Is this another cost-cutting move by the bean counters at corporate?
Can’t wait to see what cost-cutting moves they make with the health insurance open-enrollment next month.
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Page 4 of this linked document has the contact information for Empower
https://www.empower.com/client/canon/transition/resources/docs/Canon-Employee-Savings-FAQ.pdf
Does anyone have a link / phone number for Empower?
Thank you!
All employers establish 401k plan rules that can limit how you access your money and loans. With Vanguard, at retirement you’re only able to setup retirement paychecks and are not allowed to request one-time withdrawals at any point because of the rules Canon has applied. If you don’t believe what I am saying, call Vanguard and ask those questions. Empower is worse. Read the reviews.
@dn They can't deny anyone access to their retirement accounts. Loans and withdrawals are common parts of 401K programs. Any company that attempts to do that risks a federal lawsuit.
@nh They'll be in violation of federal law and subject to lawsuits. It's your money, no one else's. Non-negotiable.
@nh - This is so unfair, if accurate, what does Canon gain by being so spiteful to their employees. I don’t understand. This behavior by Canon creating a terrible, stressful and toxic workplace.
Switching because empower is part of google. Surely they’re getting package on top of package for canon but sc--wing their employees.
It's not better. Empower is a cheaper alternative for Canon to utilize because of their lower administrative costs that Canon is responsible for paying. If you read the reviews of this company, they make it hard for you to access your money at the time of retirement. When you're ready to retire, make sure you have a small nest egg because it will take over one month to get access to your funds. I would also not keep it in the company 401(k) at retirement and move it into an IRA so you can have full access to all of YOUR money. Besides setting up retirement paychecks, they will not allow you to request one-off deposits for emergencies or take loans if needed. And this is all at the direction of Canon.
Personally I have not seen how this company is better than the current or how it’s going to improve anything for the employees.