CEO boasts about record profits, then announces slashing everyone's 401k matches in the same conference call: 'We just had the best year ever thanks to YOU!'

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    "My company announces record breaking profits and slashes 401K in conference call"
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    My company announces Record breaking profits and slashes 401k in conference call
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    Today, the company I work for(200 people) - owned by a fortune 200 company- had our fiscal year review today. Our president talked for the first 15 minutes
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    about how last year was the best year in all our 30 years of business - we smashed every projection. We have some of the companies largest projects EVER in the pipeline and We want to hire 30-40 new personnel in the next year.
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    Then he went on to say our parent company - a fortune 200 company in industry is forecasting a slowdown and nervous due to election year
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    So, every employee in their umbrella of companies is no longer getting a 401k match. But not to worry because we just had the best year ever thanks to YOU!!!
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    Is this even legal?? Our company just had the best year ever making hundreds of millions and then slash our 3% match just like this??!
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    Our stock is up 50% the past YTD (up 70$ this year) They also did this and made us take a 7% pay cut during >.. but this isn't even
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    Is anybody else going through anything like this? I mean I've heard of a few places doing layoffs right now but this is the first I've seen anything like this.
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    LifeRound2. 20 hr. ago Almost certainly legal. If you've got a signed contract that may be different. Time to ask for a 10% raise.
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    - mx023 OP. 19 hr. ago I mean, I did sign a job offer. Does that count for anything?
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    LifeRound2 19 hr. ago That depends on what was specified in the offer. Was the 401k match on the offer sheet? Also, I'm NAL. Maybe one will weigh in.
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    mx023 OP. 18 hr. ago My offer letter from 2015 says that I am eligible for 401(k) compensation as of XXXXX A new company owns us now
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    Born-Mycologist-3751. 20 hr. ago The problem with a successful year is you have to top it next year. If you can't do it on the top line, you start trimming expenses. People cost is one of the biggest buckets of expense in most companies so it is an easy target. Of course, it is a penny wise, pound foolish approach since reducing internal investment leads to a downward spiral in the long run.
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    Ceilibeag 19 hr. ago Time to leave. Your employer just showed you how much they value your contributions. Don't allow them to profit from your suffering.
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    mx023 OP. 18 hr. ago Yeah I would say all 200 employees are thinking the same thing
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    Alone-Noise-3454. 18 hr. ago Time to work 3% less hard then

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