Thread regarding Xerox Corp. layoffs

take it as an opportunity to rollover your 401k to a financial institution YOU want to use w/o Xerox having anything to do with it--- and don't look back! Don't cry over any loss of matching by XRX. Just take care of yourself and stear your own course! Same for the pension (if you have one) Rollover both to your own personal IRA (work with a financial planner and CPA if you need).

I actually feel sorry for some of the folks that have not left Xerox to find another job, or retired, or been moved to HCL-- None of them qualify to move their $ out of Xerox control as easy as rebadgers.

Implications are worse for pension than your 401k because of potential of low level of funding at a point maybe not so far in the future.

As a contractor you do not work for Xerox.

I am a contractor at xerox and get no 401k match... they do not care about your 401k match.

just one wrong thing after another done by these thieves!!!

It definitely s---s for those not here by EOY. For those still here, it makes no difference other than the compounding value you lose by not having the money in your account earlier.

In Xerox's eyes, it makes sense. F the people you are letting go, as they have no loyalty to them. For those they keep on, they are not really hurt financially but of course it's a sign that there is little loyalty to expect from senior management.

After changing the severance plan a day before the first big layoff was announced, this was not a surprise. Not only is this legal, the locker is that the 401K contributions that have been 'forfeited' can now be used by Xerox to cover other plan fees and/or other contributions. It's an accounting trick the allows a company to reduce costs and increase free cash.

ultimate? no, just one of many slime bag moves that have been precisely calculated to save at our expense