It shouldn’t be legal for a company to displace you in November and not have to match 11 months 401k contributions
16 replies (most recent on top)
All this Nay Say BS about being let go just before the 15th and not getting the match. No one can provide a single verified instance or name related to this.
To the contrary those who’ve been let go at any point in December got the match. Only those Laid Off (read not terminated for cause) Sep 30 and earlier miss out in the match.
The trash on this site is comical.
Perfectly legal under ERISA rules. I’m sure thousands of plans do this nationwide. Plans can set their terms for safe harbor matching. Been done for years. Class action would be thrown out before ever getting to court.
Reflecting on the shift to an annual match, it's evident that it was a mere cost-cutting tactic for the bank. To transition to a yearly match, only to lay people off just before the payout, is beyond exploitative. While "egregious" captures the sheer audacity of this act against human decency, it still seems insufficient to convey the depth of their betrayal.
Lol when warren buffet says your bank has a Wall Street problem.. it is bad. What will they think of next
This enhancement to corporate thievery was brought to you by Shart and Powell.
It should be illegal, but that would require the masses to focus their energy on real issues. Hint hint for all you fringe folks on both sides fighting over nothing while an entire class of society was destroyed.
Yeah, I keep hoping for a new pandemic to F RTO, but so far no luck. I was WFH for years before da Vid, so it really had no impact on me. RTO is the real disease.
Trust me. They had legal do a thorough analysis and they went to yearly match because they knew exactly what they were doing. In retrospect, we should have run, but forget COVID halted us for two years. What a complete joke this century has become so far.
Unethical behavior from the company. We scrape pennies together to retire and Shart squeezes us on being able to access our match. Provably his most aggregious action of blatant abuse of us peon employees
Legal, maybe, a court can decide if it would be considered earned income. Ethical NO! A law/hr position by crooks for crooks.
I think if you are 65 and displaced you do get company match funds
Back to Class Action.
Wells Fargo pushes back, saying everything they do is “perfectly legal” until someone takes them to court and proves them wrong. They claimed it was “perfectly legal” to have proprietary funds in our 401Ks (No ….corporate self-dealing) And they also were caught overcharging us for company stock in our 401Ks.
Charlie & Co are no better, probably more cunning.
perfectly legal and it's all in the employee handbook book although one of those things where your only two recourses are to complain or quit. I guess you could always call your local Congress person.
Why should it not be legal? Maybe immoral or not employee friendly. I'm sure CA has some sort of law.
Same issue if you're not here on the payout date of your bonus. It's a little different now that the bonus is paid earlier but used to be the same thing.
Wtf? You must not be an employee.
I’m lost. Are the employer contributions not made monthly throughout the year?
Class Action
They already got caught screwing us in our 401Ks two other ways.