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(Yahoo)   Wal-Mart now offering up to a 6% match in its employee 401k. Of course some union has a problem with this   (finance.yahoo.com) divider line 80
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3957 clicks; posted to Business » on 09 Oct 2010 at 10:44 AM (3 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2010-10-09 09:05:44 AM
I like my plan from work better: THEY put some amount into retirement plan, and I have the option of matching it.
 
2010-10-09 09:23:51 AM
Why shouldn't the union have a problem with this? The whole thing is designed to reduce compensation for employees and save Wal-Mart money. A 6% match if the employee opts in and matches 6% is not worth as much to your average employee as 4% profit sharing that they get as part of their paycheck.

Ten bucks says they'll get less than 25% of their employees doing the full 6% when they introduce it. Wal-Mart's cutting benefits and acting like they're doing their employees a favor.
 
2010-10-09 09:36:51 AM
If you'd bothered to RTFA, Subby, you might notice this:

the nation's largest private employer, plans to end automatic profit-sharing contributions.

Which means prior to this, the company was giving a certain percentage into the retirement accounts without requiring a match from the employee associate. This happened automatically, once one completed the probationary period. Now, Wally World makes their hapless drone wait 13 months (as opposed to three) and requires a matching contribution.

Now, I'm not an expert, but when it looks like a major corporation is farking someone in the buttocks, they usually are.
 
2010-10-09 10:09:09 AM
Your typical WalMart worker making $25k a year now has the opportunity to have up to $1500 annually matched by WalMart. With a plan like that I could retire in about a thousand years.
 
2010-10-09 10:16:12 AM
Marcus Aurelius: Your typical WalMart worker making $25k a year now has the opportunity to have up to $1500 annually matched by WalMart. With a plan like that I could retire in about a thousand years.

CORRECT. Plus, they ENDED the automatic profit sharing plan, and now will ONLY put in up to 6% of employee's paychecks IF the employee puts in 6% from their paycheck. Subby says Of course some union has a problem with this. Yes, OF COURSE the union has a problem with this. This is a systematic way for the company to save money on employee wages. YES they would pay more IF 80% of the employees had 6% of their paycheck taken out so that it could be matched by Wal-Mart. What are the chances of employees making so little money actually doing THAT? I'm glad that subby has bought hook, line, and sinker into the tripe that Wal-Mart has spun into an employee goodwill policy. Subby, please let us know who you are so that I can show you several bridges that I have available for sale.
 
2010-10-09 10:33:00 AM
f-s sake, working at walmart s-cks, dont do it. and move if your depressed little craphole of a town has no jobs. or quit expecting a union to force someone to pay you more than you're worth for dead end loser work.
 
wee [TotalFark]
2010-10-09 10:35:31 AM
Marcus Aurelius: Your typical WalMart worker making $25k a year now has the opportunity to have up to $1500 annually matched by WalMart. With a plan like that I could retire in about a thousand years.

You'd retire better on that 25K/year if you had no 6% match? Or would you rather have 4% via profit sharing now versus 12% years down the road? Because one bucket of funds is going to be worth a lot less than the other in 20 years.

Likely the employees want their 4% now, and they don't care about having a lot more later.
 
2010-10-09 10:52:12 AM
wee: Marcus Aurelius: Your typical WalMart worker making $25k a year now has the opportunity to have up to $1500 annually matched by WalMart. With a plan like that I could retire in about a thousand years.

You'd retire better on that 25K/year if you had no 6% match? Or would you rather have 4% via profit sharing now versus 12% years down the road? Because one bucket of funds is going to be worth a lot less than the other in 20 years.

Likely the employees want their 4% now, and they don't care about having a lot more later.


How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.
 
2010-10-09 10:53:36 AM
Generation_D: f-s sake, working at walmart s-cks, dont do it. and move if your depressed little craphole of a town has no jobs. or quit expecting a union to force someone to pay you more than you're worth for dead end loser work.

1/10
 
2010-10-09 10:54:09 AM
dbirchall: I like my plan from work better: THEY put some amount into retirement plan, and I have the option of matching it.

why is YOUR retirement the company's problem?
 
2010-10-09 11:01:21 AM
Ball of Confusion: dbirchall: I like my plan from work better: THEY put some amount into retirement plan, and I have the option of matching it.

why is YOUR retirement the company's problem?


Welcome to FARK Secretary Geitner.
 
2010-10-09 11:10:04 AM
Good news. Those people were never going to retire anyway.
 
2010-10-09 11:24:30 AM
dbirchall: I like my plan from work better: THEY put some amount into retirement plan, and I have the option of matching it.

How ARE things back there in the 1960s?

This idiocy is why everything is now made in China.
 
2010-10-09 11:24:34 AM
Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.
 
2010-10-09 11:36:19 AM
sirgrim: Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.


plus given that they're wal-mart employees, they probably need some sort of forced savings plan anyway.
 
2010-10-09 11:41:28 AM
So many people so easily trolled by the headline. Great job subby.
 
2010-10-09 11:41:59 AM
Just how f*cking poor is your reading comprehension, subby?
 
2010-10-09 11:44:39 AM
sirgrim: Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.


Your point does nothing to refute his. It is still a deduction.
 
2010-10-09 11:45:19 AM
Yeah, Walmart is lessening employees compensation. Which is kind of a dick move.

BUT.

I work for big corporations and get a nice salary. And most of the ones I know of, including the one I work for, have ENDED their 401K match. And most do not have pension plans at all anymore.

From what I understand, Walmart still pays employees above retail average. No, I have no links, I am not a Walmart fetishist. And I have been in a Walmart maybe 3-4 times in my life. But having an employee match at all is more than most companies are doing right now.
 
2010-10-09 11:47:07 AM
jst3p: sirgrim: Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.

Your point does nothing to refute his. It is still a deduction.


But it doesn't go into the FICA kitty, it is still the employee's money.
 
2010-10-09 11:48:19 AM
Always low wages. Always.
 
2010-10-09 11:50:13 AM
dbirchall: I like my plan from work better: THEY put some amount into retirement plan, and I have the option of matching it.

Is your plan portable? Honestly curious.
 
2010-10-09 11:53:06 AM
sirgrim: It's a pre-tax deduction.

When you're making $25K/yr. I don't think that makes much of a difference. We're talking what, $5 per pay period difference between pre and post tax?
 
2010-10-09 11:55:21 AM
Ball of Confusion: jst3p: sirgrim: Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.

Your point does nothing to refute his. It is still a deduction.

But it doesn't go into the FICA kitty, it is still the employee's money.


What does that have to do with his point that the employee likely needs that money now and likely wont be able to absorb the short term loss of that 6% easily? Jesus Christ.
 
2010-10-09 11:57:08 AM
tomWright: I work for big corporations and get a nice salary. And most of the ones I know of, including the one I work for, have ENDED their 401K match. And most do not have pension plans at all anymore.

My 401K match is still at 25% but I'm in a highly competitive and mobile industry. What's really killing my company is the health insurance on what is, on average, a healthy, under-forty workforce.
 
2010-10-09 11:58:00 AM
equilibrium: tomWright: I work for big corporations and get a nice salary. And most of the ones I know of, including the one I work for, have ENDED their 401K match. And most do not have pension plans at all anymore.

My 401K match is still at 25% but I'm in a highly competitive and mobile industry. What's really killing my company is the health insurance on what is, on average, a healthy, under-forty workforce.


25%? Really? Holy shiat.
 
2010-10-09 12:01:23 PM
tomWright: I work for big corporations and get a nice salary. And most of the ones I know of, including the one I work for, have ENDED their 401K match. And most do not have pension plans at all anymore.

I think it depends on the type of work being performed. Pensions are gone for most people, but I think much more than 50% (but less than 3 years ago) still get a match on the 401k contribution.

What is rare is hourly retail drones getting any type of retirement contribution at all. Walmart should get some Kudos for what they have done to date. Is Target, Kroger, Sears or any other big box retailers paying more?
 
2010-10-09 12:02:04 PM
jst3p: 25%? Really? Holy shiat.

Yeah, it was the only thing that made the stock market tanking bearable. I'm really hoping that dollar-cost averaging pays off.
 
2010-10-09 12:07:53 PM
equilibrium: jst3p: 25%? Really? Holy shiat.

Yeah, it was the only thing that made the stock market tanking bearable. I'm really hoping that dollar-cost averaging pays off.


Hmmm, bad news friend:

Link (new window)Link (new window)

/it really isn't that bad
//I found it very interesting to learn that it is mostly a crock though
 
2010-10-09 12:09:43 PM
jst3p: Ball of Confusion: jst3p: sirgrim: Lipo: How many employees living off of a walmart wage can afford to take an additional 6% out of their paycheck every week on top of everything else that already comes out? Not many, would be my guess.

It's a pre-tax deduction.

Your point does nothing to refute his. It is still a deduction.

But it doesn't go into the FICA kitty, it is still the employee's money.

What does that have to do with his point that the employee likely needs that money now and likely wont be able to absorb the short term loss of that 6% easily? Jesus Christ.


401k wouldn't have to be a pre-tax deduction - they could use a roth 401k as well, which for the youngest Wal-Mart employees would be the best option, even they are unlikely to take it.
However I think the biggest reason most Wal-mart employees would rather have the 4% profit sharing is because a lot of the employee's probably don't plan on making a life long career out of working at Wal-mart. the 401k deal is probably great for store and department managers, but part-time employees and students who may put in full time over the summer aren't planning on being there long enough for 6% match of their part time wage to make any difference in retirement savings.
 
2010-10-09 12:13:42 PM
Why the fark is someone sticking up for Wal-Mart's shiatty employee practices. I though this was pretty much documented and understood.

/then again, I thought evolution and the age of the earth were pretty settled topics as well.
 
2010-10-09 12:20:58 PM
jst3p: Hmmm, bad news friend:

Link (new window)Link (new window)

/it really isn't that bad
//I found it very interesting to learn that it is mostly a crock though


Yeah anyone who took high school math can tell you that it doesn't make any difference when the market is flat over the long term with only short term variation. But since I'm relatively far out from retirement and I bought into a depressed market early on with a 25% match, as long as we see reasonable market growth over the next 30 years it should work in my favor.
 
2010-10-09 12:22:16 PM
equilibrium:
My 401K match is still at 25% but I'm in a highly competitive and mobile industry.


Wow, I had no idea highway serial killing had those kind of benefits.

/Seriously, what kind of industry is there in NW Arkansas with those kinds of benefits?
 
2010-10-09 12:28:16 PM
equilibrium: jst3p: Hmmm, bad news friend:

Link (new window)Link (new window)

/it really isn't that bad
//I found it very interesting to learn that it is mostly a crock though

Yeah anyone who took high school math can tell you that it doesn't make any difference when the market is flat over the long term with only short term variation. But since I'm relatively far out from retirement and I bought into a depressed market early on with a 25% match, as long as we see reasonable market growth over the next 30 years it should work in my favor.


Just curious, do you do the full 25%? I mean this is fark so everyone makes only the best financial choices ever, but I don't know if I could do that, and I make a pretty decent salary. Not great but pretty decent.
 
2010-10-09 12:28:52 PM
tomWright: /Seriously, what kind of industry is there in NW Arkansas with those kinds of benefits?

I'm in NW AR; my company is all over the world. I think we might have a one man office in Bentonville to deal with Wal*Mart but. of so, I never go there. I'm either in my home office or where I need to be if a body is actually required.
 
2010-10-09 12:30:29 PM
My employer provides a 100% match up (with a cap).

IE, 100% match up to 3k or something like that.
And you can put in up to 15% of your pay.
 
2010-10-09 12:32:24 PM
lordargent: My employer provides a 100% match up (with a cap).

IE, 100% match up to 3k or something like that.
And you can put in up to 15% of your pay.


Mine matches up to three percent of our salary. I have never seen that before and open enrollment is next month, I am wondering how I am going to contribute to optimize the matching as my pay checks vary (two bonuses a year plus oncall shifts that I take a lot of).
 
2010-10-09 12:34:35 PM
jst3p: Just curious, do you do the full 25%? I mean this is fark so everyone makes only the best financial choices ever, but I don't know if I could do that, and I make a pretty decent salary. Not great but pretty decent.

Absolutely, I'd be a fool not to. Besides, the cost of living out here in the sticks is pretty low and I don't live extravagantly.

/i don't always make the best financial decisions
//but i've got a big dick so i don't drag down the fark average
 
2010-10-09 12:40:59 PM
jst3p: Mine matches up to three percent of our salary. I have never seen that before and open enrollment is next month, I am wondering how I am going to contribute to optimize the matching as my pay checks vary (two bonuses a year plus oncall shifts that I take a lot of).

Find someone there over 45 and ask them--they'll know. It's funny, at the places I've worked, the people who knew about/were interested in the 401k stuff always broke down along generational lines:

Over age 40 or so: They could tell you the employer match, the percentages, the vesting schedule, talk about asset allocation strategies, and could tell you the amount you should probably contribute.

Age 30-40: "We'll just do what those old guys are doing"

Under age 30: 401-what?
 
2010-10-09 12:42:24 PM
jst3p: Mine matches up to three percent of our salary.

Ok, I just want to be clear. I get a 25% match on contributions so if the max 401K contribution is 16K I'm dropping close to 13K/yr into the account and getting $3K from the corp.
 
2010-10-09 12:44:27 PM
equilibrium: jst3p: Mine matches up to three percent of our salary.

Ok, I just want to be clear. I get a 25% match on contributions so if the max 401K contribution is 16K I'm dropping close to 13K/yr into the account and getting $3K from the corp.


OHHHHH, that's different.
 
2010-10-09 12:46:25 PM
stiletto_the_wise: jst3p: Mine matches up to three percent of our salary. I have never seen that before and open enrollment is next month, I am wondering how I am going to contribute to optimize the matching as my pay checks vary (two bonuses a year plus oncall shifts that I take a lot of).

Find someone there over 45 and ask them--they'll know. It's funny, at the places I've worked, the people who knew about/were interested in the 401k stuff always broke down along generational lines:

Over age 40 or so: They could tell you the employer match, the percentages, the vesting schedule, talk about asset allocation strategies, and could tell you the amount you should probably contribute.

Age 30-40: "We'll just do what those old guys are doing"

Under age 30: 401-what?


You are indeed wise.
 
2010-10-09 12:47:15 PM
Grables'Daughter: Marcus Aurelius: Your typical WalMart worker making $25k a year now has the opportunity to have up to $1500 annually matched by WalMart. With a plan like that I could retire in about a thousand years.

CORRECT. Plus, they ENDED the automatic profit sharing plan, and now will ONLY put in up to 6% of employee's paychecks IF the employee puts in 6% from their paycheck. Subby says Of course some union has a problem with this. Yes, OF COURSE the union has a problem with this. This is a systematic way for the company to save money on employee wages. YES they would pay more IF 80% of the employees had 6% of their paycheck taken out so that it could be matched by Wal-Mart. What are the chances of employees making so little money actually doing THAT? I'm glad that subby has bought hook, line, and sinker into the tripe that Wal-Mart has spun into an employee goodwill policy. Subby, please let us know who you are so that I can show you several bridges that I have available for sale.


You're absolutely right. In fact, they should all quit working for this corporate Satan immediately and find better jobs.

By the way, 6% of $25K is $1500 and it would be matched, so the total is $3K per year. Invest that stream at an 8% annual return and you'd have $777K after 40 years. That's not chicken feed on a $25K salary.
 
2010-10-09 12:47:48 PM
stiletto_the_wise: Over age 40 or so: They could tell you the employer match, the percentages, the vesting schedule, talk about asset allocation strategies, and could tell you the amount you should probably contribute.

Age 30-40: "We'll just do what those old guys are doing"

Under age 30: 401-what?


Hilarious but pretty accurate. Early 30s I was throwing it into an S&P 500 index fund and forgetting about it. Somewhere around the mid 30s / birth of my child I figured I'd better start paying a little more attention.
 
2010-10-09 12:54:21 PM
jst3p: OHHHHH, that's different.

Yeah, alot different. That $3K match is great but not insane. As a fraction of my total compensation it isn't that huge of a deal.

jjorsett: Invest that stream at an 8% annual return and you'd have $777K after 40 years. That's not chicken feed on a $25K salary.

Hey that sounds great, know any investment vehicles that are likely to generate an 8% annual return for the investor just starting out? I'd love to get in on that action.
 
2010-10-09 12:57:18 PM
equilibrium: Hey that sounds great, know any investment vehicles that are likely to generate an 8% annual return for the investor just starting out? I'd love to get in on that action.

Invest in BOOTSTRAPS! Always a winner!!!

/Also, Glenn Beck told me that God wants you to call GOLDLINE.
 
2010-10-09 12:57:54 PM
equilibrium: Hey that sounds great, know any investment vehicles that are likely to generate an 8% annual return for the investor just starting out? I'd love to get in on that action.

Index funds over 40 years are supposed to do that, aren't they?
 
2010-10-09 12:59:48 PM
jst3p

equilibrium: jst3p: Hmmm, bad news friend:

Link (new window)Link (new window)

/it really isn't that bad
//I found it very interesting to learn that it is mostly a crock though

Yeah anyone who took high school math can tell you that it doesn't make any difference when the market is flat over the long term with only short term variation. But since I'm relatively far out from retirement and I bought into a depressed market early on with a 25% match, as long as we see reasonable market growth over the next 30 years it should work in my favor.

Just curious, do you do the full 25%? I mean this is fark so everyone makes only the best financial choices ever, but I don't know if I could do that, and I make a pretty decent salary. Not great but pretty decent.


I don't think it's 25% of his salary, i think it's 25% matching up to some cap. i.e. he puts in $100 they put in $25 up to some limit. But I could be wrong.
 
2010-10-09 01:01:14 PM
Or I could hit refresh before I post and see that this has already been figured out.

Either way.
 
2010-10-09 01:02:32 PM
jst3p: Index funds over 40 years are supposed to do that, aren't they?

If you judiciously choose your historical start and end points. I don't think that Joe 401K has the option of choosing a starting point back before the 80s. The assumption that the US market will continue to see 8% growth for the next 40 years is more a statement of faith than a reasoned economic analysis.
 
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