Sunday, December 21, 2008
While the execs keep their bonuses and perks
You will be lucky to keep your job. And remember when they took away your pension and said the 401k is a much better idea because you can control it and stocks always go up? Well now we know that stocks can go down very far and very fast, but if you don't need it now it will still grow with that company match, right? WRONG, Dogbreath! As the economy tightens up, that match is disappearing.
When the FedEx Corporation slimmed down its pension plan last year, it softened the blow by offering workers enriched 401(k) contributions to make up for the pension benefits some would lose. But last week, with Americans sending fewer parcels and FedEx’s revenue growth at a standstill, the company said it would suspend all of its contributions for at least a year...So you get to keep working a little longer and when retirement comes around you still need a job to afford the heat and food. As we say at my office, we can always be greeters at Wal-Mart where we will aspire to be like Jeff Dunham's Walter.
..FedEx is not the only one. Eastman Kodak, Motorola, General Motors and Resorts International are among the companies that have cut matching contributions to their plans since September, when the credit markets froze and companies began looking urgently for cash. More companies are expected to suspend their matching contributions in 2009, according to Watson Wyatt, a benefits consulting firm.
For workers, the loss of a matching contribution heightens the pain of a retirement account balance shriveling away because of the plunging stocks markets.
"Welcome to Wal-Mart. Get your shit and get out"
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