I decided to go look and it seems 250 is the number at JPM - what a coincidence??? I found the info from multiple sources on Glassdoor - wonder if anyone has their benefit book - then us JPM Jr serfs can get more ideas of what we are in for,
7 replies (most recent on top)
@1set You are the a$$ scrub if you DON'T think this affects all of us. If they take away this benefit from those over $250,000, then what is to stop them from lowering that number to $25,000? I will assume even an a$$ scrub like you make more than $25,000/yr.
If they had come out and said that this benefit is changing for new hires after Jan 1, 2021 then most likely no one would have batted an eye. But they were going to take it away from people already employed here.
I am sure if/when a change like this actually affects your dirty a$$, you will scream like the little b!tch that you are about how unfair it is.
OP, this is true. The 401k plan is much better at WFC even though the match has gone to annual. Those making over 250k get 0% and no access to the ESOP plan. Employees that have been there for a few years get a pension plan that works out to be between 2,000-5,000 per year depending on compensation and tenure.
https://myhealth.jpmorganchase.com/hrgway/api/myhealth/1.0/downloadFile/2019_US_Highlights_Benefits_Program.pdf
@qwt The Latin numeral M denotes thousands, while MM denotes millions. If you are really working at the bank, you may want to understand this concept.
https://corporatefinanceinstitute.com/resources/knowledge/other/mm-millions/
What’s 250M? Do you mean 250k?
@jhv I agree - if they want to change it as of 1/1/2020 for NEW hires then fine. You walk in and know what you are getting but one of the reasons I came and have stayed is the 401k match - it is an amazing benefit and it has kept me here.
I do not make 250M nor am I close but I will be angry for those that this hits because it is wrong. Plain and simple and while it is at 250M what happens when it keeps going down. 250M, then 200M then 150M and so on.
We need to take a stand!
If that is correct, that would be very interesting.
If you go to work for a company and you know that in advance- no problem. Taking it away after people sign up - problem.
This certainly has given me some insight about educating myself regarding all aspects of an offer, rather than just focusing on the base salary.