Kindle Forum banner

1 - 20 of 24 Posts

·
Registered
Joined
·
95 Posts
sjc said:
2009 is going to get a whole lot worse before it gets better.
"In addition, Sprint said it would suspend paying 401(k) retirement matching funds."

Wow, I have never seen a company say that they are going to stop matching employee's 401Ks. It's a scary world we live in right now!

Sam
 

·
Registered
Joined
·
11 Posts
As a sort of favor to yourself, if, like me, negative news related to the economy gives you a case of the howling fantods, under no circumstances would I recommend giving the Wall Street Journal 14 day free trial a whirl.

You’ve been warned.
 

·
Registered
Joined
·
1,681 Posts
sam said:
"In addition, Sprint said it would suspend paying 401(k) retirement matching funds."

Wow, I have never seen a company say that they are going to stop matching employee's 401Ks. It's a scary world we live in right now!

Sam
I'm in the 401k business. Most matches are discretionary and over half of my clients (businesses) are not matching in 2009.
 

·
Registered
Joined
·
190 Posts
My D-I-L's company has stopped contributing too.  A great many employers are backing out of this in order to cut costs.  Her company also announced that they will only allow health insurance for spouses if they do not qualify for their own through their employment.  Her insurance has always been better than my son's through his bank.  Now he has to change over to his own lesser coverage.  Things are getting tougher each day
 

·
Registered
Joined
·
11,848 Posts
My boyfriend had 17 years with a leading oil company.  About 4 years ago they outsourced his position.  All of the folks in his company that did the same job were let go in less than a year's time.  He then went to a smaller oil company.  Same thing.  He has a good degree, lots of knowledge, and has been job hunting twice now in the last 4 years.  He is in a good position once again, but needless to say, nervous. 
I'm afraid our economy is not going to get better in a few weeks.  My hometown lost nearly all of their jobs during the Clinton administration due to NAFTA.  It's still such a ghost town.  They were working on tourism, but with the economy the way it is now, that probably won't come to fruition.  Guess we all better tighten up our belts and get ready for a long ride.
 

·
Registered
Joined
·
4,967 Posts
beachgrl said:
My D-I-L's company has stopped contributing too. A great many employers are backing out of this in order to cut costs. Her company also announced that they will only allow health insurance for spouses if they do not qualify for their own through their employment. Her insurance has always been better than my son's through his bank. Now he has to change over to his own lesser coverage. Things are getting tougher each day
My company will allow you to cover your spouse, but you have to pay an extra $100 a month. My DH's insurance is more expensive than the extra $100, so we decided to go that route. We are both happy we have jobs right now. It is getting tough out there.
 

·
Registered
Joined
·
657 Posts
Bacardi Jim said:
And almost all of those lost jobs will be right here in Little Rock.
OMG Jim you aren't THAT far from me. Rut Roh :p
 

·
Registered
Joined
·
4,465 Posts
Discussion Starter #10
It's all awful...everywhere!!

Everyone is effected in some way; if they say they aren't...they are lying. My husband's company insurance plan now has us paying a $150 per person deductible PLUS 10% of everything we do. Doesn't sound like much???....10% of a $4000. MRI = $400 and the lovely $150 deductible = $550. YET they will cover part of a gym membership (prevention)...like an MRI isn't; we schedule them for kicks.

Co pays for RX 10, 35, 85...no generic brand; name brand only 100+ and all are for 30 days. If doc writes out for 90 you pay 3 copays; pharmacy will only give 30 at a time. I've started mail order prescriptions to try to save...and switched my allergy meds to OTC; which barely work.

We have stocks from back in the day; I no longer check them...I don't even want to know.

Going to get worse. My sis in law was with her company for 18 years...they picked up roots and moved overseas she got a month's notice. She's punching a cash register at the local WalMart...and she had a darn good job.
 

·
Registered
Joined
·
657 Posts
Bacardi Jim said:
In fact, we're very close. ;)
Should I be scared? ;)

Yeah the economy is bad. My husband is losing his 2nd job because the company went belly up.
 

·
Registered
Joined
·
1,340 Posts
sam said:
Wow, I have never seen a company say that they are going to stop matching employee's 401Ks.
You can't be that old then. The bear market in the 70s and the one in 1982/83. Happened all the time.

Steve
 

·
Registered
Joined
·
4,465 Posts
Discussion Starter #14
I was one of the "lucky" customers who got caught in the infamous credit union crisis in 1990 and all monies were frozen.  That was real fun.  We had to halt the building of our house as we had our construction loan with one of the affected credit unions.

Today it was announced that Home Depot is laying off 7000 employees. 
 

·
Registered
Joined
·
1,888 Posts
sam said:
"In addition, Sprint said it would suspend paying 401(k) retirement matching funds."

Wow, I have never seen a company say that they are going to stop matching employee's 401Ks. It's a scary world we live in right now!

Sam
That is very sad :(
 

·
Registered
Joined
·
208 Posts
sjc said:
We have stocks from back in the day; I no longer check them...I don't even want to know.
I don't open the envelopes anymore either. I made the mistake of opening my kids's 539 plan info and was shocked of the hit it took so I no longer open anything from my 401K or smith barney.

my kids are in elem school and I'm not looking to need my stuff anytime soon so it'll turn around again before we need it and we'll forget all we lost.

I'm still glad I have a job, it's appointed so I'm "safe" for at least another four years.

Our tri-county mental health center went belly up and the 800 employees they had found out they lost their jobs by reading it in the paper. Who knows what's going to happen to all their clients that need mental health care.
 

·
Registered
Joined
·
460 Posts
Stories like this are beginning to become the norm. It's sad, but the global economy really needs this shake down. I think once all of this passes, people are going to be a lot happier.
 

·
Registered
Joined
·
869 Posts
It is stories like these that have me so thankful for my job, part-time as it is.

I was at my local shopping mall, which is really a community gathering place with stores and restaurants. I noticed one store had gone - the Shoe Pavilion and a restaurant had closed - Chili's. I've also heard or read a rumor that Appleby's may be facing a layoff. Hard to see how all these layoffs of hundreds and thousands is going to make the future better...

My observation for the day.

Marci
 

·
Registered
Joined
·
4,465 Posts
Discussion Starter #20
Marci:  I also heard that Applebee's was going kaput.  We have one locally and it always seems crowded...I didn't think they were in trouble.  I guess; never say never.
 
1 - 20 of 24 Posts
Top