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Fri Dec 7, 2012, 10:51 AM

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?

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Response to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 11:03 AM

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

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Response to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 11:04 AM

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

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Response to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 11:05 AM

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?

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Response to randome (Reply #3)

Fri Dec 7, 2012, 11:15 AM

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

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Response to randome (Reply #3)

Fri Dec 7, 2012, 11:17 AM

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

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Response to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 11:18 AM

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

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Response to sarcasmo (Reply #8)

Fri Dec 7, 2012, 12:27 PM

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.

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Response to TheMastersNemesis (Original post)

Fri Dec 7, 2012, 02:33 PM

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

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