IBM shifts 401(k) policy to once-a-year matches
IBM will begin making lump-sum matching contributions to employees' 401(k) accounts on an annual basis, rather than contributing each time a worker gets a paycheck.
It's a move that will help the technology company cut costs. Experts say other major employers could follow suit because IBM is a large and generous employee benefits provider, and influential in the benefits field.
IBM historically has distributed matches to 401(k) accounts every other week when employees are paid. But spokesman Doug Shelton says employees were notified this week that contributions will be made just once annually, at Dec. 31, beginning next year.
Contribution amounts won't change. But employees who leave IBM prior to Dec. 15 in a calendar year won't be due that year's end-of-year lump-sum 401(k) contribution, unless they're retiring.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Cops: Man shoots 11-year-old with BB gun; boy is critical
- Rossi: After L.A., NFL should tread carefully
- Police charge Allentown teen for beating, holding ex-girlfriend at gunpoint
- Pedestrian injured in accident near busway ramp in Carnegie
- Couple attempts theft at North Huntingdon Wal-Mart
- Kennywood fanatic, 82, rides Jack Rabbit 95 times in a row
- Wrong-way driver causes head-on crash in Center
- Cochran repair center planned in Harrison
- Unquestionable courage & sacrifice
- Cal (Pa.) softball loses slugfest; season comes to an end
- Former pitcher Allie happily adjusting to outfield