No additional benefits will be earned after that date. Still earn interest while that $ is in the plan. Now the 401k match will be dollar to dollar.
But ADP recognizes the role that we play in its success. Uh huh. Got some land in FL u want to sell too, right?
15 replies (most recent on top)
Shame on you Carlos. I have relatives who work for ADP and they've always spoke very highly of you. Not any more, I'm sorry to say !
I think that Pension Services was handled at an ADP office in Des Moines, IA. I seem to recall seeing a 3 story building. Not sure they will need it if pension plan is frozen and paid out. I haven't noticed any of them in these chats, but my sympathies to them. If they haven't been "retired" yet, I would expect that they soon will be.
I've been away from ADP for several years, but I can say that cost-cutting measures are nothing new with them. After 16 years with the company, my observation is that they will always be looking for things to cut for the rank-and-file employees, and that it is very rare for employees over age 50 to be retained. Management, however, will still keep getting its regular bonuses. ADP is a good place to learn, but it may be prudent to find another job before you're 45.
Pensions are an inconvenience to businesses like ADP. Cut it and save money. Right?
The employees? Who cares about them? Just work hard for "The Employer of Choice". Pensions are for sissies anyway.
Heard from three people still working for adp it’s a fact pension plan frozen. Only interest will be paid no further company contributions. As of June 2020. My opinion is next step will be to close out/payout the plan all together. A cost cutting measure. It gets future book keeping liability off their books . Sad state of affairs for United States workers that no pension is now the norm in the business landscape .
If it’s on this site, it’s official
Was there an official posting within ADP regarding pensions?
And this applies to all execs too?
Once you are 55 years old you can move it, but not before.
Can we roll the money out of tbe pension and into an IRA after July 1?
Doing the math quickly it appears that the big enhanced match they are touting will only make up for roughly 50% of the lost annual pension contribution. That’s tens of millions of dollars annually that ADP is taking directly out of employee pockets and giving to the executive compensation plan and shareholders. In addition, the frozen pension isn’t liquid so employees can’t roll it into something that pays more than a CD rate. Pathetic.
Sad but it fits into the “new” ADP mindset. Find every last penny and sacrifice it to the alter of Wall St. Boost EPS at all cost. Employees are just a big fat expense. Max out your 401k before your turn comes.
They were full of great news today! Layoffs and then this....
Took VERP, rolled everything into an IRA and up 22% possibly better but the Flu Scared the Market
Pensions are going away globally not just for ADP....
What is unclear is that is it legal to pull the rug from people like the way they are going about? Some attorney (class action anyone) need to take a look into this...