https://www.theregister.com/2023/11/02/ibm_401k_changes/
"Changes gone down about as well as a hard reboot on a production DB"
7 replies (most recent on top)
I know this s$&ks for us all but take care of your retirement needs and just continue to put as much of your own money in 401K (or Roth 401K).
Treat this new retirement account as part of your bond portfolio (and hope IBM can pay its IOUs).
Typical IBM grab that screws the employees. Horrible place.
Yes cash grab! They'll hit their targets and get their bonuses. Wake up d-mb@$$
Cash grab for Upper Executives? Perhaps.
I see this move as not so much a cash grab but rather a "cash flow grab". In other words, IBM now has a looming solvency problem. Ki-ling the retirement fund is like selling the furniture in your house to pay monthly bills...you'll keep the lights on, but what's the point? Any employees that are left surely know what's happening, and they'll act accordingly. Long-term thinking and planning of any kind goes out the window on both sides...the executives are certainly acting that way, and so will the employees. They have all become short timers.
It's a thinly-veiled benefit reduction.
Specifically designed for Generation Zombies and one last cash grab for Upper Executives. Wake up BoD!
Wow this is so sad for those who know basic investment knowledge but maybe it helps the mo--ns who aren’t able to make good investment choices on their own