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by sprky777 on March 16th, 2009
by Genome.max on March 16th, 2009
What do you think of this statement? "Union membership is one of the most elemental human rights." - Ronald Reagan
by Wynper on February 23rd, 2011
| 8 people like this
Do you think that union strikes have outlived their usefulness?
by DA BEN DAN yanggui zi on June 16th, 2011
| 2 people like this
Whether you are a union or non union worker how have some of these union actions affected your life?
by Wynper on March 1st, 2011
| 3 people like this
Are there any AB members who belong to a Union who are against collective bargaining?
by RosieGHM Jetpacker on March 6th, 2011
| 1 person likes this
Prisoners forming a union? What do you think of this:
by DA BEN DAN yanggui zi on March 16th, 2011
| 1 person likes this
You're reading Does anyone else think 401 ks are a joke? Just another way for your employer to screw you one last time!!
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Comments
my employer does match, however a good friend of mine just got laid off, the employer can keep their money for 5 years, and like you say with the stock market down, that employee had over 50k in it, and now they have 5k... in another 4 years they will have nothing.. I think its a rip off..
by fantasy child on March 16th, 2009
they have to keep the matching money in the account for a period of time called 'vesting'. After that it is fully theirs.
The stock could recover all of it's previous value and nothing will be lost, if your friend can wait it out. Early withdrawl has another penalty besides losing vesting, there is a 30% tax penalty also.
by sprky777 on March 16th, 2009
vesting doesn't take 5 years. she and most understand early withdraw. she was asking to roll over to her bank into an ira, (with is NO fee's or penalties) but they told her they would send her what was in the account after 5 years. that is so NOT fair, they didn't want her so they laid her off, but they sure want to keep her money...
by fantasy child on March 16th, 2009
I don't know all the tax laws, etc. I do know that the employer has a fiduciary responsibility to act as a trustee for the funds per IRS guidelines. It's not like THEY (the employer) can use the money or anything. If your friend placed those tax-deferred funds in the stock market, your friend lost money like everyone else in the stock market.
It is unfortunate for your friend though.
by Scifisuz on March 16th, 2009
I agree,but whats more unfortunate is they have a legal right to keep her money for five years. She can't do anything about it. Now that is sad
by fantasy child on March 16th, 2009
they can only keep the matching funds and dividends. The money she put in she can get back out at the current stock value.
by sprky777 on March 16th, 2009