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Companies stop contributing to employee 401ks to save money.

http://www.bizjournals.com/birmingham/stories/2009/02/23/daily59.html

Regions has quit matching contributions to employee 401ks.  Company matches may not be much, but as tight as money is for everyone, every little bit helps.

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Re: Companies stop contributing to employee 401ks to save money.

  • Wow.  That really, really sucks.

    However, I think I'd rather them stop contributing and me keep my job, then have them contribute and have to fire me.  So scary.

    I hope they can get back on track and start contributing again soon.  

  • The smaller family owned companies are doing this too. The company my husband used to work for did this just last month.

  • Wow..I worked for a company a few years ago and still have some friends there and they said that they weren't turning on all the lights because there they have a lot of windows and are trying to use some natural sunlight.

    Erin~N~Gregg 6/30/07 Project 365 imageCafeMom Tickers
  • Yeah it is crazy what people are doing to stay afloat right now.  Our company cut all internal contracts (which basically means a huge pay decrease across the board), and if you are admitted the "basic" supplies that come with a room are being cut- patients used to get two pillows now only one, etc.  It is just insane how bad things have gotten!
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  • DH's company which is media based stopped matching their 401ks a few months ago and a few weeks ago announced that all employees had to take 10 days off this year w/o pay. But I agree...I would much rather them do some of these things than cut jobs.
  • my co doesn't match until you've been here 5 yrs and are considered fully vested.  I didn't get a merit increase (another story) and people who did only got up to 2% (which isn't much, but something is better than nothing).  We have stopped all open rec's or transfers in the co.  We do a lights out on Fri's (I love it personally as I hate the flourescent lights) and there are other ways we are saving on money.

    I agree, I'm happy to have a job but sometimes it doesn't seem worth it if you're absolutely miserable.  Again, I am grateful as I feel bad for those who have lost their jobs.

  • imageaubie96:

     I didn't get a merit increase (another story) and people who did only got up to 2% (which isn't much, but something is better than nothing). 

    I had an employee complain about the size of their merit inc. this year. I wanted to be like, Are you kidding me? Do you know how many people in this country are not getting a merit increase or even worse, are out of a job?

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