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Mmodal stinginess strikes again! - check your 401K email

Posted: Jan 08, 2013

Just when I thought Mmodal had sunk to a new low they pull a fast one with the 401K. Now instead of matching every pay period they are doing a lump sum at the end of the year, only if you stay employed until the end of the year. Not only will that not help us make money for our retirement now Mmodal will have some excuse not to pay in any money at the end of the year either. And before all you cheerleaders start bashing me, Medquist did this before. They promised to pay in a lump sum at the end of the year and when December came they claimed they had no profit so they could not contribute.

It would seem to me they have a firm date in mind to get everything off shore. Will we have jobs in January 2014? Ask Vern!

Yep, I saw it - me

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I'm speechless.

Not sure this would be legal - to not pay - Curious

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M*Modal's benefits that I saw state that they pay 1/4% per 1% up to 1%, so no profit at the end of the year has nothing to do with paying up on the 401k match. I would look closely at this stuff and see exactly what it says about the match. If there is nothing in there that says "match if profits permit", etc., then they have to pay. As to paying at the end of the year, LoL, I would talk to a lawyer or someone else who knows more about this. Call the investment brokerage firm since their people usually know a lot about laws regarding 401k plans.

You also have to be employed by Dec 31 - too many loopholes

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This whole email just screams bad to me. How easy for them to lay us off or close shop December 30th and not pay us at all. Or they are hoping to drive off most of the employees before then anyway.

The whole paragraph regarding the reasoning for this change was bogus too. They have the money to match every paycheck, they just choose not to so the profits look better.

Mmodal changes the rules as they see fit so why would they not take away one of the benefits they so vehemently touted? I wish they would have trashed BOOST instead.

Many companies handle their 401s the exact same way. - This is nothing new, nor is it illegal. NM

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x

It should be illegal. They are holding onto the - money, earning interest SM

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for them. If they did their contribution to yours during the year, then you would be earning the interest. Just because you say it is legal, doesn't make it right. It should be illegal, just like most of the things these big corporations get away with. So disgusting.

Especially after they bragged about how this - was one of the big changes

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and how much we benefitted from it. Oh, and along with the new & improved e-mail & Boost. Watch, by the end of the year, they'll have another e-mail, sorry, can't contribute anything at all, maybe next year. SOBs!!!!

Once a company makes a commitment at the - beginning of the year

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to contribute to a 401, they are bound by law to do it. To not pay at the end of the year would then be illegal.

Oh, please, no company in good standing - does that

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Good companies do what they say they are going to do and don't back at on benefits they promise their employees

Every company can decide each and every year - if they will contribute and

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how, whether by pay period, quarterly, yearly. Before Spheris quit contributing to our 401, they did it quarterly. There are plenty of businesses who do it quarterly and yearly, especially small businesses.

I'm not defending them, as I understand this is more financially beneficial to them then to us, but they aren't breaking any laws or doing any different than a lot of businesses.

I understand what you're saying, but this company - is notorious for changing

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their mind every time the wind blows. Like you said, most companies that do this are "small businesses." MModal is not small. They're just cheap. A company in good standing would also give their employees some kind of notice before making a change like that. I've never seen a decent company do this, and I've been around for a while.

Yes, yet another unkept promise. Just - add it to the stack NM

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x

Just like that raise I was lucky enough to get - a few years ago

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and they promised everybody would be reviewed once a year and if they were meeting goals, would get a raise. The next year, they took it away when they had to "even" all MTs to the 6 and 10, 5 and 9, or 4 and 8.

Same with the bonuses they were going to pay monthly, then they said per paycheck (which never happened), and then they totally disappeared and they never spoke another word about it, as if they had never promised such a thing.

yup, and where are those 300 $10 gift cards per quarter - and our standardized CPs

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Its all a big joke on us.

Those gift cards go to Amy and Vern. - mom2huskies

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The people who do the actual work get a lump of coal.

Yeah, they use them to tip the attendant in - the company washroom

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chump change

Ironic after they just sent out the employee - satisfaction survey

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the send out the email. But, I was already dissatisfied with them so no matter. Nothing but a shame of a company. Our moto at MModal is squeeze out every penny for the hard working employees so we can keep our greedy wages and bonuses. Let them starve.

Just asking - No One

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But when did the new survey come out. I have yet to see one.

Not ironic. I am sure it was planned - Mmodal the great pretender

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They pretend they actually want to help the MTs but this announcement was planned. I am sure their logic is that by the next survey we will forget anyway and then Amy will spew her diabtribes on the next All Hands Call about how the company cares and all the great things they are doing and everything will be fine. Did they ask any of the MTs on the Task Force if they thought making a lump sum match was a good idea? No because they do not care what the MTs think and never have. This was purely a move to benefit the company and I am sure they will come up with some excuse not to pay the lump sum in December.

ask Vern? He never replies, but I actually got a reply from amy once! - surprised the heck out of me

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of course, she didnt really answer my question and made up some politically correct BS, but I was shocked to actually get a reply.

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