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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIBM To Start New Trend - Must Last The Entire Year To Get 401k Match ----
Employers are really resilient at figuring out how to screw workers. IBM to start policy to pay lump sum into 401k's on December 31 rather than through the year. So if you leave the company for any reason before the end of the year. TS! You won't get your 401k match.
That means if you really want to save money as a CEO you lay off as many as you can before December 31st. How many other businesses will adopt this policy?
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IBM To Start New Trend - Must Last The Entire Year To Get 401k Match ---- (Original Post)
TheMastersNemesis
Dec 2012
OP
AND the worker doesn't get any dividends on that money thru the year...AND ibm does!
ret5hd
Dec 2012
#2
KarenS
(4,079 posts)1. this sucks,,,, everyone else will follow their lead. n/t
ret5hd
(20,495 posts)2. AND the worker doesn't get any dividends on that money thru the year...AND ibm does!
randome
(34,845 posts)3. I suspect this won't be allowed to stand by the courts. Or the unions.
At least I would like to think that.
On edit: is there a link or is this something you overheard?
antigop
(12,778 posts)4. WSJ website...but you need a subscription
antigop
(12,778 posts)5. here...Bloomberg article you can read
antigop
(12,778 posts)6. actually there are quite a few articles: Google using "IBM" and "401(k)" as search arguments nt
antigop
(12,778 posts)7. Is there any law (ERISA??) that dictates when the match has to be given? Nt
sarcasmo
(23,968 posts)8. If they lay you off on day 364 you get the big screw job. Corporations SUCK!
antigop
(12,778 posts)9. you also don't get the advantage of dollar cost averaging throughout the year.
You get whatever the market is at on Dec. 15.
Bake
(21,977 posts)10. Umm, this isn't new.
Companies have been doing it for years. And pushing the date back to April or so AFTER Dec 31 as well. Nothing new, just another way to turn the screw.
Bake