so nice to wait till 3 months before the year is over to suspend 401k match while executes are getting big bonus
22 replies (most recent on top)
@bc 50 million in 2024
Not the first time they have done this. Did it to those of us that have since retired. They have no morals or ethics. If you can, get out for your sanity.
"but still owe us the match for the first 9 months contribute."
They don't though. I don't recall what year it was, maybe 10 years ago, where they did this as well about this same time of year and we never got our match for that year. At some point further back they used to contribute with each paycheck and they couldn't claw it back.
Here is the link that still shows there is a match.
https://www.myxeroxbenefits.com/401K/401k#Overview
Complete BS they would "suspend" the match after 9 mo. of employees contributing with the belief they would receive a match. Can anyone locate copy of the Plan. look at the 401k explanation on this page (Xerox) page I do not see the "fine print". attorney said X can stop the match at the point of giving us notice but still owe us the match for the first 9 months contribute. https://www.myxeroxbenefits.com/401K/401k#Overview
@c3 did those companies do the 401K match cancel more than once?
This news is how we got into to $3.90’s this morning. The winds are at our back!
@c2 Sherwin-Williams Paint also ended its 401k match this year. If you look back 5 years, other companies like Best Buy, Marriott, and ExxonMobil did the same. Many businesses have used this trick to build a financial cushion for themselves by accruing employee matching contributions, but including language in the 401k plan documents that says, “The corporation reserves the right to amend or terminate the plans or programs at any time and for any reason.” In other words, if they face a cash shortage, they can tap into those funds by suspending the match.
I guess the Reinvention isn't going as planned. Amazing that the salaries of the leadership team have grown in a big way over the past couple years when results are so bad. When will the next email come out with a glorious announcement about a new EC member or EC promotion? Can anyone name another Fortune 1000 company that pulled their 401K match twice in a 5 year span?
Honestly. It’s straight up anti American. UK France Canada have old fashioned pension not touched. IRIF UK statutory payout is 20 years × 1.5 weeks × £700 = £21,000.
Cheap ba----ds...
How many tens of millions will the corporate leadership team pay themselves this year?
To me it is absolutely disgusting to do this to their employees. They just never stop at stripping away the motivation to be a good employee. I laugh at new people hired thinking it’s the best place to work and that they will be the next person on the SLT team. No raises, leadership that travels here there and everywhere for nothing, benefits stripped away. Health benefit plans the same as they were over 20 years ago. Wait until they get us to December after being pushed to our limits only to watch people be laid off because they love doing that at Christmas time.
@a2 you know it's not just suspended! Xerox definition of suspend = eliminate/discontinue .
What about all the "5" ratings for last year? Did they get anything?
First, no raise.
Second, no 401k match.
Third, IRIF.
If it's any consequence, SB's bonus from 2024 was calced at roughly $18 per share and is now worth less than $4 due to his stellar contributions. Don't worry though, he is working hard trying to find ways to make it up to himself.
Don't get mad, get even, then get out before it all collapses..
This is basically Theft !
I will be taking my 401k match in time not working.
And the VIP trip they kept touting
Irff next.....
Losing the 401K is just the pre-game...kids in Corporate have all sorts of initiatives in play to help preserve cash
Sc-mbags, the mismanagement continues
Never to be seen again