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iVillage Member
Registered: 04-07-2003
I get to try the new Vent emoticon!
2
Fri, 03-31-2006 - 12:16pm

I've been with my company now for over 4 years. About 2 weeks ago, I discovered that my company offers a pension plan - and that employees are eligible to opt in after they've been with the company for 1 year. Hello??? Why wasn't I informed about this 3 YEARS AGO???

The only reason I am so angry is because the company MATCHES dollar for dollar every contribution you make, up to 2.5% of your total salary. Over 3 years, that's like $1800 (plus interest!) worth of free money I've missed out on because I wasn't told about this! And I'm not the only one - there are several of us in the same boat.

HR covered their butts by telling us that it was mentioned when we were originally hired. But jeez - how about a reminder? A year is a long time to forget about something mentioned in passing. And I swear to God I don't remember anyone mentioning it to me in the first place at all. What's the point of offering your employees a great benefit and not even telling them about it?

I've been wanting to start an RRSP (Canadian version of 401K) for ages. Obviously this would be the smartest way to go because my bi-weekly contribution is matched - I'm so annoyed that I've missed out all this time! The company's contribution is vested after 2 years - which means if I quit after 2 years the money is mine. If I quit before two years, I just get my own money back. I could have been ahead by a year already!!! Aaargh.......




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Registered: 01-06-2005
Fri, 03-31-2006 - 12:20pm

HUGS!


 

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iVillage Member
Registered: 11-09-2004
Sat, 04-01-2006 - 1:03am

Hello Kelly,

I understand your frustration. I didn't realize we had a 401k (or really understand what that was) until after I had been with my current employer for 2 years. My employer started heavily promoting a "new" 401k plan that we would be migrating to, so I went to the training class. I wasn't making much money then, but I would have *appreciated* a little reminder around 401k open enrollment. But, that problem has definitely been addressed by HR. Now, people complain because HR subtly nags employees about signing up for the 401k if they haven't done so.

My employer matches half of contributions up to 6%, so if I contribute 6%, I get 3% free money from the match. Currently, I have my contribution turned off so I can snowball more money toward our credit card debt, but as soon as I've paid off the credit card debt, the contribution is going back up to 6% again. =)

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished
http://www.geeksontap.com/

Sincerely,
Lindsey Schocke

Geeks on Tap: Mission Accomplished