Transcription

Your 5-step guideto retiring fromWells FargoSTART HERE

Congratulations on your upcoming retirement!Retirement is an important and exciting milestone in your life and career. As a valued Wells Fargoemployee, we appreciate your commitment to the company and thank you for your dedication.Your retirement is approaching, and it’s important that you’re prepared. Take the time now tounderstand the decisions and actions on the immediate horizon, as well as those that you’ll encounteralong the way.By preparing for a smooth transition into your next chapter in life, you’ll have a plan and resources tohelp you take advantage of the benefits that will be available to you in your retirement.This guide is designed to help you navigate the process in five key steps.Let’s get started! 2 of 82 PreviousNext

IntroductionYour retirement timelineFind information about the steps you’ll need to take and when to take them tomake the most of your next chapter.06Step 1Get ready to retireLearn about all the Wells Fargo retirement benefits you may be eligible for andhow to qualify. Then, choose the retirement date that works best for you.16Step 2Set up your retirement incomeStructure your retirement income to last as long as you need it to. Get specificinformation about Wells Fargo plans and general information about socialsecurity benefits.36Step 3Decide upon health care coverage in retirementEvaluate all the health care coverage options available to you. These will varydepending on Medicare eligibility and other requirements.66Step 4Evaluate financial protection benefitsFinancial protection benefits including life insurance, long-term care insurance,and other plans can serve as a financial safety net. Learn how to create yours.73Step 5Enjoy your retirementTake advantage of health and well-being resources, as well as Wells Fargodiscounts on everyday products like travel, entertainment, and electronics.You’ve earned them!78Support available along the way81Disclaimers, notices, and disclosuresTable of contentsPrevious 3 of 82 04Next

1 Get readyCountdown toyour retirement2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresBelow is a high-level timeline to help you understand general timeframes and things you’ll want to begin thinking about asyou approach your retirement. As you move through the five steps within this guide, you’ll learn more about each of theseitems and understand how to take action.Six months before retirement Start planning. Choose a retirement date. Confirm retiree health care eligibility. Confirm Cash Balance Plan eligibility and model payment options. Consider your 401(k) Plan withdrawal timing and options. Learn about Social Security benefits. Start learning about Medicare. If you participate in an incentive plan, talk to your manager aboutyour eligibility for awards under the plan you participate in.One month before retirement Make your retiree health care elections. Make Cash Balance Plan elections andreturn any required forms. Cancel your Commuter BenefitProgram election.YOUR RETIREMENT DATEGET READYThree months before retirement Discuss your retirement date with your manager. Update your personal information and beneficiary designations. Begin enrollment in Medicare (if eligible). Contact the Wells Fargo Retirement Service Center to requesta retiree health care enrollment kit or make an enrollmentappointment with Via Benefits (if eligible). Start the process to receive your Cash Balance Plan benefit(if eligible) if you want to begin receiving the benefit the monthafter your retirement.Your last day of employmentActive employee coverage ends for thefollowing benefit plans: Disability insurance (short- andlong-term) Business Travel Accident insurance (BTA) Tuition reimbursement Adoption reimbursement Day Care Flexible Spending Account (FSA) Backup care (adult and child)Previous 4 of 82 RetirementtimelineNext

1 Get ready2 Income3 Health care4 SecurityThe last day of the month in which yourlast day of employment takes placeActive employee coverage ends for the followingbenefit plans (some of which you may elect tocontinue in retirement): Medical Legal Services Plan Dental Health Reimbursement VisionAccount (HRA) Health Care Flexible LifeCare (resource andSpending Accountsreferral program)(FSA) Critical Illness Insurance Health Savings Account(basic and optional)(HSA) Optional Accident Life insuranceInsurance Accidental Death andDismemberment(AD&D)YOUR RETIREMENT DATEYour retirement date(the day after your last day ofemployment) You can request a distribution fromthe 401(k) Plan on or after this date.5 EnjoyResourcesand supportNotices anddisclosuresOne to two months after retirement Elect COBRA continuation coverage, if needed. Take a distribution from the Stock Purchase Plan. File Health Care Flexible Spending Account claimsfor reimbursement.ENJOY!Within one month after retirement Decide whether to continue life insurance, AD&D,and Legal Services Plan coverage in retirement. Begin receiving your Cash Balance Plan benefit (ifyou elected to receive your benefit the first of themonth after your retirement).Enjoy your retirement.Use the contact information inthe Support Available Alongthe Way section of this guideto make sure that your contactinformation and beneficiarydesignations are up to datethroughout your retirement.Previous 5 of 82 RetirementtimelineNext

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresStep 1Get ready to retireThe first step in your retirement process includes choosing the date youplan to retire. Now that you’ve decided you’re ready to retire, it’s time toconsult the calendar and choose a retirement date. When choosing a date,make sure that you allow yourself adequate time to prepare. Generally, thereare actions you’ll want to begin taking about 90 days in advance of yourretirement date.What’s my retirement date?Your retirement date is always the day after your last day of employment. For example, if yourlast day of employment is March 5, your retirement date is March 6 — even if March 6 is aweekend or a holiday. 6 of 82 PreviousNext

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresKeep in mind that there are no specific requirements you must meet to retire or end your employment with Wells Fargo. However, there are various eligibilityrequirements for certain benefits and compensation plans, which you’ll want to consider as you’re selecting a retirement date.You may be eligible for.If you meet these eligibility requirements.Retiree health care:Access to retiree health care coverage under the Wells Fargo & CompanyRetiree Plan. This includes Wells Fargo-sponsored retiree medical plans(and dental plan if you are under age 65).In a benefits-eligible full-time or part-time position on your last day ofemployment and meet one of the following: Age 55 with at least 10 completed years of service, Age 65 with at least one completed year of service, 80 points (based on age completed years of service), or If you were:– In a benefits-eligible position and on Wachovia’s payroll as ofDecember 31, 2009, and your age plus full years of service equaled 50 orgreater as of January 1, 2010, and– On your last day of employment with Wells Fargo you are at least age 50with 10 or more full years of service.If you are eligible for Medicare but you are not eligible to receive a subsidytoward the cost of Wells Fargo-sponsored retiree medical coverage, you willbe able to enroll in individual Medicare-eligible medical coverage througha voluntary Medicare coordinator service called Via Benefits rather thancoverage under a Wells Fargo-sponsored Medicare Advantage plan.See Step 3: Decide Upon Health Care Coverage in Retirementfor more details.Generally, if you terminated employment and were rehired within sixmonths of your termination, your prior service counts in calculating theeligibility above.Your completed years of service are measured from your corporate hire dateor adjusted service date, whichever is earlier. Partial years are not included.If you are initially retiring from a flexible position with Wells Fargo, you are noteligible to participate in the Wells Fargo & Company Retiree Plan. You may,however, elect COBRA coverage under the plan.Previous 7 of 82 A limited number of employees are also eligible for a subsidy toward the costof Wells Fargo-sponsored retiree medical coverage.Next

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresYou may be eligible for.If you meet these eligibility requirements.Bonus, Commission, and other Short-Term Incentive Plan awards:Discretionary plans (including Wells Fargo Bonus Plan)You may be eligible to receive an incentive payment. Proration may applyif you were not actively employed for the full year. Reference your plandocument and review your plan terms with your manager to confirm youraward eligibility.In a benefits-eligible full-time or part-time position on your last dayof employment and meet one of the following: Age 55 with at least 10 completed years of service, Age 65 with at least one completed year of service, or 80 points (based on age completed years of service)Nondiscretionary plans (commission, production, and otherfunctional plans)If you participate in a nondiscretionary plan, reference your plandocument and review your plan terms with your manager to confirmyour incentive eligibility.Generally, if you terminated employment and were rehired withinsix months of your termination, your prior service counts in calculatingthe eligibility above.Your completed years of service are measured from your corporate hire dateor adjusted service date, whichever is earlier. Partial years are not included.See Step 2: Set Up Your Retirement Income for more details.Wells Fargo employee financial discounts:If you meet one of the eligibility requirements, you may continue to beeligible for some Wells Fargo employee financial discounts that you receivedas an active employee, including: One Wells Fargo Team Member Checking account One Wells Fargo Platinum Savings account with no monthly service fee Discounted safe deposit box rent Reduced mortgage interest rates and closing cost creditsWells Fargo & Company 401(k) Plan and Wells Fargo & Company Cash Balance Plan:In general, the Wells Fargo & Company 401(k) Plan (“401(k) Plan”) and the Wells Fargo& Company Cash Balance Plan (“Cash Balance Plan”) do not have specific eligibilityrequirements you must meet to take a distribution following your last day of employment.However, it’s important to note that the IRS may impose an early distribution tax of10% on some forms of distributions if they’re taken before you turn age 59½ unlessan exception applies.See Step 5: Enjoy Your Retirement for more details. 8 of 82 PreviousNext

1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportYou may be eligible for.If you meet these eligibility requirements.Wells Fargo & Company Long-Term Incentive Compensation Plan (LTICP):If you have RSR award(s) granted during the annual Focal Review process,generally following each vesting date while the award is in place, shares ofWells Fargo & Company common stock will be issued in your name (net ofrequired tax withholdings) approximately three business days after thevesting date into an EQ account. Refer to your award agreement(s) fordetails regarding vesting of your outstanding award(s) upon retirement.On your retirement date you must meet one of the following: Age 55 with at least 10 completed years of service, Age 65, or 80 points (based on age completed years of service)See Step 2: Set Up Your Retirement Income for more details.Wells Fargo & Company Long-Term Cash Award Plan (LTCAP):If you meet one of the retirement eligibility requirements on yourretirement date, your awards will continue to vest based on their originalvesting schedule following your last day of employment. Annual awards aregenerally paid out in April following the March vesting date. Please refer toyour LTCAP award agreement(s) for details regarding vesting of your award(s)upon retirement.See Step 2: Set Up Your Retirement Income for more details.Notices anddisclosuresIf you had a break in service (i.e., you terminated employment withWells Fargo and were rehired by Wells Fargo), prior full years of service,as documented in the Human Capital Management System (HCMS), arecredited, regardless of the length of separation. However, in some cases priorservice is not documented in the HCMS and, as a result, will not be included inthe retirement calculation under the LTICP.Please note, retirement treatment of any grant is ultimately governed bythe terms and conditions of the Wells Fargo & Company Long-Term IncentivePlan and the applicable grant agreement. Please review these materials,which are located in your account at Computershare, to understand yourindividualized treatment. Restricted stock awards are issued under theWells Fargo & Company Long-Term Incentive Plan rules and regulations.Previous or other plan rules are not applicable to restricted stock awards.Previous 9 of 82 RetirementtimelineNext

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresOnce you have a retirement date in mind, talk to your manager about your expected retirement date. Try to provide as much notice as possible. Let yourmanager know about any Paid Time Off (PTO) you have planned before your last day of employment.If you have any accrued, unused PTO available on your last day of employment, it will be paid out to you as part of your final pay. Personal holidays, floatingholidays, and community service time must be used before your last day worked and will not be paid out if unused. If you’re unsure how much PTO you haveavailable, review the balance summary on the Time Tracker home page or click the View Balance Details link on Time Tracker. 10 of 82 PreviousNext

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresVerify and update your personalinformation and beneficiary designationsUpdate personal informationIt’s important that Wells Fargo has your correct contact information on fileso that you receive all of the necessary correspondence once you retire.Confirm your home address and other personal contact information, likepersonal cell phone number and email address, on the Personal Informationpage of Teamworks.Did you know?If you are married, the law requires that your spouse be designated as your primary beneficiaryfor the 401(k) Plan and the Cash Balance Plan. If you want to designate someone other than yourspouse, your spouse must consent to the designation in writing.Previous 11 of 82 Verify and designate beneficiariesOften, people designate beneficiaries when they initially enroll in a benefitplan and don’t update them as their personal circumstances change. Now isan important time to review your existing beneficiary designations for thebenefit plans on the next page that you participate in and make sure thatthey still meet your needs. Keep in mind your beneficiary designations aremaintained separately for each plan, so you’ll need to update your beneficiarydesignations separately for each of the plans in which you participate.For more information on how to designate a beneficiary for each plan youparticipate in, visit the Beneficiary page on Teamworks. Have your intendedbeneficiary’s date of birth and Social Security number on hand when youverify your beneficiary information or make updates.Next

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresUpdating beneficiary informationWhat you’re eligible forOver the phoneOnline401(k) Plan and Supplemental401(k) Plan1-877-HRWELLS (1-877-479-3557), option 1,1, 1 (relay service calls accepted)Monday through Friday, 7:00 a.m. to 9:00 p.m.Central Time and Saturdays from 8:00 a.m. to4:30 p.m Central TimeFrom work: On Teamworks, go to Pay & Benefits and click 401(k) Plan Sign-On under Benefits Tools.Once signed on, go to Beneficiaries. From home:Go to my401kplan.wf.com and go to Beneficiaries.Cash Balance Plan1-877-HRWELLS (1-877-479-3557), option 1,1, 2 (relay service calls accepted)Monday through Friday, 7:00 a.m. to 7:00 p.m.Central TimeFrom work: On Teamworks, go to Pay & Benefits and click Cash Balance Plan Sign-On underBenefits Tools. Once signed on, select My Beneficiaries.From home: Sign on to benefitconnect.wf.ehr.com/ess1 and select My Beneficiaries.Health SavingsAccount (HSA)1-844-326-7967(relay service calls accepted)24 hours a day, 7 days a weekFrom work: On Teamworks, go to Pay & Benefits and click HSA Sign-On under Benefits Tools.Once signed on, go to Settings, then Beneficiaries.From home: Go to teamworks.wellsfargo.com and click Health Savings Account (Optum Bank).Once signed on, go to Settings, then Beneficiaries.Online onlyFrom work: On Teamworks, go to Pay & Benefits and click Your Benefits Tool Sign-On underBenefits Tools. Once signed on, select Beneficiary Designation.From home: Go to teamworks.wellsfargo.com and select Your Benefits Tool. Once signed on,select Beneficiary Designation.Online onlyFrom work: On Teamworks, search “about deferred compensation.” On the About DeferredCompensation page, click Deferred Compensation Sign-On. Once signed on to SkyComp, selectBeneficiaries under Plan Options.From home: Go to the SkyComp website at bfp-skycomp.com/wf1 and select Beneficiaries underPlan Options.Online onlyFrom work: On Teamworks, search “Teamworks — About LTICP.” On the About LTICP page,select Plan 85 Beneficiary Form (PDF) under Plan Resources in the right-rail column.From home: Go to teamworks.wellsfargo.com and click Log-In Help under Long-Term IncentiveCompensation Plan. Choose Plan 85 Beneficiary Form (PDF) under Plan Resources.You must contact a representative by phone to review your existing beneficiary designations.Long-Term Cash Award Plan(LTCAP) and other deferredcompensation plansLong-Term IncentiveCompensation Plan (LTICP)Previous 12 of 82 Life Insurance and AccidentalDeath and Dismemberment(AD&D)Next

Retirementtimeline1 Get ready2 Income3 Health care4 Security5 EnjoyResourcesand supportNotices anddisclosuresCancel your Commuter Benefit Program electionIf you’re enrolled in the Commuter Benefit Program, you must cancel your Commuter Benefit Program electionby the 10th day of the last month for which you need coverage. For example, if you cancel your Commuter BenefitProgram election by March 10, your coverage will end on March 31.For New York’s Long Island Rail Road or Metro-North Railroad, you must cancel your Commuter Benefit Programelection by the fourth day of the last month for which you need coverage. For example, if you cancel yourcommuter benefit election by March 4, your coverage will end on March 31.To cancel your Commuter Benefit Program election:Online: From work: On Teamworks, go to Pay & Benefits and click HealthEquity Sign-On under Benefits Tools. From home: Go to teamworks.wellsfargo.com and select HealthEquity under Claims Administrators.Over the phone:Contact HealthEquity at 1-877-924-3967. Representatives are available 24 hours a day,7 days a week, excluding some holidays. Relay service calls are accepted.Commuter card balances Transit or Vanpool Commuter Cards: If you have a balance on your Transit or Vanpool HealthEquity CommuterCard at the time of your retirement, the funds will be available for 90 days after your last day of employment.On the 91st day, the unused funds will be forfeited. Parking HealthEquity Commuter Card: Your Parking HealthEquity Commuter Card will be deactivated on yourretirement date and any unused funds will be forfeited. 13 of 82 Previ