5 mill in SEP/401K. The solution for me was to "quietly quit". Even thou I could retire I really did not need to. Of course, this was several years ago, before the RTO sh...t.
I worked/attended meetings for 1 hour per day and worked another 3. Everything I did was snapped up by the Offshore crew or by an H1B. I got enculturated with the Well's way -- not giving a sh....t. and being as inefficient as possible. Layoff came. I collected the severance and then started the social security. Life is good.
I’m retiring as well but don’t meet any age + years of service, I think it was 80. What a joke!!!
Agree with@all, no difference in quitting or retiring
If you get displaced your RSR shares vest immediately, happened to a member of my team last fall. He was a year away from retiring, so he got a years’ worth of severance. He loved it.
not completely sure, but I was displaced after the bvesting of my RSR shares, I believe I still have them. And I was d-mb enough to NOT retire..........................
Free checking?
I recently retired and the only benefit I received was the satisfaction of leaving this circus under my own power and at my own terms. Absolutely nothing else.
Not allowed to have cake anymore, it’s against policy.
Well, the only benefit for me is the RSRs. If you meet the WF retirement eligibility (there are two) rules, you keep those into retirement. There are no other benefits to retiring from here. I am retiring this year and have researched this thoroughly.