lost money

[low_delta]

They suspended matching contributions to our 401k plan. This is a temporary cost savings plan. They say it is not expected to last more than a year. I don't think it's fair of the company to cut my retirement plan. They might as well have just cut my wages. I think I'll lose $1000 dollars this year.

They say that this is what some other companies are doing. First of all, that doesn't make it right. Secondly, employees at some of the other companies they cited are already making two or three times as much as we are.

On the other hand, I still have a job.

I wonder if they cut executive bonuses.

Comments

[cynnerth.livejournal.com]

It's just a matter of time before we hear the same news here.

[vlinker.livejournal.com]

hmmmmmmm, yes, cutting the company contribution to your retirement account is a reduction in pay.....most companies only put money into a 401k if an employee has the foresight to do contribute to the plan..........so, another employee who doesn't have foresight, isn't affected......it seems like they are punishing the people who are the most likely to stay around and work FOR the companies wellbeing......

regarding the "I still have a job" phrase, i don't know if you should really be thankful for that.....

[low-delta.livejournal.com]

What do you mean?

[liquidmyst.livejournal.com]

Since it is the executives that are decidind on the cuts...I am going to say no.

Sorry this is happening.

Re:

[vlinker.livejournal.com]

it's pretty typical that when a company "temporarily" cuts costs, that they don't make up those cuts to their employees when the profits rise.....they just give some bean-counter a bonus.....

fact of the matter, is that the company has shit on you.......(my opinion).......they should be offering you an incentive to continue to work for them....just having a job isn't enough......of course, i am used to the job market here and not there......there is a lot of technical work here......

our company isn't having the best year, but it's still matching a certain percentage of the retirement contribution.....where my wife works, they are still doing the matching funds plus they just gave raises.......