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(Huffington Post)   AOL CEO: "I know you're upset that I cut retirement benefits after our best year ever, but my hand was forced after Obama used his time machine to make us insure a couple of babies two years ago for $7M"   (huffingtonpost.com ) divider line
    More: Unlikely, Obama, obamacare, CEO, reinsurance, benefit cost, AOL, financial risk, parent company  
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2833 clicks; posted to Business » on 07 Feb 2014 at 9:40 AM (2 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2014-02-07 06:39:45 PM  
AOL still exists?
 
2014-02-07 08:46:02 PM  
"Obamacare is an additional $7.1 million expense for us as a company, so we have to decide whether or not to pass that expense to employees or whether to cut other benefits," AOL's Chairman and CEO Tim Armstrong told CNBC Thursday morning.

S
o either the employees pay it, or . . . the employees pay it?
 
2014-02-07 09:12:55 PM  
any mention of AOL reminds me of this absurdity: people collected those CDs.  i wonder how much shame they did (or didnt) experience since this article in '01.  was there ever a followup to this?

http://www.wired.com/culture/lifestyle/news/2001/08/45585?currentPag e= all
 
2014-02-07 11:15:59 PM  

BMFPitt: AOL still exists?


Yes, that surprised me too...  Also, not only does MapQuest still exist, but AOL owns 'em.

Fancy that.
 
2014-02-07 11:22:12 PM  

jayhawk88: I had no idea that Lurch had such a successful post-Addams Family career.


michaelstvtray.files.wordpress.com
 
2014-02-08 11:12:47 AM  
"Obamacare My raise is an additional $7.1 $8 million expense for us as a company, so we have to decide whether or not to pass that expense to employees or whether to cut other benefits," AOL's Chairman and CEO Tim Armstrong told CNBC Thursday morning.
 
2014-02-08 11:32:55 AM  

wingnut396: joness0154: I have no problem with this at all, but I must be one of the few that realize my employer does not OWE it to me.

Well, it is part of my compensation package, so yes, they do owe it to me. It is part of my pay.


THIS. If I have two job offers that are identical in every way except that one of them offers free blueberry pie every Thursday, I'd take the blueberry pie offer. If that company then cancels their blueberry pie program 4 months in, they've removed the only reason I chose to work there. The fact that the Fark Corporate Apologist & Independent Millionaires Brigade would all start screeching "The company doesn't OWE you blueberry pie!" is factually untrue. They used Blueberry Pie Day to get me to work there, then took it away.

Companies are able to getting away with attracting employees with flashy benefit packages (cubicle massages, free dry cleaning services, etc.) and then cancelling those benefits without notice because they know they can rely upon half-informed internet dipsh#ts to run around and proclaim "In this economy employees are actually b#tching because Company X cancelled their free shoeshine program!" without acknowledging or even comprehending that it was primarily those (admittedly quirky) benefits that made Company X stand out in the first place.
 
2014-02-08 12:19:51 PM  
joness0154
I have no problem with this at all, but I must be one of the few that realize my employer does not OWE it to me. They match well when times are good and the match is less when times are bad.

Depends on the circumstances. In your case it might be a bonus. However, a match of 4% was explicitly stated as part of my compensation. That match is, in fact, owed to me. Just like I owe the company work as outlined the agreed-upon job description.

The game is psychopathic, and psychopaths love testing boundaries. Don't just roll over for them, man.
 
2014-02-08 02:48:58 PM  
joness0154:

White knight?  I'm just telling people how 401(k) plans work.  It's not my opinion.

That's funny because reading your comments it comes across as a personal interpretation of what a 401k is as opposed to an actual factual representation. But hey it's cool because you apparently don't care about losing out on the accrued interest from the employer match over the course of the year because bootstraps.
 
2014-02-08 03:25:53 PM  
it's a douche maneuver but it is better than laying off a bunch of people to meet those costs. of course the CEO has the moral turpitude to pay himself a lot more while doing this but he still didnt lay anyone off.  yet.

/AOhellno
 
2014-02-08 07:00:57 PM  
done in 1 if i ever saw 1
 
2014-02-08 07:02:24 PM  
Feduciary Duty.
 
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