General Discussion

TheMastersNemesis

(10,602 posts) Fri Dec 7, 2012, 11:51 AM Dec 2012

IBM 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?

10 replies

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IBM To Start New Trend - Must Last The Entire Year To Get 401k Match ---- (Original Post) TheMastersNemesis Dec 2012 OP

this sucks,,,, everyone else will follow their lead. n/t KarenS Dec 2012 #1

AND the worker doesn't get any dividends on that money thru the year...AND ibm does! ret5hd Dec 2012 #2

I suspect this won't be allowed to stand by the courts. Or the unions. randome Dec 2012 #3

WSJ website...but you need a subscription antigop Dec 2012 #4

here...Bloomberg article you can read antigop Dec 2012 #5

actually there are quite a few articles: Google using "IBM" and "401(k)" as search arguments nt antigop Dec 2012 #6

Is there any law (ERISA??) that dictates when the match has to be given? Nt antigop Dec 2012 #7

If they lay you off on day 364 you get the big screw job. Corporations SUCK! sarcasmo Dec 2012 #8

you also don't get the advantage of dollar cost averaging throughout the year. antigop Dec 2012 #9

Umm, this isn't new. Bake Dec 2012 #10

KarenS

(4,081 posts)

1. this sucks,,,, everyone else will follow their lead. n/t

Reply to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 12:03 PM

Dec 2012

ret5hd

(20,501 posts)

2. AND the worker doesn't get any dividends on that money thru the year...AND ibm does!

Reply to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 12:04 PM

Dec 2012

randome

(34,845 posts)

3. I suspect this won't be allowed to stand by the courts. Or the unions.

Reply to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 12:05 PM

Dec 2012

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

Reply to randome (Reply #3)

Fri Dec 7, 2012, 12:12 PM

Dec 2012

http://online.wsj.com/article/SB10001424127887323316804578163722900112526.html

antigop

(12,778 posts)

5. here...Bloomberg article you can read

Reply to randome (Reply #3)

Fri Dec 7, 2012, 12:14 PM

Dec 2012

http://www.bloomberg.com/news/2012-12-07/ibm-draws-flak-for-change-to-401-k-plan.html

antigop

(12,778 posts)

6. actually there are quite a few articles: Google using "IBM" and "401(k)" as search arguments nt

Reply to randome (Reply #3)

Fri Dec 7, 2012, 12:15 PM

Dec 2012

antigop

(12,778 posts)

7. Is there any law (ERISA??) that dictates when the match has to be given? Nt

Reply to randome (Reply #3)

Fri Dec 7, 2012, 12:17 PM

Dec 2012

sarcasmo

(23,968 posts)

8. If they lay you off on day 364 you get the big screw job. Corporations SUCK!

Reply to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 12:18 PM

Dec 2012

antigop

(12,778 posts)

9. you also don't get the advantage of dollar cost averaging throughout the year.

Reply to sarcasmo (Reply #8)

Fri Dec 7, 2012, 01:27 PM

Dec 2012

You get whatever the market is at on Dec. 15.

Bake

(21,977 posts)

10. Umm, this isn't new.

Reply to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 03:33 PM

Dec 2012

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

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