Company has said they are reducing 401k match by .5% next year. I'm miffed.

Oct 8, 2024
9:40:07am

Avery All-American

No reason given, revenues seem to be doing well. It was announced at the bottom of an email from HR about annual enrollment.

The perils of working for the man...

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Avery

Bio page: Avery
Joined: Aug 26, 2009
Last login: Oct 8, 2024
Total posts: 21,345 (1,400 FO)

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Messages

Author

Time

Company has said they are reducing 401k match by .5% next year. I'm miffed.

Avery

9:40am

C-suite getting big increases?

HFF

9:41am

Grrr.

IdahoCoug

9:41am

The perils of not working for the man....no 401K.

Ycrazy

9:44am

Even if revenue is doing well, maintaining margins has become increasingly difficult with costs going up all over

WDaddy

9:46am

Not working for the man = 0% match (-7.5% if you consider FICA as retirement contributions).

Byron McNertney

9:46am

So what is the total % match?

fulano

9:50am

Its going to be a whopping 2.5%.

Avery

9:53am

wow. I feel fortunate to have had 6% match my entire career

fulano

9:54am

That is what I used to have.

Avery

10:00am

We reduced match due to budget constraints, I assume the same for your company

Projectoor

9:50am

IMHO, that can't be a great sign. Seems like a relatively small cost savings that will result in lower morale. Perhaps

slappy

9:51am

Often times compensation isn’t determined by the employer’s financial health as much as what the people offering

cheezedawg

10:01am

Agreed. Most any employer will pay the absolute minimum necessary to keep key talent. Cutting the 401k match is

slappy

10:07am

How big is your company?

macdizzle

9:56am

Says 10,000+ employees on our linkedin page

Avery

9:59am

If you accept it then it becomes your fault.

Q-grr

10:11am

My employer (state govt) mandates a 7.5% contribution, but matches 7.5%

AggieWeekendCougar

10:31am

So my company announced at the first of the year

vandalcoug

11:38am

Can vary on industry and company size

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