I have to wonder if the IBM employees who are trashing their employer, as this story details, have been living in a cave for the past four years. They are working for a company that offers — not only employment — but an incredibly generous 401K match. And yet, when IBM makes changes to the contribution plan to try to remain competitive in the marketplace, employees — and a union — trash the company rather than root for its success — and their continued employment.
Doug Shelton, director of IBM Corporate Communications, defended the decision.
“IBM’s 401(k) Plans remain among the best in the industry – and the country,” he said in an email to WRAL News. IBM has long been an innovator in providing benefits that balance both employee and company needs.
“This change reflects our continuing commitment to invest in our employee 401k plans while maintaining business competitiveness in a challenging economic environment.”
IBM’s plan matches employee contributions dollar-for-dollar up to IRS limits for employees hired prior to 2005 and caps contributions at 5 percent for those hired in 2005 and later.
Perhaps IBM should make Economics 101 a requirement for its employees – or wish them good luck trying to find a new job in a state with one of the highest unemployment rates in the country.