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401K match stinks. Needs to be improved. - just saying

Posted: Nov 19, 2013

Here is an article that talks about 401K. Mmodal's 401K plan stinks. "The most common 401(k) employer match is now dollar-for-dollar for the first 6% of income that an employee defers." Mmodal only matches 25% up to 4% which equals 1% in a lump sum which is even stingier than matching it each pay period to allow the participants to take advantage of compounding. The worst thing - We don't even know if Mmodal is going to match this year. In years past they sent out a letter rescinding their promise. All this supposed improvement in communication and we still do not know if we can trust the company to keep their word on a match, paltry though it may be. Stinks is not even the word for it. The article recommends to speak up and ask the company to improve the 401K. I am posting here because I know the corporate people read this board. Let us know if you intend to match like promised on December 31st and please consider increasing the contribution or at the very least contribute every payday. http://www.foxbusiness.com/investing/2013/11/07/does-your-401k-match-stink/?intcmp=HPBucket

Agree... - But...

[ In Reply To ..]
I totally agree, but a 401K is a benefit offered, and is still a benefit even if MM doesn't match at all. I kept mine even when MM (may have been MQ at the time) was not doing a match at all--they were putting zero in.

I kept it because it is money in the bank and it is income you don't have to pay taxes on.

I just remember Queen Amy calling it a benefit - just saying

[ In Reply To ..]
They didn't give us raises but instead gave us the new email system and 401K. She made such a big deal about this 1% and then soon after her call they announced that the 401K contribution would be yearly. Wonder how much they contribute to the executive's 401K? Bet it is more than 1% and I bet they contribute every payday.

You can do an IRA for the tax benefit especially if they are not going to match. I just would like to know if they intend on matching here in a month or not. I think we are at least owed that much. It is not much of a benefit if they don't match and we could sign up for an IRA without them and certainly not in lieu of a raise.

Once a company states they are going to matchh - they are legally bound to do so.

[ In Reply To ..]
a company can decide from year to year IF they are going to match, but once they announce they are, they are required to by law.

Legally bound - Good luck on that one

[ In Reply To ..]
Required by law? This organization has a long track record of unethical and illegal business practices. They believe they do not need to follow any laws. They make up their own rules and believe they can do whatever they want.

Sigh - yes they do

[ In Reply To ..]
What you may think is an illegal business practice, really probably isn't.

However, 401Ks are regulated by the DOL, and believe me, they come down hard on companies that don't follow the rules.

Sigh - Grandma Thunderpants

[ In Reply To ..]
While I chose not to have a 401K with MM because I know how they run this business, I do hope that those of you who have 401Ks with this company do get your money.

As far as illegal business practices, I am not going to go into specifics because it is all in the past, though you can find information by searching law suits against Medquist, and Security and Exchange Commission investigation of Medquist, and that they also got themselves kicked off the NASDAQ. Also in early 2000s, Medquist handed us all a check for $300 for unpaid over-time and by cashing it we forfeit (our right) of any further legal action against them.

Furthermore, I do believe that fining us for above 5% QA submission is illegal. No one else who I know who works for any company has this kind of practice implemented.

Also, if I am ever fired for not meeting their 99.6% (MM's ridiculous request when MDs dictate so poorly, and more importantly 98% is industry standard), I will sue this company, my supervisor, and the auditor for the numerous discrepancies on my audits which I have saved and all the stress they have caused me.

By the way, I am in school right now while working for MM, so I am preparing myself to move on soon.

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