"Waiting costs HPE lots of money in matching funds. They will move to let a lof of people go before December 31, since they specifically restructured the plan to save money when they let employees go before then." - @KIMpRmr-mdv
11 replies (most recent on top)
Here's the link:
https://www.ah-prod.com/hpebennav/pdf/hpe-ae-whats-changing.pdf
The last section shows the changes to the 401k matching taking effect next year.
I was looking at my 401k at Fidelity yesterday, and it's clear that HPE does quarterly matches at the end of Feb, May, Aug, and Nov. I know that CSC does a single annual match at the end of December, but HPE isn't quite that sleazy... yet.
They made a change to our 401k matching. Instead of matching each paycheck they do it all at once on Dec 31st and only if you are still employed on that date. But I thought that was going into affect for 2017... anyone have more details?
No, no... I believe the Dec 31st thing has nothing to do with the HPE FY, but with the pension plan management fees or something like that. I remember reading about the issue somewhere on this site, but can't seem to find the conversation thread. While I keep looking if anyone remembers the issue, please share it with us here.
@bwb is right... HPE is already in Q1.
This new model is true for CSC THIS year, though... and likely going forward for SpinCo.
HPE does not follow calender year, they are already in first quarter fiscal year. @OP you received bad information.
Could someone please explain why Dec 31st is so important? Is it related to the WFR package? Or the pension plan? Or? Thanks.
Greed is very very unhealthy. Do you ever wonder why philanthropists live so long. They donate there money and wealth and help the weak and down and out in society or to some JUST cause. Amazing executives can be so cruel and inhumane when it comes to actual people who want to make a company successful. Employees are just abandoned. Poof cut from the rolls. It's like pushing people off a boat in the middle of an ocean to fend for themselves. Retribution for these executives may not come today but will in the life after.
@xtl, what makes you think anyone at HPE gives a crap about negative PR? Or their employees, they are just overhead expense. Wall Street loves layoffs and Meg loves money so there you go!
What's so important about December 31?
HPE management can't do that. They now need to wait after Jan 1st, or they will face a disastrous negative PR.