Updated Dec. 6, 2012 at 12:01 p.m.

Premium Lock IBM changes 401(k) contribution plan; some workers revolt

Published: 2012-12-06 07:59:00
Updated: 2012-12-06 12:01:54

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IBM

IBM announces that it will no longer make 401(k) contributions to employees on a twice yearly basis but only annually in 2013. Plus, employees must be employed by Dec. 15 of each year in order to receive the company's match. The move angers IBM some employees, and the union seeking to represent them wants the decision reversed....

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As much as I don't like what happened, I like even less Lee Conrad, who is not an IBMer, with his union that doesn't represent IBM or most IBMers, calling on IBM to change. We don't need Lee Conrad to do that, we are perfectly capable of expressing our opinions ourselves, to the right person, which is one of the many reasons why we don't need a union. As for the comment about the Holocaust, as an orthodox Jewish IBMer I don't believe that one book and many commentaries on this theory about IBM makes it true. These are my own views.
I always apreciate the comment that indicate employees should be appreciative of any benefits an employee deigns to grant them. Increase health insurance, co-pays, deductibles? Be glad you have a job. Change the 401K so they pay nothing if you are terminated before 12/15? Be glad you have a job. No raises in years? Be glad you have a job. Cut wages because "times are tight"? Be glad you have a job. Huge CEO Bonus - Great Work cutting personnel expenses - you deserve it. Used to be that when a corporation benefited, workers did also. That started changing in the 1970's and has been snowballing since.
IBM has the same mentally it did back when it started to grow. (in the 1940’s) They are the same holocaust people just read the real history of IBM. It will never change as long as that generation is still alive. Just layoffs to offshore. Seven years ago over 120,000 + in the USA and 400,000 strong. Today look what you have
They should pro-rate their contribution if folks are laid off-that would be fair. I also agree, they should be glad they are still GETTING it at all. Many do not.
I'm impressed that a company is still making 401(k) contributions. I think the employees should be happy they still get the benefit. It could be worse. IBM would be well within their rights to discontinue that practice.
Correct: as the internal email states - "Beginning January 1, 2013, IBM is changing the timing of the IBM match and automatic contribution for our 401(k) Plus Plan and Excess 401(k)Plus Plan from semi-monthly to an annual contribution at the end of the year."
"IBM announces that it will no longer make 401(k) contributions to employees once a year rather than on a semi-monthly basis starting in 2013." this makes no sense as published. Reading between the lines I think the author meant that IBM WOULD BE MAKING 401K CONTRIBUTIONS ONCE A YEAR instead of monthly or bi-monthly. In essence keeping that money and the interest on it for corporate profits.
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