This interpretation of 401k match language would make DBG very proud (pic)
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Poast new message in this thread
Date: April 24th, 2024 10:04 PM Author: Dead ticket booth
How much is their HR team freaking out right now?
I'd think plausibly they facing a lawsuit where they probably owe 3% of everyone's wages for a few years?
(http://www.autoadmit.com/thread.php?thread_id=5521232&forum_id=2#47607988) |
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Date: April 24th, 2024 10:44 PM Author: Dead ticket booth
Why would you need a labor attorney?
99.9% of companies offer something similar to a 50% match of an employees contributions up to 6% of their salary. They're clearly using an industry term and there was an error in drafting.
If this was truly their intent, and the company's attorney wasn't a full blown moron, then the next line has to say "By way of example, if an an employee makes $100,000 and contributes $6,000 to their 401k, employer will contribute $180.00 to the 401k.
(http://www.autoadmit.com/thread.php?thread_id=5521232&forum_id=2#47608108) |
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Date: April 25th, 2024 12:00 AM Author: Dead ticket booth
See below.
Your math renders the entire formula moot.
It'd be like if you wrote a contract saying, "Buyer will be able to achieve an earnout equal to 1/2 times 1/4 divided by 6 times 11 multiplied by the 2026 revenue."
Why would you write it so stupidly?
(http://www.autoadmit.com/thread.php?thread_id=5521232&forum_id=2#47608230) |
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Date: April 24th, 2024 11:55 PM Author: Dead ticket booth
Yeah - if we're pretending to be a law board - there's no logical reason to phrase it that they'll match 50% of the first 6% of your contributions - it's a pretty nonsensical structure. Why not just say they'll match the first 3% of the actual money you put into your account?
There's no logical reason to have the 50% of the 6% if they both refer to contributions...
It's clearly ambiguous and you look to what this phrasing means within the industry and its obvious that the intent is that they'll match 50% of your contributions up to 6% of your salary.
(http://www.autoadmit.com/thread.php?thread_id=5521232&forum_id=2#47608220) |
Date: April 25th, 2024 12:45 PM Author: splenetic principal's office
Lmao
“And be grateful you get that much!”
(http://www.autoadmit.com/thread.php?thread_id=5521232&forum_id=2#47608856) |
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