Your 5-step guide to retiring from Wells Fargo

Your 5-step guide to retiring from Wells Fargo

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Congratulations on your upcoming retirement!

Retirement is an important and exciting milestone in your life and career. As a valued Wells Fargo employee, your commitment to the company is appreciated and we thank you for your dedication.

Your retirement is approaching, and it's important that you're prepared. Take the time now to understand the decisions and actions on the immediate horizon, as well as those that you'll encounter along the way.

By preparing for a smooth transition into your next chapter in life, you'll have a plan and resources to help 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!

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Table of contents

04 Introduction Your retirement timeline Find information about the steps you'll need to take and when to take them to make the most of your next chapter.

07 Step 1 Get ready to retire Learn about all the Wells Fargo retirement benefits you may be eligible for and how to qualify. Then, choose the retirement date that works best for you.

16 Step 2 Set up your retirement income Structure your retirement income to last as long as you need it to. Get specific information about Wells Fargo plans and general information about Social Security benefits.

36 Step 3 Decide on health care coverage in retirement Evaluate all the health care coverage options available to you. These will vary depending on Medicare eligibility and other factors.

62 Step 4 Evaluate financial protection benefits Financial protection benefits including life insurance, long-term care insurance, and other plans can serve as a financial safety net. Learn how to create yours.

69 Step 5 Enjoy your retirement Take advantage of health and well-being resources, as well as Wells Fargo discounts on everyday products like travel, entertainment, and electronics. You've earned them!

74 Support available along the way

77 Disclaimers, notices, and disclosures

Note Unless otherwise indicated, footnotes from throughout the guide are listed on page 77.

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Retirement timeline

1 Get ready

2 Income

3 Health care

4 Security

5 Enjoy

Resources and support

Notices and disclosures

Countdown to your retirement

Below is a high-level timeline to help you understand things you'll want to begin thinking about as you approach your retirement. As you move through the five steps within this guide, you'll learn more about each of these items and understand how to take action.

Six months before retirement Choose a retirement date and let your manager

know. A consultation with your tax and financial advisors may be helpful in determining your retirement date. Confirm your eligibility for retiree health care by calling the Wells Fargo Retirement Service Center at 1-877-HRWELLS (1-877-479-3557), option 1, 3. Confirm Cash Balance Plan eligibility by calling the Wells Fargo Retirement Service Center at 1-877-HRWELLS (1-877-479-3557), option 1, 1, 2. Model your Cash Balance Plan payment options by visiting HR Services & Support. Discuss your 401(k) Plan distribution timing and options by calling Empower at 1-877-HRWELLS (1-877-479-3557), option 1, 1, 1. Start learning about Medicare by visiting . Discontinue your health savings account (HSA) contribution if you're Medicare eligible since Medicare Part A coverage can be effective retroactively for up to six months. If you participate in an incentive plan, talk to your manager about your eligibility for awards under the plan you participate in.

GET READY

Three months before retirement Discuss your retirement date with your manager and

make sure they input your retirement date into Workday. Review your personal information on Workday and

update, as needed. Verify and designate your beneficiaries by visiting the

Beneficiary Designations page on HR Services & Support. Begin enrollment in Medicare (if eligible) on

. Contact the Wells Fargo Retirement Service Center at

1-877-HRWELLS (1-877-479-3557), option 1, 3 to request a Retiree Health Care Enrollment Kit. Think about when you would like to start receiving your Cash Balance Plan benefit. To learn more or to start the process to begin receiving your Cash Balance Plan benefits the month after you retire (if eligible), call the Wells Fargo Retirement Service Center at 1-877-HRWELLS (1-877-479-3557), option 1, 1, 2.

Wells Fargo Retirement Service Center 1-877-HRWELLS (1-877-479-3557) Representatives are available Monday through Friday, 7:00 a.m. to 7:00 p.m. Central Time. All relay service calls are accepted, including 711.

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Retirement timeline

1 Get ready

2 Income

3 Health care

4 Security

5 Enjoy

Resources and support

Notices and disclosures

One month before retirement Make your retiree health care elections by calling

the Wells Fargo Retirement Service Center at 1-877-HRWELLS (1-877-479-3557), option 1 or by visiting and select Make My Retiree Health Care Benefit Elections. Receive more information or begin the process (if eligible) for receiving Cash Balance Plan benefits by calling the Wells Fargo Retirement Service Center at 1-877-HRWELLS (1-877-479-3557), option 1, 1, 2 or by visiting HR Services & Support. Cancel your Commuter Benefit Program. Learn about ending your participation and access your HealthEquity account on HR Services & Support.

YOUR RETIREMENT DATE

Your last day of employment Active employee coverage ends for the following benefit plans: Disability insurance (short- and long-term) Business Travel Accident (BTA) Plan Tuition reimbursement Adoption reimbursement Day Care Flexible Spending Account (FSA) Backup care (adult and child)

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