I just received an email telling me that Xerox is not giving me my 2020 401K matching contribution! I knew when they changed the program last year from a quarterly match to an annual match, that they would find a reason to f— us over once again. I risked my life working through this whole lockdown, AND THIS IS THE RESPECT AND THANKS I GET? F— XEROX!!
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@4eex+
It was posted on the same place the change to the severance plan was back in 2018.
If Xerox is a Safe Harbor 401(k) then the plans to cut matching funds should have been released no later than 31 August, if I am reading the laws correctly. This would have given us time to redirect our investment into retirement to a better place for use. I was ready to retire this year but opted to stay until Feb 2021 just to get my match. Oh well....looks like another year wasted in my life that I'll never get back. Thanks Xerox! You s—!
I'm not sure; but if Xerox's 401K follows Safe Harbor rules, which I would be surprised if it doesn't, the 'annual' match would have to be 100% vested. If correct, it's another reason for Xerox to cancel it because the goal of Icahn is to make Icahn rich, not to ensure employees can retire and not be in the poor house.
You have to be an active employee on December 31st in order to get the 401k match.
Well, at least that was the way it used to work. Probably never see one again.
How freakin’ broke do you have to be to stay in a job you dislike and want to leave at a company that is failing for a stinking 401 k match. The posters on this site are pathetic.
So do you have to work 1 day in the quarter or 1 month in the quarter to achieve the previous years payout?? February 2021?? I thought it was like vacation payouts by working 1 day in the quarter.
If this action was really a short-term solution, Xerox could have been far more strategic in their approach. I know personally that there are many Xerox employees that have been waiting to leave in February 2021 so they can capture the match. This action will only accelerate the 2020 job hunt and speed up the exodus. Xerox would have been smart to put 2020 match funds into a vesting schedule that could delay payouts into 401K's over a 5 year period with years 2-5 earning 25% of that 2020 amount. This would achieve the goal of short-term savings and build a retention vehicle for the company. Who's running this sh*t show?
Im sure the remaining employees will continue to work long hours and answer emails all day like id–ts. Carl thanks for for your service, s—er
Anyone else working 3% less today? For the year its a little more than 60 hours. So in lieu of our 401k match, I think ill take it in hours and give 300% less F**** about the company.
Why is there always a relax francis person on these threads saying you should be grateful or leave. Isnt half the reason this place is miserable is because so many people have left and now the remaining employees are left to deal with the mess. And btw get paid less and less thru benefit cuts and no raises. You are the problem maybe you should leave.
I recommend Canon on all my calls. Far superior technology and the support is amazing!
They spent $60m on executive bonuses but refused to spend $15M on the 401k match. Priorities!
if it wasn't for all of my vacation time (6wks) I would have left this f—ng company a decade ago!
One thing this company excels at is screwing its employees .
Relax Francis. You're still employed. Xerox pays your salary and covers a portion of your health care and insurance benefits. You're not entitled to a 401k match, it's done at the discretion of the employer, and it's not a mandate. If you don't like their decision then leave.
They took away matching my 401K, but I finally got my 25 year anniversary pin, woohoo!
After offshoring tons of employees to HCL they don't have anywhere close to the benefits exposure they had even a year ago, so holding insurance prices steady isn't as big of a deal as they're making it sound like.
They're trying to preserve cash so they can support the stock dividend, which in turn supports the stock price. Icahn wants both to stay up or go higher, and the executive team, who gets part of their compensation in stock options, wants the same.
So the rest of us pay the price.
@@1igc+176vMxSs, healthcare plan here is horrible now and the deductibles are really high no one can afford to go to the doc. Last time around mine went from 1600 to 3000. the only thing that is sort of decent is the dental. Not sure about the vision, but unless i'm dying, I cant go to get checked out anymore.
That same email also said they were not going to raise health insurance premiums.
It sounds like a not very good company to work for. Perhaps there are other companies to seek out.
Now let’s wait and see who is going to stay for more..... it’s like an abusive relationship.
xerox does not care about your blood, sweat, tears or other bodily fluids. All they care about is cutting costs (like you) and satisfying the shareholders. Find something else and until then punch in, punch out and don’t strain yourself.