IBM to end 401K Match
"IBM said it's switching its 5% 401K match and 1% automatic contribution to an automatic tax deferred 5% retirement benefit into a new "Retirement Benefit Account" starting Jan. 1." Best of luck to you dear Watson https://www.usatoday.com/story/money/personalfinance/2023/11/09/ibm-401-k-match-change-retirement-account/71506331007/
WTF
Omg this is ingenious, IBM keeps the money it gave to others for retirement in their own accounts, making IBM function as a bank. Then they earn interest on that money via treasury. So at the end IBM probably makes money using this!
And it will go bankrupt at some point denying that money to retirees. These management dirty tricks need to stop. Strike like autoworkers for this right.
5% ? I expected a better match from big blue. Koch gives out 8% 401k match. And then you can double dip with a HSA which they match at 5% .
But then you have to work in paper
Who said anything about work lol?
Crapy company with slimy accounting trickery.
I got a bad feeling about this.
This needs to be bigger news. The fact that the Pension Benefits Guarantee Corporation has agreed to reinsure this monstrosity is a bad sign for employees everywhere. This *must* be stopped.
First layoffs, then fringe benefits and now this. Others will follow suit