Whether you’re a fan of the way Wal-Mart does business or not, you have to give them kudos for taking care of their employees. Previously, if an employee worked for the retailing giant for longer than 13 months, the option was provided to partake in profit sharing with Wal-Mart. Now, that option has been replaced with a retirement plan and increased health care benefits.
Beginning February 1st, employees will now be able to fund their own retirement plan, with matching contributions from Wal-Mart. An employee can contribute up to 6% per paycheck and so long as the amount stays under this barrier and remains consistent from paycheck to paycheck, Wal-Mart will match it. Wal-Mart is also setting aside up to $1,000 for each employee’s health care account to cover eligible medical expenses before employees have to pay any deductible coinsurance.
The profit sharing plan that Wal-Mart is disbanding has been in effect since 1971 and the new changes are seeing mixed reviews. The option to contribute to your retirement is great, especially with matching contributions but when you consider the wagers that Wal-Mart pays most of it’s employees, few can afford to set aside any money, even as little as a few percent. Depending on where you stand within the company, this news may be a great start to your day but even if it’s of no value to you right now, I think Wal-Mart has made a wise move.
Now on to the best money articles from this past week!
Five Ways Why Investing is a Lot Like Football @ Moolanomy: Football season is awesome isn’t it? Well here’s an article that makes a strange analogy between investing and football, that actually makes sense.
Chicago Restaurant Owes $118K In Overdraft Fees, May Have To Close @ Chicago Reader: Can you believe that one account could rack up so much in overdraft fees. At $34 a piece, we’re talking about almost 3,500 separate fees. Yikes!
How To Make Six Figures a Year at Almost Any Age @ Financial Samurai: The day I make six figures a year, I’m going to throw a party and everyone is invited. But make sure you bring something, otherwise the costs could drop me down to five figures a year.
Five Daily Activities to Improve Your Finances @ Frugal Dad: Improving your finances needs to start with the small decisions and the best way to get on track is to start with a couple of these great suggestions from Frugal Dad.
Are Car Maintenance Interval Suggestions Completely Bogus? @ Personal Finance Firewall: An interesting question provided here and if you look into your car’s specific requirements, I’m sure you’ll find it’s different that what the standard belief is. Simply put, what works for one doesn’t work for all so make sure you know the ins and outs of your automobile.
7 Months Without Television @ How I Save Money: No, this isn’t a horror novel, this is an account of how one PF blogger has successfully stayed sane after seven months of no television. I wonder how long I could make it without television? Probably black-out on hour #12.
Anatomy of a Toxic Asset @ Weakonomics: The definition of a toxic asset became anything that was virtually worthless after the credit crisis of 2008 and the Weakonomist has broken it down even further to show you they may all have something in common.
And this past week, we participated in: