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Old 11-10-2008, 10:44 AM
 
Location: Cape Coral Fl /Randolph NJ
12,418 posts, read 22,609,642 times
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My company just informed us as of 01/01/09 they will no longer contribute the company match..urgh
any other Jerseans have this happen
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Old 11-10-2008, 10:53 AM
 
Location: Martinsville, NJ
6,103 posts, read 10,279,939 times
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Quote:
Originally Posted by njkate View Post
My company just informed us as of 01/01/09 they will no longer contribute the company match..urgh
any other Jerseans have this happen
It's not just Jerseyans, Kate. It's happening all over the nation, and will likely happen even more as companies prepare to be taxed at higher rates in the next four years.
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Old 11-10-2008, 10:54 AM
 
1,462 posts, read 3,815,527 times
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It's happening more often than you think. Did they say they were SUSPENDING the match or terminating the match? Little difference there.
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Old 11-10-2008, 10:55 AM
 
3,859 posts, read 8,825,619 times
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I am very sorry to hear that Kate. I did see on tv that this would be one of the first "benefits" to be either decreased or eliminated by companies to save $$. My husband's 401k match is dependent on how his company does-however there is a minimum amount that he receives regardless of how the company does. It appears that will be changing-this year they changed the formula for the match and it appears that he will receive less of a match. I have not read through the literature yet but from a glance, I believe it will mean less of a 401k match for him now and in the future. He works for a fortune 100 company that is doing better than most.
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Old 11-10-2008, 11:13 AM
 
Location: NJ
12,284 posts, read 29,557,537 times
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at least you have a 401k
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Old 11-10-2008, 11:30 AM
 
Location: Cape Coral Fl /Randolph NJ
12,418 posts, read 22,609,642 times
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Quote:
Originally Posted by tahiti View Post
at least you have a 401k

I could do it on my own, only difference is it's after tax..but then I won't be taxed when I withdraw
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Old 11-10-2008, 11:31 AM
 
Location: Cape Coral Fl /Randolph NJ
12,418 posts, read 22,609,642 times
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Quote:
Originally Posted by SweepTheLeg View Post
It's happening more often than you think. Did they say they were SUSPENDING the match or terminating the match? Little difference there.

Suspending indefinitely
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Old 11-10-2008, 11:34 AM
 
1,462 posts, read 3,815,527 times
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Quote:
Originally Posted by njkate View Post
I could do it on my own, only difference is it's after tax..but then I won't be taxed when I withdraw
Wait, you have a Roth 401(k) with no match? Yikes. I would go extremely conservative with that IMHO.
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Old 11-10-2008, 11:34 AM
 
Location: Cape Coral Fl /Randolph NJ
12,418 posts, read 22,609,642 times
Reputation: 9719
Quote:
Originally Posted by nicolem View Post
I am very sorry to hear that Kate. I did see on tv that this would be one of the first "benefits" to be either decreased or eliminated by companies to save $$. My husband's 401k match is dependent on how his company does-however there is a minimum amount that he receives regardless of how the company does. It appears that will be changing-this year they changed the formula for the match and it appears that he will receive less of a match. I have not read through the literature yet but from a glance, I believe it will mean less of a 401k match for him now and in the future. He works for a fortune 100 company that is doing better than most.
Yes, I guess it was coming. I hear Pelosi I hate that ****** wants to make 401k's after tax..who knows. I'm waiting now for the other shoe to drop and have my company tell us "wage freeze" no raises
At this rate and with Obama talking about another unemployment extension I wish they would just bring me box & severance ( unless they cut severance out too) I'd stay home and finish the house..painting etc so when the housing slump is over it's ready for sale
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Old 11-10-2008, 11:37 AM
 
3,859 posts, read 8,825,619 times
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Quote:
Originally Posted by njkate View Post
Yes, I guess it was coming. I hear Pelosi I hate that ****** wants to make 401k's after tax..who knows. I'm waiting now for the other shoe to drop and have my company tell us "wage freeze" no raises
At this rate and with Obama talking about another unemployment extension I wish they would just bring me box & severance ( unless they cut severance out too) I'd stay home and finish the house..painting etc so when the housing slump is over it's ready for sale
I have heard the ramblings about certain members of congress wanting to end the 401k as well. They want to force you to put the money into something that amounts to Social Security 2 -with no tax break and something like a 3.5% return. No thanks. If they try it, let's hope enough people revolt and tell them to stick it.
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