Retirement Plan Changes
Ever since the bank I work for was bought out by another bank, there have been changes occurring. I knew that there would be, as change is inevitable. Some of the changes have been small, and some have been huge. I’ve taken it all in stride, and rolled with the punches. There’s not much more I can do besides that.
This morning we had a meeting on some of the changes to our benefits plan. The first thing we went over was health insurance plans. The old bank offered a high deductible health plan, and now the new bank is going to follow suit. We’ll still have other options like PPOs and HMOs, so I’m not freaking out about that too much. I can pick health insurance pretty easily now.
The next topic we touched on was retirement accounts and pension plans. As it is currently, my company matches $1.15 per every dollar I put into my 401k, up to 6%. I also have a pension plan I was grandfathered into that they put money into each month. Very nice! The new bank is going to be matching dollar per dollar up to 4%. Ouch. That totally bites. But, they are going to offer everyone a pension plan. So, essentially I am going to be losing out. Not only are they matching less money, but they’re matching 2% less than the old bank! Bummer.
Seeing as this is our only retirement account we actively contribute to, I think I’m just going to keep contributing at 6% and leave it alone. I am truly disappointed that it’s occurring, but I am also happy they will be matching something. I don’t know if their reasoning is due to the merger or the economy, but whatever the reason, I’m not pleased.
Has your employer changed your retirement plan due to the economy?