Does anyone really believe these asshole CEOs when they come out with this shit?
IBM made the first move as to this end of the year 401k matching payout.
These assholes want to be able to capture deferred 401k capital by laying off employees prior to the end of the year and apply that capital to increasing end of year executive bonuses and increasing executive deferred stock option grants.
"AOL Chairman and Chief Executive Tim Armstrong told CNBC Thursday that Obamacare is creating $7.1 million in additional expenses, forcing the company to find ways to trim costs elsewhere."
By Russ Britt
Because of cutbacks brought on by Obamacare, AOL Inc. has said it will make cutbacks to its employees retirement benefits, offering only one lump-sum matching contribution to its employees 401(k) plans at the end of the year.
The new policy, outlined in AOL's plan description, means that employees would leave thousands of dollars of matching funds on the table if they leave the company before the end of the calendar year. Employees who aren't with AOL on Dec. 31 will miss out on matching funds for that calendar year, regardless of their departure date.
AOL Chairman and Chief Executive Tim Armstrong told CNBC Thursday that Obamacare is creating $7.1 million in additional expenses, forcing the company to find ways to trim costs elsewhere.
The Washington Post first reported in its WonkBlog that the company changed its policy, following the example of IBM Corp. IBM , which adopted a similar policy in 2012.
Most employers offer to match funds with each paycheck if an employee contributes more than a certain threshold percentage of his or her salary to a 401(k) plan.
But the lump sum means employees will miss out on compounding interest and stock market rallies, like the protracted rally that boosted retirement account balances last year.