Author Topic: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks  (Read 3041 times)

oldtoyota

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401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« on: February 14, 2014, 08:00:52 AM »
"Employers are squeezing their workers' retirement savings, holding back on both the amount and the timing of 401(k) matching funds and dragging out vesting schedules. Taken together, these measures are making it more difficult to save for old age.

Major companies that have engaged in such practices in recent years include Whole Foods Market Inc., Facebook Inc., Oracle Corp., Caesars Entertainment Corp. and JPMorgan Chase & Co."

http://finance.yahoo.com/news/companies-squeeze-401k-plans-facebook-050100596.html;_ylt=A0LEVx8LL_5SVzQANTJXNyoA;_ylu=X3oDMTBsa3ZzMnBvBHNlYwNzYwRjb2xvA2JmMQR2dGlkAw--

wtjbatman

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Re: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« Reply #1 on: February 15, 2014, 02:26:47 AM »
My current employer's 401k is a joke. No matching contribution whatsoever. We get two possible bonuses each year if the company meets certain criteria. The first we get a bonus based on our quality numbers (usually $800-1200), and the second a cut of profit sharing (around $1000). The quality bonus is vested immediately, the profit sharing takes 5 years to fully vest. I've been here one year, and fingers crossed I will have a job in the field I went to school for within the next year, so when I leave I will get either 10% or 20% of whatever profit sharing bonus I received. They are so generous.

Not to mention the 401k has about 11 overpriced funds to choose from with one decent (index fund) choice, and no brokerage option.

frugally

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Re: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« Reply #2 on: February 16, 2014, 08:47:44 AM »
Not to mention the 401k has about 11 overpriced funds to choose from with one decent (index fund) choice, and no brokerage option.

You're lucky you have one decent index fund choice. :)

Joel

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Re: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« Reply #3 on: February 16, 2014, 11:10:09 AM »
Companies want their employees to stay with the company for at least five years. That sounds fair to me.

wtjbatman

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Re: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« Reply #4 on: February 16, 2014, 08:30:02 PM »
Not to mention the 401k has about 11 overpriced funds to choose from with one decent (index fund) choice, and no brokerage option.

You're lucky you have one decent index fund choice. :)

Yay me, haha. I've definitely seen worse on these forums.

oldtoyota

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Re: 401K: Companies Like Facebook + JP Morgan Squeeze 401Ks
« Reply #5 on: February 17, 2014, 11:24:19 AM »
Companies want their employees to stay with the company for at least five years. That sounds fair to me.

IDK if I agree. Companies lay people off left and right. I got laid off and then did not get my matching for my 401K. Double screwed--all because some venture capitalists wanted to lay off a bunch of people.