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Megacorp to resume matching
Old 09-28-2009, 12:07 AM   #1
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Megacorp to resume matching

Well, good news from our MegaCorp. Baring another meltdown, it looks like matching is coming back January 1st so I will get another 7.75% added to my retirement pool. Every little bit helps. Of course, being cynical, I suspect our CEO's pay will go up too since we made it through the recession more or less.

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Old 09-28-2009, 09:49 AM   #2
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That's wonderful, bssc! That should really help to beef up your retirement nestegg.

I contribute the max to my TSP, so the gummint adds 5% which is partly match. It does help, and 7.75% is outstanding.

"You can never cross the ocean until you have the courage to lose sight of the shore." - - - C. Columbus
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Old 10-03-2009, 07:05 PM   #3
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And people wonder why employees aren't "loyal." When CEO's set the example of "get what I can," companies shouldn't be surprised when employees act the same way.
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Old 10-04-2009, 12:53 AM   #4
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good for you bssc. Im still waiting for that announcement from my co.
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Old 10-04-2009, 05:16 AM   #5
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We are going to start matching again also. Before cutting out the match, our co did not pass discrimination testing. Now we've learned that we have to put the match back in to pass the test, and possibly go to safe harbor
"And in the end, it's not the years in your life that count. It's the life in your years" - Abraham Lincoln
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Old 10-04-2009, 05:29 AM   #6
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And another megacorp is going from a flat 4% to a 50% match up to 8% of your contribution.
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Old 10-04-2009, 03:09 PM   #7
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Our match is coming back also. They dropped it from 4% to 2% for the 3rd and 4th qtrs but will resume 4% on Jan 1st. Also bringing back a dependent scholarship program. Beyond the personal benefit, I am even more pleased that it implies the outlook is positive for 2010. When they sent the "special announcement" around, I was expecting the match was going to zero!
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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Old 10-05-2009, 06:10 AM   #8
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Congrats! My megacorp has not resumed matching on a bi-weekly basis. Instead it's matching on a quarterly basis. My pay cut (on top of the big one I took when I started the job two years ago) is nowhere in sight. They are basically saying go find a new job, and judging by the quickening pace of colleagues leaving for better opportunities, I'd say that is the interpretation my colleague are making as well.
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Old 10-06-2009, 07:06 PM   #9
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When they cancelled our match last spring, I calculated the savings and it was a pittance.....esp compared to the sheer waste I see going on. A co-worker complained that "it's one thing to patch the roof, but why the hell are they paving the parking lot!!" I think the real cost is in worker morale and lost productivity, but if the real goal is to run folks off they are more clever than I generally give em credit for.

...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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