AI chatbot told me, when I put in my particulars, that the gains foregone from the switch to annual match from quarterly we used to have is about $1,500, since missing out on getting money in during the lower levels throughout the this year, assuming S&P closes out the year at current level. Thanks Charlie, and the "special award" ain't gonna make up for it, even if we're around for it to vest. Especially given the big lump that would have matched Q1 on the bonus period contribution. And most companies match per pay period, so annual is a real stiffing.
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A large majority of employers with 401k plans do not match on an annual basis.
not a defense - just a fact.
if you think you can do better elsewhere - get a job elsewhere.
Our benefits, all in, are still at the high end of the corporate offerings.
To the OP, your statement makes zero sense.
If you're losing just $1500 in investment returns over the course of the year, you have far, far greater problems then what date you receive the company match.
No, they did not say the Cash Balance Plan would be reactivated. The plan was ki-led with the acquisition of Wachovia and replaced with the annul profit-sharing. (which never has risen about a measly 1%...)
Ahhh yes, the classic 'everyone else is doing it" defense. Didn't work with your mom when you were 8, still doesn't work today.
You think only wells fargo has diminished benefits over time?
Another way to approach this is to front load your 401k in Jan and Feb during bonus tine if you have the funds. You can’t do that at companies with ongoing match because you are forced to contribute a set amount through the year to nax the match. This would have your money in the market for longer and offset the match delay.
WF hasn't, not this century anyway. Maybe one of the companies we bought.
Old days - they matched every payday. It’s been a giant su-king sound every time they modify that timing. Their next move to beat it is to send you to the unemployment line before they have to pay out
Our 401k has decent fund options and I like a 6% match, but a lot of other aspects of it are a joke. No reason for the 50% cap, and the annual match is stupid as well.
@b2 sounds like a MAGA whining about DEI policies being the reason they can't get hired.
@b0 NOBODY including the @OP want to hear anything rational. Nevermind mind that Money Is Fungible. Nevermind that if it was really a concern they could use other accounts to shift money around and make up the $1500 in purported earnings losses another way. No, none of that matters. The only thing that matters is something that was never theirs in the first place has been taken from them and they are mad.
@aw odd that you'd complain about RTO in this thread.
your 401k match is calculated against total compensation so even though it happens in December you still get matched against your bonus, assuming you contributed more 6% or more during the year. on the plus side, they are making some changes to the 401k, looks like we will be able to do backdoor roths starting next year.
Nothing like beating a dead horse
I remember when WF contributed to the cash balance. When the great recession happened, they stopped and said they'd start it back up again when things got better. Well, things got better, but they never started it back up again.
WF is all about diminishing the benefits to its employees, but expecting the moon/stars from their employees at all times.
This place is so toxic and has gotten worse as the management has changed to whatever the heck we have now.