Generally Better Now? GM Revives Retirement Match For White Collar Workers
Wait a second, I didn't realize things were all better now at the General. Last I checked they've still yet to show a real profit — yet here they are, making things seem like they've returned to the halcyon days of early 2005 — by, of all things, reviving retirement matching in white collar 401(k) accounts. Nice, because there's no better signal to send when you're still fighting for profitability, with a potential proxy fight looming ominously in the near future, than an "all clear" signal. And not only is this an "all clear", it's even a boost of 250% from the 20 cents on the dollar level it was at back in 2005. Bravo, General Motors — you've yet again stuck your head up for a scythe just as you've convinced everyone to duck.
UPDATE: Ok, it turns out the shift from 20 cents to 50 cents and the return to a retirement match was actually released in March — at the same time as the original hold was placed on matching dollars, a vital piece of information omitted from Susan Tompor's article in the Freep. But GM's Tom Wilkinson now got us set straight — and yeah — ha-ha, we were only kidding about the — err, umm — scythe thing. You win this round, Tom!
GM revives 401(k) matches for salaried workers [Freep]
Related:
Bullshit! GM Obfuscation Increases By 1,385% For September, Sales Down 6.8%; Breaking! GM July Sales Down 19.5%, Obfuscation Wins! [internal]