401Ks

Lee stopped paying dividends on its stock. It cut its 401K match in half.

 

I find it kind-of funny how they posted the memo on the men's room door. I guess they weren't thinking of their female employees. Plus, couldn't the paper have a bulletin board, or something like that to post their memos?

As for me, I've just been putting in a small amount into my 401K, with company match. I'd like to put in more, but my budget won't allow it. Those pesky bills and stuff.

 

Let's not act like the elimination of matching funds is a newspaper industry issue only. It's happening in all kinds of businesses all over the country.

 

Yes. Go for it. It might bump your raise from 1 percent to 1.5 if you are really lucky.

 

I'm one of the dumb ones about my personal finances -- which are horrible because of my lifestyle -- which is weird, because when it comes to what SHOULD be done, people come to me for advice.

Kind of one of those "do as I say, not as I do" deals.

 

Four months ago I had a 401K. Now I have a 101K.

 

I started up at 21 and, despite the recent rape of the market, am still in six figures, and buying in cheap now.

If the market bounces back big in the next 20 years, I'm in great shape.

 

Of course it will.

Well, wait... How old ARE you?

 

I did take out a $30,000 5-year loan out of my 401K last November.

Paying myself back at 6.5 percent, year one benefited me.

But, believe me, I hope that by the time the loan is over, I hope that I will have lost some money overall in the tranny.

Frankly, the more the better.

If the loan ends up being a net positive, boy are we all in trouble.

And, if I lose my job, I will be scrambling.

 

Jesus.... are you ... me?

 

I'm not sure where/when it became an employer's duty to supply retirement funds for its employees.

Don't get me wrong. I'm sure grateful for the $175,000 (give or take a few thou) Tribune has handed me over the past 20 years for retirement, and I'm grateful for their 25% match on 401(k)s and for the $780/month pension I will receive.

But I remain mystified why companies do this at all. Maybe I'm old-fashioned (or just from another planet), but I believe an employee should expect money for the hours he works, and anything else he gets (retirement money, pension, 401(k) match) should be viewed as nothing more than a gift.

If I am an employer, having to chip in 6.8% of a worker's salary (FICA) and help pay for his family's health insurance and help supplement his retirement --- all in addition to the salary I pay him --- is going to make me have as small a payroll as I can possibly have.