Here's article from last year, acquisition is complete. All companies using Prudential 401K will be notified this week.
https://www.marketwatch.com/story/empower-to-buy-4-300-retirement-plans-from-prudential-in-deal-worth-3-55-billion-11626892893
The GF person who took kickback for transition from fidelity to Prudential, left the company immediately after GF 401K transferred. Google it.
@1whm Cost savings. All the upper management are narcissistic bunch of id--ts is all I can say. As they say you get what you pay for was so evident with prudential when I tried to take loan from my 401k it was outright unbelievable. The upper management are traveling around everywhere for no apparent reason. All this while they could work from home and now suddenly they want to travel and spend money on travel meanwhile when tools and everything else is needed they do not have money.
401K = Prudential
RSU = Morgan Stanley
ESPP = Fidelity
Why ?
Mr. CFO, the move from Fidelity was done prior to your tenure, please build goodwill with rank and file employees and move 401K back to Fidelity.
Thank you.
Prudential is "simplified". Don't you LOVE the limited choice of mutual funds, and having to open a PDF to view data on a given fund? It's so retro looking at graphs on (digital) paper. Neat!
Maybe @OP is right. GF is the last job listed for the person on LinkedIn. Not sure of which adjective to use if they retired after screwing up a bunch of other people's retirements.
I remember when GF was making this switch to Prudential. I asked many times why GF was doing it. As it appeared there was no benefit to us in such a switch. Therefore GF must be getting some kind of kick back from making this move. The various management I asked could not answer the question. I asked multiple leadership personnel. And no one knew the answer. In this case they didn’t make up some false answer, but just simply no one knew why or understood why. Which in of itself is very bad. Good they didn’t lie or make up a story , but bad that no one understood or had a clue as to why. The leadership truly is inept.
How is this not bigger news?
https://www.edelson-law.com/employee-benefits-erisa-cases/globalfoundries-retirement-plan-violation/
Fidelity is way better than prudential
Yes …. Bottom line what this mean?
Is fidelity better or worse then prudential?
I was feeling alright after my recent bonus and raise until I was reminded of this
Instead of kickbacks, what's more probable is the peter principle was in full effect with LS (IMO).
There's a recurring theme in nonmanufacturing departments where they're expected to cut costs and the decisions they make as a result are downright awful. No accountability because the decision makers end up leaving. No checks and balances, no failsafes. Imagine introducing a process without PCRB (Finance, HR, IMIT etc)
There will be no change to the poor service currently received.. Acquisition will be transparent.