You KNOW how much i love my 401(k), would you really do this to me? We’ve fallen in love, and could not bear such a tragedy :( I promise to behave, really. Whatever you wish, i shall do – just name it!
What? You want me to do what? Stop blogging @ work? errr……
Haha, yes, i am all hocked up on coffee and cold medication ;) Seriously though, it’s like my brain work a lot better when i’m in a total state of loopiness…..the words just flow out like butter! warm butter, that is. it’s the only up-side to possibly getting sick…but i digress..
So WHY, exactly, would companies start getting rid of their 401(k) matchings? The Economy – plain and simple. Here’s a clip from a recent CNNMoney article i just read:
“[In a slowing economy] it’s reasonable to assume that some employers will reduce or even eliminate the 401(k) match,” said Frank Boucher, of Boucher Financial Planning Services in Reston, Va.
Any well-drafted 401(k) plan allows the employer discretion to change the company’s matching policy at any time, Boucher said.
It’s all about weathering the storms i suppose. And I have a sinking feeling our company could be next…i don’t have anything to back that up, but i’m pretty sure changes are coming in ’09, and that seems to be a favorite to cut.
I know not everyone cares, or even particpates, in their retirement funds (naughty, naughty!) but when you’re getting matched 100% of 100% of your contributions, it’s a big deal! That $15,000 i threw in so far this year has rewarded me handsomely with an extra FREE $15,000!It’s seriously insane.
All that being said, what’ll happen will happen no matter what my feelings are on it. After all, if it’s between firing a couple of us OR losing our generous benefits, then by all means slash away! The money is nice – okay, HOT DIGGITY nice – but my employment is better. I like it here and i don’t wanna go anywhere :(