Several recent messages on here have mentioned that there will no longer be a 401k match. Is this really true? My group hasn't received any communications about this so far but knowing the people running the show here it wouldn't surprise me the slightest to see them sneak that by us.
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XBS employee, asked around and no one has heard anything about 401k not matching. I fully intend on receiving in January like last year. It would be unethical and illegal to change policy at year end. It would have to be disclosed at start of fiscal year or lawsuits will fly.
My Global core officially transitioned on 10/1 and the new contract I signed includes Xerox Match of 50% up to 6% on salary. The 2021 benefits paperwork also included the same 401K benefit.
@4jgq+18gnAaMg I think most people thought it was only in reference to 2020 and expected things to go back to our sad excuse for normal in 2021. Unfortunately the real normal here is for the company to twist the knife. Plus with all the spam we get from leadership it's hard to bother reading everything all the time.
It amazes me people did not know about this? Do you not read your email?
My guess is your NOT a C-suite member however you played the part with exceptional skill
Nailed it. C-Suite Member. I got my executive comp bonus btw and all you schmucks funded it with your 401k. Thank you. I also utilize the corporate jet. And you all pay me a ridiculous salary to make stupid decision. Joke is on you!
@2ndx+18gnAaMg You must be a C-Suite member to do that....the rest of us are paid yearly and are made to stay until the last day of the year or forfeit everything and this year they took it all away. Either that or you are working for an entirely different organization/job that actually takes care of their employees???
I receive a 401K match monthly. I just work 50% less and increased my own 401K contribution by 10% of my salary. Its a double win. Definitely way more than the 3% company match. And it vests immediately.
Everybody should have received this communication months ago. In order to keep health care costs the same, the match was eliminated. It was just a shell game.
Remember in 2018 or 2019 it was changed to contribute the match from quarterly to the end of the year. Wasn't it monthly at some point in the past? Now it's gone in 2020. Hopefully it returns in 2021. I know many companies stopped the match in 2020 and some have started to introduce it back. I don't have high hopes Xerox will though.
Manager at XBS core and haven't received not heard from HR about this.
Read the notice on benefits for next year. Buried in the fine print it mentions no more match on the 401k. It may have started in 2020 but it's here to stay.
The 401k match was canceled for 2020 only, due to COVID. Of course, that may change, as COVID doers not seem to be going away any time soon...
I bet if you are in a union you will still receive the 401k match.
Thanks for the info. Benefits and raises were bad enough as is and now there's this news and the latest round of holiday layoffs. I've started my job hunt today and suggest anyone else to do the same before you don't have a choice.
No job = no 401K. Leave the dump
Yes it was in the letter about the 2021 benefits