Some IBM employees were rankled this week when the technology giant notified workers it would change the way it makes 401(k) contributions.
The net effect of the change: Some employees could receive a smaller contribution from IBM into their retirement accounts than they would under the old system. As a result, employees are fuming that IBM's policy change is an insult to colleagues who are laid off in future years.
The company, which employs thousands in Research Triangle Park, notified workers Wednesday that it will stop making matching payments every two weeks in paychecks. Instead, IBM will make a contribution once a year.
The catch: "You must be employed on December 15 of each year to receive your IBM contribution for that year," according to the email from Randy MacDonald, IBM's senior vice president for HR.