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nieceandtows

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Employer stopped matching 401k (lemmy.ml)

submitted 1 year ago by [email protected] to c/[email protected]

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So, times are tough in the tech world and my company decided that in addition to no bonuses/ stocks for the foreseeable future, they also want to stop matching our 401k contributions.

They say this is temporary, but it's already been 6 months. I'm in my early 30s, so I still have quite some time before retiring. These small differences now will compound in the long run, and I'm starting to think I should look for a new job.

Does my view of these small missed contributions actually being a big deal make sense, or is it something I should wait out?

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[–] [email protected] 1 points 1 year ago (2 children)

I'd say at the very least, start looking for something else. If you get a job offer with the pay and benefits you are looking for, you can approach your current employer to see if they'll match it. Six months seems a bit extreme for a benefits hiatus, and if they are considering this move as a cost cutting measure on top of removing other benefits, then it's probably a clear indication the company is struggling, and likely only a matter of time before layoffs start happening.

[–] [email protected] 1 points 1 year ago (1 children)

Yeah, we had layoffs last week (and in Feb). We also had an forced unpaid week off in March. I guess I should probably start looking. Technical interviews are just the worst though -_-

[–] [email protected] 1 points 1 year ago

Yeah, those are some major red flags. Good luck on the search.