So I came into work today and logged into my company's email account. To my surprised, I saw something flash before me about our Employer Discretionary Profit Sharing Contribution. Like a bee in a honeycomb I was so excited. I knew it was free money honey but just didn't know how much.
Our company use to have a pension plan where they would contribute a 3% match to our annual salary. But this plan has now been frozen due to the economic situation. So seeing this was a huge surprise.
Nonetheless before opening the email to continue my pleasant reading, I thought my profit sharing would be atleast 3% or better to make up for the lost in pension.
I opened the email and read the following:
I’m pleased to announce that the Board and senior management team have approved an Employer Discretionary Profit Sharing Contribution (“Profit Sharing Contribution”) to your ABC Company 401(k) Plan account. Despite the challenges of 2009, your hard work helped make it a year of great achievement, and the Profit Sharing Contribution recognizes your efforts.
Here is when my jaw dropped:
You will receive a Profit Sharing Contribution of 1% of your eligible pay.
Really! That was sure a buzz kill... 1%. All I'm getting is a paltry 1% match to my annual salary for this profit sharing. I didn't know whether I should be happy or nonchalent. I understand that 1% is alot considering the size of my company and the number of staff employed. We have a little bit over 250,000 employees so the payout can easily run up into the millions.
But when comparing my company's sudden profit sharing to my husband's company profit sharing, I was downright ambarassed. I don't have the exact percentage, but DH company profit sharing this year was almost 35% of his salary. Then again, DH company size of 3,000 is not as big as mine. So there's more cheese to go around, but I'm just getting the crumbs.
Again, this is discretionary. They have the right not to profit share. I know there are companies out there that don't even offer a company profit sharing plan.
Am I just being plain right ungrateful? Does your company give our such perks?