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Will Schlumberger Freeze its Pension?

Schlumberger, along with most other oil companies, is in the process of trying to cut costs to help deal with the economic downturn brought on by the Coronavirus.  The pandemic hurt the entire economy, but it came down on the oil & gas industry especially hard. Chevron has chosen to conduct layoffs to try and

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Will Schlumberger End 401(k) Matching?

There has been a consistent economic trend which shows that when a recession hits corporations will decrease or suspend benefits. We witnessed this in the 2001 recession when General Motors, Charles Schwab, Goodyear Tire & Rubber, & Ford all decreased or suspended their company match programs. The same happened in 2008, with Forbes reporting that

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Will Lockheed Martin End Its 401(k) Matching Contribution?

Lockheed Martin had already begun cutting benefits before the Coronavirus took its toll on the world economy. According to Barron’s, “Lockheed Martin (LMT) finished freezing its defined-benefit pension plan on Jan. 1, 2020”. Since the pandemic hit, Lockheed Martin has certainly had to make adjustments. According to the Fort Worth Star-Telegram 2,500 employees were forced

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Lockheed Martin? What Corporations Will do to Protect Their Dividends

In order to cut costs, Lockheed Martin made the decision to freeze its pension plan back in 2016. This begs the question, what will they do in 2020 to protect their dividend? Fortune 500 companies have been scrambling to protect their dividends and keep their shareholders happy. The results have been generally negative for workers

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Will Halliburton Suspend or Reduce 401(k) Matching?

Halliburton is in the process of cutting costs to help cope with the current recession caused by the pandemic.  Coronavirus took a toll on the entire economy, but it came down on the oil & gas industry especially hard. So far, most of Halliburton’s cost cutting efforts have come from layoffs. According to the Houston

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Will Pfizer Stop Matching 401(k) Contributions?

Pfizer has been teasing cost cutting efforts since before the pandemic hit. Back in January Albert Bourla, CEO of Pfizer, commented that in regards to spending cuts the company, “better move faster than slower”. Bourla referenced “enabling functions” as the space where he sees the most room for cuts. He considered finance, HR, and digital

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Will Bank of America End 401(k) Matching?

There has been a consistent economic trend which shows that when a recession hits corporations will decrease or suspend benefits. We witnessed this in the 2001 recession when General Motors, Charles Schwab, Goodyear Tire & Rubber, & Ford all decreased or suspended their company match programs. The same happened in 2008, with Forbes reporting that

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