Why are they getting special treatment? Seriously.
11 replies (most recent on top)
‘ Why it isn’t for all tbh? Maybe they should increase the company match for others?’
Did you grow up near power lines, or do you legitimately not understand how the program works?
Currently, Medtronic matches the first 6% of your qualified contributions by 50%, and the contributions follow the same allocation as you have selected for your paycheck contributions. What is CHANGING is the definition of ‘qualified’. Currently qualified is defined as contributions to your retirement account, however that is being updated (as per legally allowed) to include student loan payments. The Medtronic match still ends up in the retirement account.
Nobody is getting ‘more’ just employees are getting more flexibility on how they allocate their funds and still qualify for the company retirement contributions.
Lots of people in this thread who seem to lack fundamental understanding of the program (lol, 401k being used to pump up Medtronic stock, wat?)
Or a lot of bootlickers in here who don’t want to see Medtronic giving 3% to a larger percentage of their employees.
I would have preferred a match in Recognize Points
I like the new benefit and really helps younger folks to save for retirement. Student loans can be a financial burden. Plus they actually need to work to qualify. Unfortunately Project Spark will force my children to work for a competitor. Ugh! One step forward, three backwards.
This benefit is pretty common among competitors so it’s about time Medtronic did the same.
The number of posters who have no clue how the existing retirement plan works or how the new program is going to work is astounding.
Read your plan documents folks, especially before you complain about something you don’t understand.
Sigh. It's called "equity." Not everyone is fortunate enough to be able to pay the exorbitant rates for college in the US without taking out loans.
401k contributions is tied directly to Medtronic stock. They want to incentivize employees to buy into the 401k to artificially pump up Medtronic stock. This is the only way to get people to buy Medtronic stock because no one in their right mind would buy this stock over Stryker or Globus.
Why it isn’t for all tbh? Maybe they should increase the company match for others?
My parents paid for my tuition and I’m debt free. Borrowing money is a bad habit regardless for anything
OP - are you mad that your payment on your 2025 ram 1500 that you rolled $40k or negative equity into isn’t getting the same treatment as a student loan?
What’s the downside to this?
This allows recent grads to focus on eliminating student loan debt while not missing out on the company contribution to their 401k?
Why are we upset about this?
Nepo babies like me get their college paid for by daddy, how come we have to subsidize the poors?