Companies stopping 401k matches

Here's something we can agree on. Defined benefit pensions have all but disappeared with the advent of 401-Ks and now the matches are disappearing, too. If McCain is elected, health care will be next.

Management: You're already getting a $5,000 a year tax credit why should we pay for your damn health insurance?

 

This state of affairs sucks, no doubt, but let's be careful not to treat either the retirement benefits or the health benefits as an entitlement. Ultimately, you're responsible for your own retirement and your own healthcare. We've been conditioned to believe that someone else (government, our employer) is going to take care of us.

 

It's not that the employer is taking care of us. When I began work at my company, that was part of the deal I got. So much in salary each year, and so much would be contributed to a pension fund, plus so much would be matched to my 401k. First the pension went, then the 401k match. It's not like my salary went up to make up the difference in what those benefits cost. My company is effectively paying me less than they were several years ago.

No one was "taking care of me." I EARNED those benefits with my hard work.

 

Exactly. It was part of an overall compensation package, not something employers gave because it made them feel good. Salaries are getting lower in terms of real dollars AND companies are taking back more through the removal of benefits.

 

Holy crap. I would have at least $500,000 saved if my company had done that.

 

Fine points, gentlemen, but you have the freedom go out and find a better deal than the one that has evolved for you. The company is going to look out for its own interests. It's up to you to look out for yours.

 

Yes, yes, I'll be sending resumes out to all hiring newspapers right away!

I'm sure when your job is outsourced you'll be very sympathetic to the company.

 

Employees and companies primarily have shared interests, which is how pension and health benefits evolved in the first place.

 

Yes, yes, I'll be sending resumes out to all hiring newspapers right away!

I'm sure when your job is outsourced you'll be very sympathetic to the company.

 

Our place stopped contributing this year. Considering the depth and breadth of the other challenges here, I don't think that is likely to resume any time soon.

 

More of the Good Old American Lowest Common Denominator approach to labor which is, "Hey, motherfucker, just be glad you HAVE A JOB." My grandfather worked his ass off in a steel mill for 44 years and saved every dime he could to give to his kids so they could get educations and not have to deal with bullshit like this.

 

Delta contributed 2% automatically, whether you contributed or not. Then matched to 6.

USAir matches to 6, though I don't know if they contribute regardless.

Either way, just keep flying!