401(k) FAQ

You become eligible for the plan the first of the month following age 21 and after completing 3 months of service. New Associates will be auto-enrolled in the plan upon eligibility.
Upon eligibility, you are automatically enrolled in the HBC 401(k) retirement savings plan at a defaulted contribution rate of 3%. Contributions are invested into an age-appropriate target date fund based on your age and an estimated retirement date on or near your 65th birthday.
You can opt out of participating in the plan by selecting a 0% contribution rate. If you wish to participate but contribute at another rate or change your investments, you may do so at any time online at wellsfargo.com or by calling 1-800-728-3123.
Roth contributions are made on an after-tax basis. Roth contributions – along with their accumulated earnings – can be withdrawn tax-free from your account if they meet the qualified distribution requirements. Generally, Roth contributions are qualified if you are at least 59 ½ when you take the distribution and the first Roth dollar has been in your account for at least five (5) years.
Yes, the company does offer an employer matching contribution. You become eligible to receive the employer match the first of the month following age 21 and completing 1 year of service. A ‘year of service’ is a 12-consecutive month period, beginning on your date of hire, during which you work 1,000+ hours. If you fail to complete 1,000 hours during your initial 12 months of employment, you may still complete a ‘year of service’ by being credited with 1,000 hours during any subsequent plan year (January – December).

Effective April 3, 2020, the company made the decision to suspend employer matching contributions until further notice.
The employer match is $0.45 for each dollar that you deferred to the plan, up to 5% of your eligible compensation.

Effective April 3, 2020, the company made the decision to suspend employer matching contributions until further notice.
You are always 100% vested in your own contributions. You become vested in the employer match contributions upon completing 3 years of credited service. A year of credited service is defined by each calendar year (January – December) you completed 1,000+ hours of service.
You can call Wells Fargo at 1-800-728-3123 to speak to a representative about the investment options or you can access the information online by visiting www.wellsfargo.com.