Will 401(k) plans get worse?
Kleeneze Gavin Scott Silver Premier Executive 1 by raymond_whittaker
License (according to Flickr): Attribution-ShareAlike License
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(CNN) -- IBM, one of America's largest companies, shook the employee compensation world when it announced recently that it would contribute only once every December to its employees' 401(k) accounts. Any employee who leaves before December would not be able to collect the company's match. Workers at IBM aren't marching to the picket line like Walmart workers and longshoreman who protest pay and working conditions, but you just never know. Only about 9% of the nation's employers make matches once a year. IBM's move is paving the way for big companies to go down this road. If I were an IBM manager, I would love this once-a-year lump payment. First, my buddies in Human Resources would have much less hassle with fewer deposits to make. By delaying payment to the end of the year, "the float" -- interest accrued -- would go to the company instead of the workers.
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Teresa Ghilarducci
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Company: IBM
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Teresa Ghilarducci: IBM's change to its retirement program paves the way for other big companies to follow its footsteps.
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Will 401(k) plans get worse?
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