when all of our benefits and 401K have been cut?
Ohh, I know at some HR conference posting social media pictures on LinkedIn.
You've lost the trust of all of us, Diane must be kicking herself, she never would of allowed so many employee benefits and comp to of been reduced like this.
How about instead of HR we get a union for real advocacy.
This situation has been coming for a very long time (getting rid of 401k match), and it won't be the last action taken before it all goes to pot. Setting aside the discussion as to why they are doing this (cash flow deficiency), the RBA returns will be at best on the order of US treasury bonds or stable value...any young employees who are stuck on this plan won't see any great returns from stock investment. That's assuming that IBM management doesn't mismanage the fund into oblivion first (paying out bond-level returns to the employees while placing lousy speculative trading bets with the money).
Young employees can, should and IMHO will leave...there are too many reasons not to stay. Other tech companies offer much better working conditions and employee compensation, not to mention more and better opportunities for career advancement. The writing has been on the wall for a long time, but now that writing has turned into bright, shining, spray-painted graffiti.
This is essentially, another clawback. Nothing funny about it.
They are very good at stealing from their employees.
IBM is failing so hard they need to start taking back employee money. hahahahah
Just saw a brave soul ask this in our us benefits slack “ Are there any benefits to retiring from IBM vs. just leaving anymore?”
I think that summed up what we are all thinking right now. 😩
Anyone else feeling suspect of this line given by our #usbenefits reps whenever anyone asks how we can gain access to the RBA funds if we leave pre retirement age “once you leave IBM you are eligible for distribution” ….eligible?????? Isn’t that a red flag? That does not sound like a definitive answer and guarantee to me. Is this even covered under ERISA? Do we at least have that protection? Oh and for those of you who also work in Software, our leadership told us they had no clue what the RBA plan was. Then the top dog refused to answer any further questions and said if you don’t like it leave. Gaslighting to the extreme. I wish the job market and economy wasn’t tanking this is scary. I just took a look at my 401k today and was in tears thinking about how trapped I am here and how little that pension plan will bring in by comparison. Heck I’d even take a forced RTO at some he-l hole like Amazon over this mess. Morale at all time low and incompetent leadership all around. Sickening. But hey we made billions this year! None for you though.
Gherson is evil. She ruined many people's lives.
Are you kidding re Gherson? Was that sarcasm?
Gherson oversaw mass layoffs, hid age discrimination, introduced Checkpoint as a way to make it easier to fire people, and lied in public.
To top it all off, Gherson's policies led to the EEOC finding IBM culpable in age discrimination, for which she was forced to retire