(Bloomberg) — IBM, the largest computer-services provider, is being criticized by a worker organization for a change to its 401(k) plan that cuts the frequency of company contributions to once a year.
The company will switch from matching employee contributions to their 401(k) plans twice a month to every Dec. 15, a move that “shortchanges IBM employees,” Alliance@IBM says on its website. While the amount that employees receive isn’t changing, workers who leave or are fired before Dec. 15 won’t get their payment for the year.
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