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GM stops 401(k) matching payments

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posted on Oct, 26 2008 @ 01:04 AM
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GM stops 401(k) payments


www.bizjournals.com

In yet another sign of its financial trouble, General Motors Corp. will halt matching payments to all employees’ 401(k) savings plans.


“GM, like most corporations, continues to align its resources with its business needs to create a more competitive company for the long term,” the company said in a prepared statement.
(visit the link for the full news article)



[edit on 26-10-2008 by Karlhungis]

Mod edit: Altered title to better relect story

[edit on 10/26/08 by FredT]




posted on Oct, 26 2008 @ 01:04 AM
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Man, you have to think that this is a sign of things to come. My own company has reduced its 401k contributions from 12% to 7% in the last few years. I wonder how many other companies are going to choose to stop contributing to employee retirement?

I think the new mantra going forward will be "Hey, at least you have a job."

www.bizjournals.com
(visit the link for the full news article)



posted on Oct, 26 2008 @ 01:06 AM
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The company that I work for has stopped their 401k contributions as well. Nowhere as big as GM though.



posted on Oct, 26 2008 @ 01:09 AM
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Thanks for the good news, friend-o.

"Hey...at least I have a job."

Still[?]-steady contract work for *cough* GM.

My beloved/maligned hometown of Detroit is sinking fast. It's a damn shame. But not a surprise.

If anybody out there is going to mass tomorrow, light a candle for the Motor City. We need all the help we can get.



posted on Oct, 26 2008 @ 01:40 AM
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reply to post by Karlhungis
 


Another sign things are getting worse, not better. I would hate to find this out if I were an employee of theirs. I lost all of my 401 k money 5 years ago when the company I worked for went bankrupt. Apparently they had invested all our money in the company itself, and we had no recourse, we were all told that it would be handled through bankruptcy court and that we would get our money when the case was distributed. I recieved a letter telling me that I was eligible to recieve funds back, but no funds were available to fufill that obligation. In other words, I was screwed out of my money. It hurt. I am in my forties, my 401 k was very important to me and I had opted to put in much more than required or suggested, trying to save for my retirement.



posted on Oct, 26 2008 @ 01:52 AM
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reply to post by space cadet
 


I'm sorry to hear about that, cadet. Unfortunately, I think what you experienced five years ago is what a LOT of Americans will be suffering through in the years to come. In fact, "think" is putting it mildly.

The good news, I hope, is that you've at least had a five year head start on what so many of the rest of us will endure in the months and years to come.



posted on Oct, 26 2008 @ 02:23 AM
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Isn't someone proposing a bill to get rid of 401k's? It's a pretty bogus bill overall, but they offer to give pay the balance of the 401k before the collapse so that people will be enticed to take it.

Any chance the bill was introduced by someone who can be tied to GM?



posted on Oct, 26 2008 @ 11:37 AM
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401 K plans were the biggest deception and rip off since the junk bonds scandal of the 1980s. I feel bad for anyone who invested in them. I don't see any reason to continue putting money into a dead system. There is almost no chance of getting a good return anymore. Start searching for alternative retirement package methods. Even if 401K plans recover it will take 10 to 20 years to recover the losses from the past two years and that's if the economy turns around right now, which is not going to happen. Too many bubbles have burst.



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