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Now will be the time private companies will begin phasing out 401k contributions
Posted on 3/29/20 at 8:36 pm
Posted on 3/29/20 at 8:36 pm
Companies are going to be forced to take massive cost reduction strategies.
In trying to save as many employees as possible, I imagine broad cuts will be made and I can see the first thing to go will be the company match on 401k contribution, which typically is about 3% or so of employees' salary.
Easy and somewhat painless way to get lean fast.
I anticipate companies to first announce that it's a temporary halt in matching, but will become permanent in the future.
In trying to save as many employees as possible, I imagine broad cuts will be made and I can see the first thing to go will be the company match on 401k contribution, which typically is about 3% or so of employees' salary.
Easy and somewhat painless way to get lean fast.
I anticipate companies to first announce that it's a temporary halt in matching, but will become permanent in the future.
34
Posted on 3/29/20 at 8:37 pm to East Coast Band
Same thing they did a decade ago
Posted on 3/29/20 at 8:37 pm to East Coast Band
Yep. And once it’s gone it ain’t coming back
Posted on 3/29/20 at 8:37 pm to East Coast Band
Dad works for Lazboy and they recently shut down for two weeks. No company match while they are shut down
Posted on 3/29/20 at 8:37 pm to East Coast Band
quote:
but will become permanent in the future.
Yup
Posted on 3/29/20 at 8:37 pm to East Coast Band
Don't want to think about that, thanks.
Posted on 3/29/20 at 8:38 pm to East Coast Band
I don’t doubt it could be done in the short term, but I doubt many are permanent.
Posted on 3/29/20 at 8:39 pm to East Coast Band
frick China. Hope all of our cheap shite was worth it.
Posted on 3/29/20 at 8:39 pm to East Coast Band
My company did this last week.
Posted on 3/29/20 at 8:40 pm to East Coast Band
Probably will take away retiree medical benefits too.
Posted on 3/29/20 at 8:40 pm to East Coast Band
White collar unions coming soon
Posted on 3/29/20 at 8:41 pm to East Coast Band
Welcome to the corporatocracy, an endless race to the bottom. We have 40 years of Republican policies to thank for it.
Posted on 3/29/20 at 8:41 pm to ulsaint
quote:not true, I had my benefits slashed in 09, and it was all back as soon as it was able to be
Yep. And once it’s gone it ain’t coming back
Posted on 3/29/20 at 8:44 pm to East Coast Band
quote:They better all get together on this strategy and all do it at the same time. Otherwise the first one to do it will see talented employees leave en masse to the competition who still offer that type of benefit.
private companies will begin phasing out 401k contributions
I saw that happen with pensions about a decade ago.
Posted on 3/29/20 at 8:46 pm to soccerfüt
quote:
They better all get together on this strategy and all do it at the same time. Otherwise the first one to do it will see talented employees leave en masse to the competition who still offer that type of benefit.
Sounds great in theory but creeping monopolization makes this less and less of a concern for companies.
Posted on 3/29/20 at 8:48 pm to Draconian Sanctions
quote:
Welcome to the corporatocracy, an endless race to the bottom. We have 40 years of Republican policies to thank for it.
Eh, probably partially true but the DNC loves their corporate masters just as much.
Posted on 3/29/20 at 8:49 pm to Draconian Sanctions
quote:
Sounds great in theory but creeping monopolization makes this less and less of a concern for companies
The obvious answer to this is a government monopoly.
Posted on 3/29/20 at 8:50 pm to Norbert
quote:
The obvious answer to this is a government monopoly
Or organized labor.
Posted on 3/29/20 at 8:51 pm to East Coast Band
quote:
typically is about 3% or so of employees' salary.
The plant i worked for would match anything up to and including the first 8% of what the employee put into his 401k. At one time they would match anything over 5% up to 10%. So you had to put at least 5% into your 401k to get any match.
Posted on 3/29/20 at 8:51 pm to EarlyCuyler3
I’m bored as frick. I’ll go help rebuild some roads or bridges
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