AOL says Obamacare is forcing it to cut back on 401(k) plan benefits

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    AOL says Obamacare is forcing it to cut back on 401(k) plan benefits

    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."

    http://blogs.marketwatch.com/health-...plan-benefits/

    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.



    Shutterstock

    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.
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    And they will get their bonuses for their creative thinking to boost profits artificially and start killing the company in the long term.
    Some mornings, it's just not worth chewing through the leather straps. - Emo Phillips

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    Remember when the 2008 economic downturn started US large firm laid off far more workers than was needed in order to keep profits high which is why US large firms saw profits INCREASE by 100% in 2008-2010 while their foreign counterparts had losses of the same.

    They look for reasons to pass the buck time and time again.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Quote Originally Posted by LAM View Post
    Remember when the 2008 economic downturn started US large firm laid off far more workers than was needed in order to keep profits high which is why US large firms saw profits INCREASE by 100% in 2008-2010 while their foreign counterparts had losses of the same.

    They look for reasons to pass the buck time and time again.
    and what's wrong with that? you do realize companies are in business to make profits right?
    -S-

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    Quote Originally Posted by Swiper View Post
    and what's wrong with that? you do realize companies are in business to make profits right?
    Then stop complaining about the unemployment and labor force participation rates, you can't have it both ways.

    If you have no problem with the concentration of wealth in the US, you lose the right to complain about the lagging economy, the social safety net and the rise of the police state.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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    Here we have the case of Tim Armstrong who is the CEO of AOL with a net worth of 400 million dollars and the wealthy executives and the board of directors of AOL waging class warfare against workers that are at a lower economic class than they are.

    Fuck the problem of workers not having enough money for retirement and the problem of the taxpayers and government going broke from government socialist retirement entitlement taxpayer funded programs like Social Security and Medicare.

    What is important to this 400 million dollar asshole CEO the wealthy executives and the board of directors of AOL is maintaining the 150 million dollars in AOL stock buybacks that they would have had to reduce to keep funding the employee monthly 401k matching program.

    Buybacks that benefit this 400 million dollar asshole CEO and the wealthy executives and the board of directors of AOL due to the increase in the value of stock options they own due to stock buybacks and other forms of financial engineering.
    These assholes receive huge levels of compensation in the form of stock options grants and they are going to fuck their employees over to ensure that they remain at the top of the economic ladder.

    http://www.foxbusiness.com/technolog...-plan-by-150m/


    AOL Boosts Stock Buyback Plan By $150M

    By Matt Egan
    Published July 08, 2013
    FOXBusiness

    This ties into the issue of escalating rates of income inequality.


    My favorite part of the whole concentration of wealth income inequality issue is the whole trickle down bullshit current argument related to reducing corporate taxes will stimulate hiring and stimulate the economy.
    Based on the last time that companies were given a tax holiday they will increase stock buybacks instead of increasing hiring.

    What that does is increase income inequality as that capital flows to the top economic wealthy and investor classes who based on economic data are not using it to create middle class level jobs with benefits , deploy the capital in increased raises and benefits to the middle class or spend it and stimulate the economy aka. trickle it down.

    Middle class incomes have been stagnant for a generation.
    Here is a link to an older article that illustrates the problem.

    http://money.cnn.com/2011/02/16/news.../middle_class/





    The majority of the jobs created since 2008 have been low paying low or no benefit service jobs.
    This winner take all Darwin economic survival of the fittest mentality is going to eventually bite these people at the top of the economic ladder in the ass.

    Corporations ripping the guts out of the middle class by reducing what they pay workers reduces workers disposable incomes.
    Those workers have less money to buy the goods and services that corporations produce.

    Doing all of this to increase corporate profits in-order to increase capital flow transfers to the top is self destructive activity by corporations and the wealthy and investor classes.
    These people cannot see past the greed sitting right in front of their faces.
    Last edited by Bowden; 02-08-2014 at 05:53 AM.
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    Insider stock option transactions at AOL.


    http://finance.yahoo.com/q/it?s=AOL+...r+Transactions

    This illustrates why AOL is reducing the 401k monthly matching program.
    It's related to how a company deploys cash flows.

    They are doing it to maintain the executive stock option grant values that are related to the 150 million dollar AOL stock buyback program.
    Stock buybacks increase executive stock option grant values.
    Buybacks maintain and boost stock prices.

    These executives are operating in their own best self interest and the interests of the investors in AOL stock and that requires fucking over AOL employees by reducing the employee 401k matching benefit.
    IBM was the model for this AOL financial engineering.
    You can expect this type of financial engineering to expand to other companies and it is going to increase the problem of people having enough money saved up for retirement and being highly dependent on taxpayer and government debt funded Social Security and Medicare..
    Last edited by Bowden; 02-08-2014 at 06:15 AM.
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    Quote Originally Posted by LAM View Post
    Then stop complaining about the unemployment and labor force participation rates, you can't have it both ways.

    If you have no problem with the concentration of wealth in the US, you lose the right to complain about the lagging economy, the social safety net and the rise of the police state.
    I complain about it because govts monetary policy, regulation and taxation are to blame. but you'll never acknowledge it because you hail the state as the all mighty over your life.
    -S-

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    Quote Originally Posted by Swiper View Post
    I complain about it because govts monetary policy, regulation and taxation are to blame. but you'll never acknowledge it because you hail the state as the all mighty over your life.
    Those policies are the way they are because that is what business wants.
    Some mornings, it's just not worth chewing through the leather straps. - Emo Phillips

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    Quote Originally Posted by Zaphod View Post
    Those policies are the way they are because that is what business wants.
    they want high taxation and mass regulations?

    if we have capitalism again and the US govt followed the constitution we wouldn't be in the mess we're in.
    -S-

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    Quote Originally Posted by Swiper View Post
    they want high taxation and mass regulations?

    if we have capitalism again and the US govt followed the constitution we wouldn't be in the mess we're in.
    What is the history of corporate taxation? Do you realize how much companies make and avoid paying taxes on that income? This is practically the golden age for being in big business. The small business guy gets raped, but big business doesn't care so it continues because small business is competition for them. So small businesses get hammered while big businesses get away with, sometimes literally, murder.
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    AOL says Obamacare is forcing it to cut back on 401(k) plan benefits

    CBO: Obamacare Is A Tax On Work, May Cut Full-Time Workforce By 2.5 Million

    http://www.forbes.com/sites/scottgot...-wage-workers/

    Budget office chief: ObamaCare creates ?disincentive? to work
    Last edited by Swiper; 02-08-2014 at 11:09 AM.
    -S-

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    BS political spin. Your Grandpa, Grandma, old ass Aunt & Uncle who were forced to work their menial jobs just so they can have healthcare and be able to visit a doc without going bankrupt.

    GD! now these people can retire and enjoy their golden years, like we are supposed to.

    MAY? cut full time workforce by 2.5 mil...

    Gimme a break.

    If anything it's time for another revolt against these white greedy ass old men, who want to tax you for any and everything...just like King George.

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    Quote Originally Posted by IronAddict View Post

    If anything it's time for another revolt against these white greedy ass old men, who want to tax you for any and everything...just like King George.
    Fuck yes!
    Some mornings, it's just not worth chewing through the leather straps. - Emo Phillips

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    Quote Originally Posted by Swiper View Post
    I complain about it because govts monetary policy, regulation and taxation are to blame. but you'll never acknowledge it because you hail the state as the all mighty over your life.
    I don't acknowledge your non-facts because I spend more time studying economics in a 2 week period then you have your entire life.

    And for the 1,000th time the US government doesn't dictate monetary policy. If you think simply because the Fed Chairman and Board of Governors are chosen by the executive branch you might want to actually learn what the BIS and FSB does. Here's a hint, they dictate policy to the global federal reserve system but of course you didn't know that because you don't read squat.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

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