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

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Oct 8, 2024
9:46:08am

WDaddy Truly Addicted User

the P&L. It is unfortunate though that they chose to cut from their employees.

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WDaddy

Previous username: WeddlesDaddy
Bio page: WDaddy
Joined: Jan 10, 2007
Last login: Oct 8, 2024
Total posts: 68,097 (25,375 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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