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Could companies stop matching 401k contributions?
Old 07-18-2008, 11:29 AM   #1
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Could companies stop matching 401k contributions?

Oh great...another unintended consequence.

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Old 07-18-2008, 12:04 PM   #2
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a lot of plans don't match anything already.

I've also seen a bunch that on top of not matching bill the participant's accounts for the admin fees.
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Old 07-18-2008, 12:56 PM   #3
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No match here.
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Old 07-18-2008, 01:00 PM   #4
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Wow. I didn't know there were companies that did not match at least something. I guess I should be glad my company 50/100 up to 10%.
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Old 07-18-2008, 01:02 PM   #5
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100% to 6% + around another 1.5% lump sum every year because they love us... then again, they can afford to do that because of the line of business we're in.
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Old 07-18-2008, 07:46 PM   #6
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This was the first thing my former company cut out earlier this year when business went quiet.
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Old 07-18-2008, 07:52 PM   #7
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After fighting with my boss for years he finally gave in and offered us a SEPP.

He didn't contribute a dime, cheapskate!

I'm glad that's all over with.
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Old 07-18-2008, 07:56 PM   #8
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Quote:
Originally Posted by GatorBuzz View Post
Wow. I didn't know there were companies that did not match at least something. I guess I should be glad my company 50/100 up to 10%.
My experience is that Silicon Valley startups put a 401k in place when they reach a couple of dozen employees but don't start matching until they are profitable. Of course many fail before that happens.
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Old 07-18-2008, 08:39 PM   #9
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50% match up to 6%. Recently added it. Before there was no match. A friend works for a company that used to match and then stopped. They gave notice that the plan was changing next quarter, but nothing anyone could do. It's a benefit and companies can change those as they will.
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Old 07-18-2008, 08:51 PM   #10
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I get .50/1.00 for first 2% and .25/1.00 for next 6%. Total max of 2.5%. That's the worst of anyone I personaly know but it could be worse. After they dropped the pension plan in '07, they also included a 3-5%(depending on profit) annual payment to 401K as a replacement to the traditional pension, as long as you contribute at least 3% every pay period.
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Old 07-18-2008, 09:00 PM   #11
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No match but can't complain, I only work 18 hours/wk and employer pays full health/dental/vacation & sick time.
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Old 07-18-2008, 09:18 PM   #12
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No match but we still have a traditional pension.
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Old 07-18-2008, 10:00 PM   #13
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For what it's worth, 100% of the first 5%.
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Old 07-18-2008, 11:43 PM   #14
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66% of the first 6% plus a small company performance based lump sum. I'll take it. Plus bonus. Plus a nice employee stock purchase program.
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Old 07-19-2008, 12:01 AM   #15
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Bigmediaco used to match 25% of the first 4%--stopped doing that. BMC used to put 10 percent of salary at end of year in profit sharing/401K. Stopped doing that. BMC also charges all fees against the 401K's balance, including the extra $3.67 to move $55,000 from one fund to another last week....
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Old 07-19-2008, 12:09 AM   #16
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75% match up to 6% (they pay 4%). Nothing to write home about.
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Old 07-19-2008, 12:43 AM   #17
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Many of my family and friends are losing their matching funds and paying more for their health benefits at work. Something to compute when we here phony reports about rising wages from the gov't.
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Old 07-19-2008, 12:50 AM   #18
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What my mega-corp has done is to continually "grandfather" benefits. I missed out on the best benefits, and there have been two "downgrades" since then. What's funny is they always offer the "new" plan to existing employees. I think they do that just to make new employees feel better, like there might be some weird scenario where cutting matching and pension amounts works out to your advantage.
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Old 07-19-2008, 05:03 AM   #19
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My husband works for the State of Delaware. They have contributed $10 per two week pay period until this month. They just announced they can't afford the $260/employee per year and will no longer give him the $10/pay period for his 401K. Last year they raised the employee share of the healthcare and they have turned the retiree healthcare into a Medicare advantage with BC/BS. He retires next year so, after he found out that he was losing his $10 windfall, he came home and laughed. Myself, I was disappointed as I have always considered the $10 as my market play money and used it, within the constraints of his Fidelity plan, to have fun with risky investing.
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Old 07-19-2008, 06:10 AM   #20
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Quote:
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75% match up to 6% (they pay 4%). Nothing to write home about.
unless you're in a plan than gets no match at all
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