Wells Fargo Employee 401K

wells fargo employee 401k

An employee 401K plan from Wells Fargo is the subject of a class action lawsuit filed by a former Wells Fargo employee in the U.S. District Court for the District of Minnesota. The plaintiff claims that Wells Fargo violated the Employee Retirement Income Security Act (ERISA) and steered employees’ investments into its own investment vehicles. The lawsuit claims that Wells Fargo violated the law by directing employees’ investment choices into Wells Fargo-sponsored, affiliated, and proprietary investment vehicles.

The Wells Fargo retirement account is available online and through phone. It also offers online account management, mutual funds, stocks, and even an IRA. WellsTrade is another employee benefit provided by the bank. It allows users to manage their investment portfolios from the convenience of their smartphone or tablet. The bank offers mobile applications for Android phones and iPhones, as well as online access to retirement account information. While accessing a retirement account, customers can also manage their finances through the Wells Fargo mobile app.

The 6% match will no longer apply to employees making more than $250,000. However, a spokesperson for Wells confirmed that the company would still offer the full 6% match for employees earning less than $75,000, and the change will take effect on January 1, 2021. Wells executives say they expect to save substantial amounts of money by restricting the 401(k) match. However, they have not released the details of their new policy.

While there are no specific laws on the Wells Fargo employee 401K, the company does offer a variety of voluntary benefits to support employees’ financial and physical well-being. Some of these benefits include:

Principal Financial Group is a global leader in retirement plan services and investment management. It acquired Wells Fargo’s Institutional Retirement and Trust business in July 2019. The combined company will provide trustee and recordkeeping services to participants. Further, Principal will continue to serve as an employer-sponsored retirement plan. The company’s retirement services are second to none. The company’s success is due to its extensive network and deep understanding of retirement needs.