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Old 10-23-2008, 02:52 PM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,500,035 times
Reputation: 6378

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GM suspends payments into 401K plans - Yahoo! News (http://news.yahoo.com/s/nm/20081023/bs_nm/us_gm_1 - broken link)
DETROIT (Reuters) – General Motors Corp (GM.N) is suspending matching payments to employee 401K plans as of November 1 and continues to assess its staffing needs as part of efforts to conserve cash amid a deep downturn in sales, the automaker said on Thursday.
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Old 10-23-2008, 02:53 PM
 
Location: Montrose, CA
3,031 posts, read 8,330,559 times
Reputation: 1961
Well, better than the employees outright losing their jobs. If GM does that instead of cutting positions, I think it's a good choice.
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Old 10-23-2008, 03:50 PM
 
Location: Kansas
3,855 posts, read 12,243,533 times
Reputation: 1722
...they'll still have to reduce headcount. This is an effort to slow the bleeding.
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Old 10-23-2008, 03:57 PM
 
Location: Montrose, CA
3,031 posts, read 8,330,559 times
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Quote:
Originally Posted by drjones96 View Post
...they'll still have to reduce headcount. This is an effort to slow the bleeding.
Better than just pinkslipping more people.
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Old 10-23-2008, 04:38 PM
 
Location: NW MT
1,436 posts, read 3,044,924 times
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Again... jobs will still get whacked also to stop the bleeding.

Is there an echo in here...
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Old 10-23-2008, 05:32 PM
 
Location: Great State of Texas
86,068 posts, read 76,680,348 times
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I'm waiting to see if other corporates jump on that 401K bandwagon of cutting matching deposits.
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Old 10-23-2008, 07:43 PM
 
Location: NW MT
1,436 posts, read 3,044,924 times
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Quote:
Originally Posted by HappyTexan View Post
I'm waiting to see if other corporates jump on that 401K bandwagon of cutting matching deposits.
What choices will they have before long ?

Oh, forgot about the Gov. Maybe they will step in and take over ALL the pension plans in the US and "guarantee" them with tax payer dollars. Ya know... BAIL out the retirement system ! They would LOVE to have the revenue to play with too. Not too far off base either. Heard this mentioned on CNBC a couple days ago.

Can you say SOCIALISM... We are just a hair away from it.
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Old 10-23-2008, 08:41 PM
 
Location: Great State of Texas
86,068 posts, read 76,680,348 times
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Quote:
Originally Posted by Stephan_K View Post
What choices will they have before long ?

Oh, forgot about the Gov. Maybe they will step in and take over ALL the pension plans in the US and "guarantee" them with tax payer dollars. Ya know... BAIL out the retirement system ! They would LOVE to have the revenue to play with too. Not too far off base either. Heard this mentioned on CNBC a couple days ago.

Can you say SOCIALISM... We are just a hair away from it.
Argentina just did that very thing:

BBC NEWS | Business | Argentina to take over pensions

snippet:
"The move will put the government in control of almost $30bn (£18bn) of investments and is aimed at protecting them from the global market turmoil. "
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Old 10-23-2008, 11:03 PM
 
Location: NW MT
1,436 posts, read 3,044,924 times
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Quote:
Originally Posted by HappyTexan View Post
Argentina just did that very thing:

BBC NEWS | Business | Argentina to take over pensions

snippet:
"The move will put the government in control of almost $30bn (£18bn) of investments and is aimed at protecting them from the global market turmoil. "
Ya well... get the fat lady ready to sing... we're next. The really sad thing is that most Americans would fall head over heals for this too. Majority of Americans are gullible and stupid people !
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Old 10-23-2008, 11:07 PM
 
Location: NW MT
1,436 posts, read 3,044,924 times
Reputation: 549
Quote:
Originally Posted by HappyTexan View Post
Argentina just did that very thing:

BBC NEWS | Business | Argentina to take over pensions

snippet:
"The move will put the government in control of almost $30bn (£18bn) of investments and is aimed at protecting them from the global market turmoil. "
Ya well... get the fat lady ready to sing... we're next. The really sad thing is, most Americans would fall head over heals for this too. Majority of Americans are gullible and stupid people ! Slowly but surely we are loosing the most important freedoms this country was founded on. Actually I think we have lost most of the important ones already... not too many left !
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