Sunday, February 9, 2014

When a Matching 401(k) Plan Isn't

When they say "we'll match your 401(k) contributions", they mean "we'll match them if you stay until the end of the year". Because if you pay into your 401(k) each pay period, well, they don't match that.

AOL tried to institute that policy and it blew up in their faces.

See, Tim Armstrong, AOL's $12MM/Yr CEO, thought that then AOL could keep the matching money for AOL workers who quit or die. And maybe he might not have to pay for distressed babies.

AOL, by the way, is not the only company to adopt this 'shaft the workers" routine. Those assholes at Lenovo IBM do it. That's apparently where those copycat numbnuts at AOL got the idea.

It's a great way to hose over some of the workers and put a bunch of money back into the company's pocket. So they can pay larger bonuses to asshats like Armstrong.
on or about

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