IBM switches to lump sum retirement contribution

Discussion in 'Politics and News' started by Exterous, Dec 11, 2012.

  1. Doppel

    Doppel Lifer

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    This is a hugely raw deal for workers. But that is status quo for corporate America.

    That said dollar cost averaging is overrated anyway and as far as this is concerned it is still in play--just over a yearly period instead of a semi monthly one.
     
  2. WackyDan

    WackyDan Diamond Member

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    Take someone making six figures and no... Dollar cost averaging isn't overrated especially when you factor those small gains in over the course of many years.
     
  3. OverVolt

    OverVolt Lifer

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    Its not your money if its not under your control. The baby boomers are now learning that the hard way. Of course everyones retirement will get screwed. It only worked while the baby boomers were in their working prime ages. Now that they are retiring top heavy demographics like that and retirement is a huge fail.

    They got screwed over a long, long time ago and are just now figuring it out.

    My favorite example is Cali's $58b pension liability and $3b set side for it. So they're going to have to extract a helluva lot of money from education, law enforcement etc. It'll choke off the economy.
     
  4. nehalem256

    nehalem256 Lifer

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    You mean pensions aren't magically better than 401Ks after all? :confused:
     
  5. Phokus

    Phokus Lifer

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    Holy fucking shit, i take that back pokerguy:

    ARE YOU FUCKING KIDDING ME?

    These aren't even people who work at these companies!
     
  6. Fern

    Fern Elite Member <br> Super Moderator
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    That would be pretty funny because if you're there on Dec 15 you get the 401k match.

    Also, the policy won't begin until the start of 2013.

    Fern
     
  7. Fern

    Fern Elite Member <br> Super Moderator
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    Seems like a sleazy, cheap, tacky thing to do.

    Fern
     
  8. Phokus

    Phokus Lifer

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    So you're saying IBM is a corporation.

    Also why do corporate cocksuckers (aka republicans) exist when these things happen all the time?
     
  9. rchiu

    rchiu Diamond Member

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    So IBM and all corporations are there to make sure everyone lives a happy retirement? Are you really that naive?

    There are state and federal regulation regarding 401k contributions. IBM is either compliant or not with this new policy. They have the obligation to meet the regulations, nothing more, nothing less. Not sure what is there to argue about.
     
  10. WackyDan

    WackyDan Diamond Member

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    Wrong too...

    IBM has to comply with the WARN Act... and provides 60 days notification on layoff... So they would have to announce my demise by early October of that year.
     
  11. WackyDan

    WackyDan Diamond Member

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    There is one argument... That if they layoff workers those workers may have a class action suit to claim their match for that year.
     
  12. ch33zw1z

    ch33zw1z Lifer

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    This is typical of big Corps. Slowly chip away at benefits = increase profits. A price on everything, except morale.
     
  13. Jimzz

    Jimzz Diamond Member

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    Ha, IBM gets around the WARN act all the time; they are pros at it.

    "Even more alarming is that IBM is structuring these layoffs so that they aren't obligated to report them per the Worker Adjustment and Retraining Notification Act (WARN) of 1988"

    http://articles.businessinsider.com/2012-03-19/news/31209499_1_alliance-ibm-workforce-numbers-jobs
     
  14. PokerGuy

    PokerGuy Lifer

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    Those are prospective new employees. I just used that as one example. You said IBM is "notorious" for treating their employees badly. I'd never heard that before. I don't know if it's true, just saying I've never heard that, I've often seen IBM rated as one of the better employers out there.
     
  15. Phokus

    Phokus Lifer

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    And that's exactly why i said a few posts before yours that IBM's reputation from several decades ago never seems to go untarnished:

    http://forums.anandtech.com/showpost.php?p=34359456&postcount=12

    Anyone who's ever worked there knows IBM is shit.

    Edit, from IBM's union website:

    http://www.endicottalliance.org/

    The shrinking IBM
    US employee population courtesy - IBM's annual reports
    and other sources:
    (Also take into account that IBM was buying companies/employees at the same time.)
    IBM stopped reporting
    US headcount in 2010
    *Alliance Estimate
    2012: *84,500
    2011: *98,000
    2010:*101,000
    2009: 105,000
    2008: 115,000
    2007: 121,000
    2006: 127,000
    2005: 133,789


    My department was outsourced to Slovakia about 8 months after i left the company for another job.
     
    #40 Phokus, Dec 13, 2012
    Last edited: Dec 13, 2012
  16. WackyDan

    WackyDan Diamond Member

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