Bet we book profits in 1Q21. For how long are you willing to accept no 401k match while the company makes money?
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I love when people claim the company will eliminate the lump sum option. Why would the company eliminate the option that clears their liability immediately upon payment?
one quarter of profit is not going to reinstate big spending. Oil consumption will not rebound as it has in the past. Transportation spend is down and it could be a decade before it reached 2019 levels, if ever.
The average employee has a high level of distrust that the pension will stick around and provide the same benefits. There will be 0% chance of a new employee believing the pension will support them in retirement.
We will attrition of good employees increase exponentially as companies start to report earnings again, and we have no tangible announcements regarding recontinuation of salary treatment or 401k match.
It will likely come back when they ramp up hiring in the US again, which may be another year or so
How long will I wait? Absoluuuutely zero seconds.
When that's the first savings option once a company sees a downturn,
hurting the little man down the chain,
then the next thing is to put me in chains.
(Not the golden handcuffs for our friends with Dividends.)
You should be just as concerned with the lack of raises for the next several years combined with annual PIPs.
They are probably saving about $250M per year in the U.S. Don’t get your hopes up too high about reinstatement of the match in the future. They will come up with some BS to rationalize their decision.
If it ever returns, it will be less than it was and accompanied by some other benefits reduction to offset the cost.
Welcome to the new ExxonMobil.
It’s gone until EM is not competitive in attracting needed personnel because of not having the match. I don’t see that being a problem, so I doubt it will ever come back.
Never again. The pension, all company paid, is sufficient to eventually retire a millionaire.
2023 with a reduced 3% employer match. Will coincide with elimination of pension lump sum option.