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What are your thoughts about the impending EY pension and 401k changes?

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I'm just waiting to see what our "bonus" looks like this year---hey, pack up the kids: we're going to the Olive Garden to celebrate!

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V2020 is driving us into the ground in my opinion. There is a very aggressive hiring goal which resulted in many practices over hiring last year. The quality of the people that are coming into the door is decreasing.

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Evidently it will impact all staff (non-PPED) levels. Safe bet that it's a cost cutting maneuver to meet 2020 objectives. No details have been officially announced apart from an ominous meeting invitation for next week

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The 2020 plan still bothers the hell out of me...we are making a lot of sacrifices for top line growth with little focus on the bottom line. The acquisitions have been mediocre at best. Our overhead is too high. Our rates are not competitive in certain spaces. We aren't doing enough to fix those problems--we're just buying shit and hiring people to sell.

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We practice exactly the opposite of what we preach. Consulting firms in a nutshell.

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They should just remove the 401k and reduce pay for everyone. Excellent plan to meet goals.

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If it is a cut, the only thing left to cut is the pension--the 401k is already shitty--unless they are going to mess with the vesting period or the bump to 50% match after 4 years. Pension vesting has already been scaled back. Maybe it's good news? Maybe the pensions are being converted to IRAs and won't be a giant black box anymore.

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Vision 2020 was unrealistic to begin with. Idk why leadership doesn't just adjust it now and make it more realistic. We have a couple more years to go and can still make a lot of progress but not at the level expected by vision 2020 in this market...

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To decrease the estimated pension liability which they project at $7b in 2020 they have changed the benefit accrual calculation to a cash balance vs final pay. No enhancements to 401k apart from monthly match vs annual match.

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Have you heard any details

.

What are the changes?

I saw a meeting for next week but wasn't aware that they had announced changes (yet).

Would not surprise, only way to meet the 2020 objectives is to acquire an extremely large firm

How can it be cut? It's already the weakest of anywhere I've worked

Haha

They are probably going to screw us

They have been offering pension buy outs to employees who left prior to 2016, check goingconcern.com's open items for details on that. Safe bet they'll be looking to cut at least parts of the pension

I have heard chatter that pension will no longer be a defined benefit but switching to a plan where you can elect your own investments. The way it was explained to me makes it seem not all that different from the 401k plan.

Let's hope it's better than the pile of shit that we call a 401k now, bet you anything nothing is changed for the partners pension plan

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