Wells Fargo Freezes Pension Plan

Smells Fargo

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 @ Nov 12, 2009 17:06:41 PM

Insurance costs waaaay up!!!

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 @ Nov 06, 2009 09:09:47 AM

Insurance cost up 57% for retirees in 2010!!!!

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 @ Nov 04, 2009 11:10:30 AM

Lost in time?

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 @ Oct 30, 2009 21:52:47 PM

I worked for Wells Fargo too!

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 @ Oct 19, 2009 20:08:52 PM

Is this a joke?

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 @ Sep 22, 2009 19:54:04 PM

Wells Fargo freezing pension plan after 07/01/09

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 @ Jun 03, 2009 18:15:20 PM

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Megan Paige of CA @ May 18, 2009 19:25:15 PM

No matching funds towards 401k

Being an employee of a credit union...our matching % towards our 401K has been temporarily suspended till the economy picks up... who knows when!

richard A. v Villareal of CA @ May 14, 2009 13:56:25 PM

Wells Fargo not alone in this pay cut

Working for Anheuser-Busch which also decided to freeze the pension as of 2012, I and many of my colleagues feel the same distress. Not only have they decided to freeze management pensions, they are also cutting retiree health benifits, by increasing the copay every year by 10%. the latest is that the company is now striving for mediocracy in benefits, seeking to be in the 50% of benefits in similar large companies, all the while expecting to have nothing less than the best employees available that will "act as owners" even thoug employees are no longer able to purchase company stock through the 401 K plan.And the company is still managing to make very healthy profits. Many have had their pay frozen this year with no raises and if a raise was forthcoming it was delayed by the first 4 months of the year, which surely paid off handsomely in net savings on payroll, added to the huge number of employees that were told they no longer had a position with the company, or could apply for another position at 60% of their current pay. Since October, for all levels of management there has only been one demoralizing announcement after another

January of CA @ May 14, 2009 13:31:08 PM

Smells Fargo

Insurance costs waaaay up!!!

Insurance cost up 57% for retirees in 2010!!!!

Lost in time?

I worked for Wells Fargo too!

Is this a joke?

Wells Fargo freezing pension plan after 07/01/09

Secure Your Financial Future

No matching funds towards 401k

Wells Fargo not alone in this pay cut

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