Goodbye 401K matching program! It was fun while it lasted!

In another blow to the gut, we received an e-mail this morning alerting us to the fact that our 401K match would be ending August 1st.

The letter reads as follows:

THIS NOTICE APPLIES TO ALL ELIGIBLE 401(K) PLAN PARTICIPANTS Effective August 1, 2008, the matching contributions on your salary deferrals will stop. Prior to that date, salary deferrals were matched 100% of your pay up to 3% and 50% of your pay on the next 2%.

Considering the change, you have the opportunity to modify salary reduction agreement (deferral percentage) before August 1, 2008. Salary reduction changes will be effective beginning pay date August 7, 2008.

And that was it. No explanation as to why.

So, now what do I do? I know I'm really young, but every move that I make now effects my retirement more drastically than in the future! Do I find a new 401K? Do I research Roth IRA? What the funk is a Roth IRA???

What's next? Are they going to deduct our health insurance allowance from our overall salary?

I don't know why I say they. This all comes down to one evil man. Not even a genius, just evil.

Every day there is something new and I don't think he realizes that he is setting it up to look as though the company is going under when he confided in me that he believes by doing things like this it will make us work harder to save the company!!!

UM, NO?!

I'm waiting to see how many people jump ship because it appears to be sinking!

If there are no benefits, there can be no Gidge or her boy toy because we both work for the same benefit stealing company and are trying to lay the tracks for a happy and financially stable life together!