I've been at Wells longer than I want to admit. I'm of the age and tenure where I get some basic retirement benefits (small pension from years ago). If I am severed, can I take the severance and still claim my retirement benefits?
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At the end of severance if you have enough years you will be marked retired. Happened to me. Took the pension from First union as a lump sum transfer.
30+ year employee, Norwest to WF, I am eligible for a small allowance toward health ins at retirement. I have also wondered if i loose this if I am displaced.
cant you figure this out on your own LOL
What retirement benefit?
WB and WF both had regular pension plans and a cash value plan for a couple of years before they froze the retirement plans in around 2008. I started in 1995 and received a lump sum of $328k when I retired in 2002. The monthly benefit would have been $1400 a month. If you were working at WF before 2008 you have a pension coming. Do pension modeling on teamworks and you'll see the amounts. The pension plan was frozen not eliminated altogether.
You will need to wait until the end of your severance to retire. If you retire before then your severance will stop. It is in the details of your paperwork nobody reads.
Does age have any meaning for God? Probably not.
Kids today.
God you must be old!
I got whacked after 36 years. Took my 14 months of severance pay. Then collected 14 weeks of unemployment. Now I am happily retired. Not the way I wanted to go out with a pink slip but F Wells Fargo. I refuse to let them define me.
Yes, the cash balance plan/'pension' is yours no matter what. As long as you were over 55 when you got 'whacked' or over 59 1/2, you can activate your 'pension' without penalty.
Lump sum or annuity. I chose the tiny annuity--$400 a month for the rest of my life, and after that, the life of my wife. it's enough for the vision and dental I have to cover.
I messed up and didn't 'retire' correctly, so no bennies for me, so 'retirement' for me just means I stopped going to work.
I’m in the same position . Your pension is yours regardless of how you leave the company. There is no upside to retiring other than leaving on your own terms.
What retirement benefit?