When this program was halted, does anyone know if they will still match us up until the time it was suspended? I would hope they will pay what they promised until they decided to cut it.
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Keep in mind that Carl has in the past gotten rid of 401K match at other companies. The covid bit is just a convenient excuse for them.
I would not plan on seeing the match coming back
Xerox should be contractual obligated to match up to September 2020 when they sent out the letter.
No. No, we don't get a dime of it for 2020, at all. I'm not a betting person but I'm gonna go off on a ledge here and bet we won't get any match next year either. They say we will get 2021 in January of 2022 BUT just like this year, the pandemic ain't going anywhere so they'll play along for as long as possible before confirming the same fate.
Oh, promises exist at Xerox.
Actually KEEPING promises is what's lacking around here.
There is no such thing as a promise at Xerox.
Being the “Tech Powerhouse” that we are, it’s what all big powerful caring companies do. I’m sure Xerox used Leadership Through Quality to benchmark again their peers - Applebee’s, 7-11, and Denny’s. (Sarcasm Intended)
First keep in mind that Xerox moved from retirement fund of 5% to 401K and reduce it to 4% and adding you must match to get it. Over time it went from per pay period payout to once a year and 3%. In Sept they announced that they would not pay out for 2020. Which at this point there was nothing you could do (in my case I could have put 3% into my wife's 401K match).
I agree this is the end of Xerox providing any kind help with retirement. You are all on your own.
In 2019 they moved to putting the match in at the end of the year, or perhaps it was on Jan 1st of 2020. The next match would have gone in Jan 1 2021, so it's highly unlikely they will match for the first few quarters then.
Personally I believe moving the match to the end of the year was done so that they could pull this sort of option if they needed the money. It also saves matching for anybody that retired or was let go.
If we do "come back" and have a good 2021, it would be nice if they returned some of that money in the way of a bonus or larger 401K match, but I just don't see that happening.
It's not coming back. Icahn and his cronies will use the matching funds to line their pockets via dividends on the company stock.
There will be zero payout to any of us; this was communicated in one of the ridiculous emails sent by V-Sleazy. IMO, this was the intention from the beginning of changing out the payment structure of the company match to yearly from every pay period. They are pocketing the money by way of saying they doing it to keep the insurance rate from going up. I have insurance though my spouse, so basically took another pay-cut on top of the bonus program going away and no raises.