Wells Fargo Freezes Pension Plan

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For the past two weeks, I have been getting the run around with their Customer Service area as to when the funds will be available to me. No one knows exactly as to when this will happen...go figure! I have spoken with 5 different reps, each with different answers. Finally I got one rep to put in a request to research it. Now, I have to wait another 5 days to hear back. By then, it will be too late to get my direct deposit set up for distribution. On rep did say, there are no guaranties as when the funds would be paid. Wells Fargo has until the end of the month to process the funds. Which in my case is Monday, December 27th? How can keep other people's money? I know, let's make some interest off from others money? What kind of business are you running?

Shame on Wells Fargo of OR 5:39PM December 14, 2010

10 year anniversary in April--last date of work Nov.29th-with full pay up till 2nd week of April which will pass my anniversary date and only being offered the severance pay instead of retirement package, also have worked 3 years without a
raise or bonus, yet the corporate icons are still getting the big bonus and bailouts.

Sam of AR 10:02PM September 24, 2010

I am a displaced employee of Wells Fargo who elected to leave employment rather than being in the travel mode all year.
I have applied for my cash balance plan funds for three months. Due to their error, (had me listed as single) when I was married, delayed my payment for three months.
The three months are up and no money.
Wonder if they are more broke than I.
I would not recommend Wells Fargo for employment for anyone.
Team Member? Sorry the only team members are the upper echelon who take things away from you left and right and then tell you about the record profits they are making. Guess what, they are making these record profits by taking record amounts from their so called team members. Team my behind.

Art of FL 2:26PM June 04, 2010

Retired from Norwest /Wells 3 years ago. Spouse and I were paying $635.00 a month for health/dental in 2009 with subsidy. So I get the 2010 enrollment and I see $988.00 for the same. Over 50% ??? Why not just tell me I no longer get a subsidy? Who's kidding who? Wells suspends pension/cash balance contributions, slashes dividends and reports record earnings. Well good for Dick and John. I sure they're patting themselves on the back. These companies are in bed together, getting rich on us and what can you do about it........we're doomed people.

G. of MN 5:06PM November 12, 2009

I retired 5 years ago after 30yrs at Wells. After my insurance subsidy in 2009 I paid $112 a month for the Gold plan for my wife and I. Just recieved 2010 rate of $441 a mo. I got nowhere talking to HR. Active employee cost for same plan only went up $50 mo.
Seems they're sticking it to pre-mdicare retirees. Has anyone more insight?

John of IA 9:09AM November 06, 2009

I too worked for Norwest/ Wells Fargo for 28 years. I retired 2 years ago , Wells Fargo is "self insured" in that they hire the insurance co to provide a service and Wells can charge what ever they like! I will be paying more with there so called subsidy of $305.per month than I could buy it right from the provider!!!! WHAST A JOKE!!!! Getting screwed by Wells Fargo again, and again! Must make their customers happy to know they are not the only ones Wells Fargo screws over to make there millions!!!!

Pamela Gruber of MN 11:10AM November 04, 2009

I worked for Wells from 2/1985 to 6/1996 and I am also in retirement age. I tried to find out about my pension plan and they told me they cannot locate if I ever worked for them or not. One lady said that all pension plans were frozen after 1984, I don't believe this, how something be frozen for eleven years? Was it just me? I need to find out where I speak to someone who know want they are talking about. And someone who can locate my file.

Clorinda Greek of CA 9:52PM October 30, 2009

I worked for Wells Fargo for 12 years and now that I am of retirement age they sent me a notice saying I get $64 a month. My friend worked there for 17 years and she is getting $700. Met Life handled WF's retirement fund. I had split service and I'm trying to find out why my retirement is so low it seems stange to me 5 years would make such a difference. When I phoned WF to see what my actual work years were they told me all the records had been destroyed and they had no records of me ever working there. It seems to me if I wanted to get a job this would be pertinent info and they should have kept a record of my work years. If anyone else has worked for WF in the 60's and 70's for about the same years as I worked I would be appreciative if you let me know if my $64 is way off base the way I think it is. I don't know how to proceed.

Janis of CA 8:08PM October 19, 2009

3.05 BILLION profit in April 2009, but smash the employee's retirement plan? Did these pigs learn nothing from this recession?

Richard Parker of CA 7:54PM September 22, 2009

It's a real shame we have nothing in the employment sector we can depend upon but ourselves. will these poor folk be surprised, when they see what's been done with the money they voluntarily took out of their salaries at the end of each pay period. These so called pension plans rob us blind. the thing is, our jobs are in bed with them. The jobs encourage you to get into these plans, and when it's time for them to cough up your money, the government takes theirs, the company takes theirs, and you're left with a few dollars. it's really a no win situation.

DisappointedDemocratic of PA 6:15PM June 03, 2009