Thread regarding Fidelity Investments layoffs

Ok, look, call me a boomer (I’m not). Let’s take a look:

Salary grade 6 gets a 25% bonus. Grade 7 gets 35%. Grade 8, 50%. That is cash money you can save or invest.

Then 10% of your total comp (salary plus bonus) goes in your 401(k) as profit sharing. That is in addition to the 7% match.

If you get c shares or I shares or p shares, that’s a whole bunch more money per year.

That’s your retirement. Any Joe Schmoe at Fidelity can retire well and probably early on all that extra cash.

Say you’re a director making $150k, your bonus before taxes could be $50k. That’s $200k for the year.

Now say you’re contributing the max of $23k to your 401k, and Fidelity matches 7%, so they put another $10,500 in. Then in January they drop in another $20k (10% of your total comp). That is FIFTY THREE THOUSAND a year into your 401k.

If you have I Shares, you could be getting another $20K a year to invest.

And for all that, you can’t fathom coming into the office half time?

How many people are in ALBQ? Are they mostly phone reps? When touting a new benefit they usually end up taking something else away to even out the cost. They supposedly expanded to give free undergrad degrees (guild no name schools) to phone rep level pay grade, but took away 10k graduate reimbursement for everyone else. Likely, the graduate programs were costing more than the guild, which is also probably less utilized. More people are interested in grad programs. It was just a ploy to push the student debt product. The day they reduce match and profit sharing for the rest of the company is the day that there will be a mass exodus.

Well if you get profit sharing ... No one in Albuquerque gets profit sharing...why? No one will answer at fidelity... We are the lowest paid employees, and most minorities... So much for diversity and inclusion....lol.. I love my job, but honestly it makes most of us feel like we are less than...

Impressive, 14 years of dedication is truly commendable.

Times have changed.. It appears that the current landscape at Fidelity may not offer the same longevity and stability for career growth, despite one's hard work and commitment.

Yes - I retired at the end of the year after 14 years of service and received a bonus payment - it was less that normal annual bonus but it was unexpected and I really appreciated it, in addition to the annual bonus and profit sharing in January - if you time it right - it is a reminder on how generous Fidelity is with their benefits.

What @1prf+1tfQf1Md says is true and is very generous of Fidelity to offer.
I had 23 years at Fido and was 55 when I exited.

Just wanted to clarify that the “secret retirement bonus” is great but is not going to be enough to be a retirement fund.

Creating a true solid retirement fund and subsequent legacy for your family requires what is called out in @bnk+1tfQf1Md. There is no magic solution diligence, patience and restraint all pay off in the long run.

Depends on your age and years of service. You have to be over 55 to get the "secret retirement bonus" which is a formula based on years of service. There is however a compensation limit, so not all employees are eligible. Depending on when you retire, you also are eligible for pro-rated profit sharing and bonus. To get a pro rated bonus, you need to work through 4/1 on a given year, and the bonus is pro rated on calendar year, not the bonus year.

Yes they do. Extra paychecks based on years of service.

No joking dead serious as this worked to perfection: Always do the max % they will match each paycheck and let that January P/S roll in and you will be just fine over the long haul.

The above WILL work incredibly well assuming that:
you simply leave it all alone and dont treat it like a piggy bank
you have it invested in the market and dont panic sell if there is a drop
Follow Dave Ramsey’s plan w.r.t. your consumer spending.

Life is Good!!!

serious responses only chump!

Yes every month when they match and then every January when the profit sharing drops.