My idiot RW nutjob boss thinks "Obama's going to take our 401ks!"

[catzies]

Based on a rumor evidently spawned by Rush Limbaugh.

So he's turning off the company match so "Obama can't steal any more money."

I need another job.

I had to vent for a minute. Now back to the grind.

[Wetzelbill]

1. What!

That is about the most ludicrous thing I have, well ok, maybe not, but it's pretty ludicrous.

[HughMoran]

2. You work for someone who's that fucking stupid?

How do morons get into positions like that?

:freak:

[NNN0LHI]

7. Through my experience it is usually a handed down from father to son thing

Or parents with plenty of money to get them started up.

Don

[catzies]

43. You're exactly right: he's the dad & is handing the co.to his son (who works there too)

It's a family business whose sole purpose in existence is to enrich the family. Most of the payroll is related.

[NNN0LHI]

3. Ought to tell him to stick his 401k and give you a fixed retirement plan

Then he don't have to worry.

Watch his face.

Don

[onehandle]

You mean what's left of them. Ours have lost tens of thousands of dollars.

Thanks, smirk.

[Ian David]

4. This can't possibly be legal. You should look into that. n/t

[cardFan123]

11. Why would it be illegal?

My company just started a 401K match 2 years ago. Just up and started it. So why would it be illegal for them to just up and stop it?

This is a retarted reason to stop it, but there are legit reasons for a company to stop it, so I can't see how it would be illegal to stop it.

My company used it as a tool to tell employees they were getting a raise. So the original poster should tell his friend to tell his boss that if they stop the match so they don't steal the money, that he would be perfectly fine with just having the money added to his paycheck.

[Ian David]

14. Well, if it's NOT illegal, then it SHOULD be. n/t

[cardFan123]

20. that makes no sense

If you made it illegal for a company to stop a match, then many would probably never start a match. Like I said there are reasons why a company may want to stop it, like if the economy goes bad and they need to save some money.

And sure you could add rules to make it difficult to stop and word things so that it couldn't be stopped for petty reasons like this, but companies are creative and they would find a way around any kind of restrictions anyway, that is what lawyers are for.

[treestar]

24. No that's not what lawyers are for

Lawyers are not for the purpose of getting around the law.

And if he stops the 401k, he won't get the tax write-offs.

[cardFan123]

26. They aren't ????

Isn't the purpose of employment/business/tax lawyers to find the best ways for the company to handle legal matters?

If there were rules in place for stopping a match, and a company wanted to stop the match, they absolutely would hire a lawyer to handle it and advise them how to do it. That is what some lawyers do.

Why are there tax lawyers??? To help their clients limit their tax liability.

Not all lawyers are ACLU types out to fight for the little guy.

And let me add another example. The company I work for is a small company of less than 50 employees. We are owned by a larger parent company in the next state. They recently wanted to keep two visa workers on for longer and either get them green cards or extend the visa. They didn't want to hire more expensive American tech workers. So they hired a lawyer that specialized in employement law to advise them what to do. They ended up doing stuff through my company to advertise the jobs and other things to basically hide the adds so that there would be no other candidates. So, yeah, they went around the law at the advise of a lawyer and probably did nothing technically illegal.

[treestar]

40. A lawyer's job is to tell you what the laws are and argue whatever

ambiguities there are.

Just for your info, if you commit a crime, it is not the lawyer's duty to "get you off." Only to advise you of your rights and argue and facts that may be in issue.

If there are no "loopholes", it's because the law doesn't have any, not because you have a "bad lawyer." The purpose of the lawyer is not to get you your way. It is to tell you what the law is. Technically complying with the law can be risky - the government may still maintain another position and the courts may uphold the government's position.

The immigration labor law provides that you can only legally hire someone at the prevailing wage. It is NOT legal if they are being paid less than an American would be paid. If the government ever decides to enforce the immigration laws, then the fact your employer "hid" the ads means your employer will be fined.

[catzies]

45. That's what he does too - he uses lawyers & CPAs to get around things

that make the workplace more fair & equitable. Typical selfish RW nutjob.

[JuniperLea]

25. If it was spelled out in an employment agreement

That both parties signed, you damn betcha it is illegal.

Hopefully this is the case.

[cardFan123]

29. clauses in contracts

but those agreements always have clauses about benefits being subject to change, etc. etc.

I still don't think you can permanently lock a company into that match.

[JuniperLea]

31. Not always...

I've written more employment contracts than you can shake a stick at. Most with absolute and unalterable compensation clauses. The only benefit change clauses I ever wrote were in relation to health benefits, due the possibility of changing insurance carriers and coverage.

[cardFan123]

32. another question

At my employer they give us those types of things at the beginning of the year and they are good for that year. is that the norm, or is that not the norm?

Are the contracts you right "permanent" or good for a certain time period?

[JuniperLea]

33. Nothing is permanent

In CA we have "at will" employment. Most employment contracts are good until the employer "wills" them to be invalid, and that can be a renegotiation, elimination of the job, a firing, or a request for resignation.

I have heard of employers doing a yearly contract in which specific language is changed due to changes in compensation.

A lot of unions are on a one-year contract cycle too. You would have to check with your state to be sure of what is and what is not legal.

[A HERETIC I AM]

52. Everyone employed in this country that does not have a contract is "At Will"

It isn't unique to California. If you are a member of a Union then you have a contract and are not an at will employee, you have a collective bargaining agreement.

At Will benefits the employer more than the employee because they can fire you for a reason as small as not liking the way you cut your hair. If you have a collective bargaining agreement or are otherwise "under contract" then for the most part, there is a procedure the company must follow when it desires to either reprimand or fire an employee.

[catzies]

44. Welcome to DU! You're right- it's not illegal but is IS stupid

:hi:

[lumberjack_jeff]

5. What an asshole.

401k's have matches because back in the day, the plans had "top heavy" rules that prevented the CEO from being the only employee who takes advantage of the plan. Bush got rid of top heavy rules several years ago.

Your boss is turning off the company match because he wants a new boat, because he wants to punish "his people" for defying his voting directives and because he can.

[catzies]

46. He & his wife (the two principals) stopped contribution 2 payrolls ago

And I know because I do the payroll.

And don't get me started about the boat. It's in the shop right now because he takes advantage of some law whereby he keeps the boat in Nevada & only brings it back for a few weeks (and it never gets in the water here either) for some tax break or other.

What pissed me off is right after he announces the 10% across the board paycut & turns off the co. match I had to write a check to our car wash guy for detailing the boat while it sits in the shop. Any my HR manager had to buy the son a new iPhone on the company cell phone account.

So, no money for payroll but the boat is shiny-new and the spoiled scion has a new gadget. :puke:

[kitfalbo]

Sell Sell Sell

Tell him to take his money out and move it into guns or Milk!

[Greyskye]

6. Is that where that came from?

Just had a co-worker who wanted me to talk him down from that. He sent me an email that he'd received. I did my best to make some sense of it, but finances are not my forte. :( At least one of the links in the email he sent seemed to be in favor of some of the potential changes.

Blah.

[ret5hd]

8. he doesn't believe it any more than we do... he just wanted an excuse to keep more money.

typical republican.

[plaintiff]

9. First he has to confiscate all the guns...so he can personally commit all those armed robberies.

:eyes:

[Papagoose]

10. That's worse thn my boss

who is insisting that our company won't survive the next four years because of the "massive tax increases" that Obama will be imposing on our small company.

[Selatius]

15. Well, unless your employer personally takes home more than 250K/year, he won't see increases.

Unless your boss really is that rich. Yeah, then he would pay more.

[catzies]

49. Yeah they're that rich I suppose. Very well off but blue collar & red to the bone

It's sickening. Their spewing of propaganda makes it a very hostile workplace.

[Ian David]

16. 95% of his customers will get a tax cut, which they can spend at his company. n/t

[catzies]

47. Welcome to DU! Oh, he's been saying that too.

It's awful.

[catzies]

56. Oh, he said that too & welcome to DU!

:hi:

[RJ Connors]

12. Turning off the company match but continuing putting in his own money?

Yep, he does listen to Limbaugh.

And that is what Rush has been doing this week. Backpedaling, recasting reality, and just flat out making stuff up. And he is very good at it.

The problem is not that there are Rush Limbaugh's in the world. The problem is there are people who listen to them.

[catzies]

48. No he & his wife (he's CEO she's CFO but never comes in) both stopped their contributions

But what pisses me off the most is that he did all this based on a rumor from a junkie pedophile.

[cardFan123]

13. raise

Tell him, OK, then just add the money to my paycheck instead of the 401K.

[Selatius]

17. That's a pretty good idea. nt

[catzies]

57. I would, but he announced that at the same time he announced a 10% paycut for everybody

But since I do payroll I'll know if it's "everyody" or really "everybody except him and his kids."

[lpbk2713]

18. Tell him to believe it when he sees it.

The RW Radio hatemongers are supposed to spread lies and bogus rumors. It's their job.

He needs to turn off his fuggen radio and develop a brain.

[Jeanette in FL]

19. Tell him not to worry, he is taking the guns first

Then he is going to go after the 401K's.

[TwilightZone]

21. In other words, he's a cheap bastard and he's blaming Obama for it.

It's just a ruse. He needed an excuse to quit matching 401(k) contributions.

[gratuitous]

23. I think that's what it is

The really funny thing, though, is that the choice for this tightwad is to either give the money to the government or to give it to his employees. I worked at a firm a few years ago when we'd had a very good year. The partners were contemplating giving themselves big bonuses for a job well done. The office manager showed them, chapter and verse, what would happen to the money if they (1) declared it as a profit for the partnership (big tax bite); (2) took it for themselves (big tax bite, but slightly smaller overall); or (3) made a distribution to the employees of part of the profit and kept the rest for themselves (very small tax bite, large deduction for making the contribution).

They weren't stupid. They took a healthy bonus for themselves, and distributed the rest to the various employees' SEP-IRA accounts. They got to keep about as much as if they had taken the whole thing for themselves, made their employees a lot happier, and kept several thousand dollars out of the U.S. Treasury.

I don't think the tax code has changed all that much. The big boss will take a big bonus for himself and grind his teeth as he watches the big, bad government take its usual bite. Call it the ignoramus tax.

[catzies]

50. Nailed it!

I'm the office manager & one-person-accounting department and pay all the bills & do the payroll. I know where the money comes from & where it goes. I write ALL the checks.

[DBoon]

22. Bush already took it

the stock market decline has in effect "taken" about a third of my 401k already

[QueenOfCalifornia]

27. Didn't Wall Street and Bush and Cheney

already do that?

[baldguy]

28. And Bush's stock market crashes did what...?

[Strelnikov_]

55. Good one n/t

[pitohui]

30. has he checked his portfolio lately? bush already took our 401Ks EOM

,

[gardenista]

34. I'm an employer. Trust me, he's not stupid

He's looking for an excuse to cut your benefits. Get out as soon as you can. This guy is a scumbag.

[catzies]

51. Oh, I am working on it. But year-end is a tough time to look for a job.

I'm trying to remain optimistic.

[gardenista]

35. One more thing... Depending on the type of plan he has set up

He may be obligated to continue contributing. See if there is any description of the plan, i.e., "Safe Harbor", etc.

Then call the plan administrator directly to see if he is allowed to stop the matching.

In certain cases, he is obligated to match if you opt to participate in the plan. AND, there are also rules for when the plan can be changed. Certain typed of notice have to be given.

I suspect that once he has talked with his plan administrator himself, he will be told that he may not break certain rules, and the whole bluster will end with no change in your plan.

Still, he's an asshole. Get out and move on if you can do so.

[catzies]

53. We're very small (>50 employees) & my HR manager (who I hired) is liberal

She's very good and we're both highly pissed and are allies in this very hostile environment & are both looking for greener - or should I say bluer? - pastures.

[MadMaddie]

36. I have Repug coworkes who heard the same rumor!

I was too tired to argue with them..

[DailyGrind51]

37. Good! McCain was going to take away our employer-provided health insurance,

or, at least tax it, meaning a regressive tax on lower wage workers working mainly for health benefits and those employers providing it, in lieu of lower wages. And, eventual death to people, like me, with pre-existing conditions, unable to purchase individual coverage in the "free" market.

[mascarax]

38. Yep! And he's gonna take your guns too.

Sorry, Mr. Idiot RW Nutjob Boss. Losing your 401K is just the beginning!

(Ah...that felt good.)

[busybl]

39. has he looked at his statement lately?

Too late, dude. Someone already stole it.

[End Of The Road]

41. There's some truth to that rumor

Here's a link. http://www.workforce.com/section/00/article/25/83/58.php

[catzies]

54. Thanks for the link. Now I see where Rush's rumor came from.

But like all his other fabrications it's miles away from the facts at hand.

[TWiley]

42. Do we work at the same place?

A racist office worker got the shop bigots all stirred up with the same rant at the smoke-hole. I tried to explain that America has a system of checks and balances and even IF the executive branch wanted to do such a stupid thing, that it would have to pass both the house and the Senate before becoming law.

sheesh.