Not sure if this applies to Xerox employees but GIS/XBS employees got 401k match through the company. We all received a letter at the end of last year telling us the match was going down but were still getting something. Well a bunch of us have noticed that they contributed nothing this first quarter, even to employees who weren't rebadged to HCL. What gives? Anybody else notice this? Is there any legal ramifications for this? We have the letter from GIS/Prudential stating we'd get this.
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yes the letter came from the company managing the 401k, stated the match would be less and that you must be employed the entire year to get it, by law they have until april 2020 to pay the 2019 match and if they file an extension they have until october 2020, nothing but calculated to screw everyone over!
The letter we received about the 401k stated that it's at Xerox'x discretion. They may not give us anything at the end of the year if they choose.
It wasn’t the core... it was Xerox Direct! Js
Worst employer in the USA. B u m s
Your core should have told you about the 401k changes. Our core did. But don’t kid yourself into thinking this has anything to do with an incentive to stay. Incentive to stay would look more like nott sending our jobs oversees. More like not laying off our people. More like not taking away bonuses. More like not freezing wages. More like putting the customer first. More like not screwing with our 401k. More like not ripping apart our companies.
This is a well planned strategy by Xerox to save millions by not matching all the people’s 401k that are rebadged or laid off in 2019!
They will not contribute unless you are an employee on Jan 1 2020. You are getting F d. Xerox doesn’t care about your retirement. How does it feel?
But with GIS/XBS employees we never received anything stating that this was changing. Most of us here at this core are tenured employees too.
For Xerox employees, we have to be employed by Xerox on 1/1/2020 to get the entire contribution for 2019. It is all or nothing. It is our incentive to stay here all year.
Xerox doesn't contribute by quarter anymore. They pay the match in the January, for the entire year, if you were employed on Dec 31. If you leave (or rebadged) before then, you lose the match for the whole year.
That's because they found a loophole to F everyone over.