I've received news that some former employees who were laid off this past spring DID NOT receive their company contributions when they rolled over their First NLC 401K accounts although they were clearly eligible and enrolled in this program.
As mentioned earlier on this blog, First NLC retains the right to decide if they want to contribute to any employee's 401K program, regardless of their tenure or status. Just because you have been with the company over a year does not mean you are going to get your funds matched. Daddy and Junior may decide you aren't worthy of this "generous" gift (for the record, FNLC has the lowest matching contribution percentage of any company I've ever worked for, especially considering that we are owned and operated by a financial institution).
I urge all current employees to confirm that they are receiving the matched contributions they may be eligible for. Don't take for granted that this company is going to do right by you. "Doing what is required" means doing what's best for a select few members of the executive management team and to hell with anybody who stands in their way of lining their pockets with a few extra bucks.
This is typical First NLC policy and procedure: take something that is commonly accepted, and twist it around so it works only in the company's favor while disguising it with fine print, murky documentation and unanswered questions. This is just another example of how this company preys upon the goodwill and intentions of its employees by twisting a knife into their backs whenever it becomes convenient.
Thursday, June 7, 2007
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It could be they didn't understand that there is a 5 year "vesting" (20% per year) which is pretty common with matching funds from an employer. It would take 5 years to receive 100% of the matching funds from the employer.
I hear you. I'm talking about people who received absolutely nothing, and they were entitled to at least the 20%. Regardless, this is a terrible policy, especially in this day and age where people rarely spend five years at the same organization.
From firsthand experience, I know that trying to get definitive benefits answers has been next to impossible at this company.
What's up with all these branches not having a manager? One branch has been operating without management for 5 whole weeks and no one seems to be too concerned. How can they afford to keep the lights on when there are several branches operating like this? They aren't taking any applications and maybe closing one loan a month. The prodoction is non-existent...and to think we can't get kleenex approved on our office supply order but we can throw all this money away month after month after month.
Speak up people. Share your opinions. Don't be afraid of what this company can do to you if you are currently employed. The fact is they can't do anything to you if you're posting on your own time and you're not giving up company trade secrets or personal client info.
Don't let them get away with holding you hostage in fear of losing what a shitty job it truly is.
Sooner or later you will get the axe when things get tight unless you are a part of the upper elite management.
Trust me, I know. Ever heard of National Lending Center? Google it.
Anyone know if the sale of FNLC has gone through or fallen through? The rumor I have heard, and correct me if I am wrong, is that FBR's financial commitment to FNLC is up at the end of the quarter, which happens to be the end of this month. I have heard that if the company is not sold, it will be dumped. Anyone have more info than the rumors running around?
Also be sure that if you have life insurance that you request the paperwork to have it ported so that you can keep it at the group rate. You only have 30 days to port it and they WILL NOT send it to you automatically.
to who: If I was a guessing fool, I would think no FBR will divorce itself from First NLC.
April 26th is the date FBR last announced it's quarterly earnings for the 4h quarter of last year. Based on this, FBR should be announcing first quarter results around the end of July. During this announcement, i am sure FBR will want to announce that it has divorced itself from First NLC. I could be wrong but I doubt it. If you hear anything different, please let me know. Tell then, "good luck".
Anna, I just received my 401k check to roll over into an IRA. It was for the full amount including the matching funds I have received over the 3 years I was at FNLC. Did the others review their statements from Ingham to verify the amount of the contributions over the years for matching? If they were to print out a statement, on one of the pages it shows the contribution amount and the percent the would be vested over a 5 year period when they would become 100% vested. Are you sure they weren't confusing it with the "profit sharing contribution" section of the statement that is voluntary by the employer and may or may not happen annually. In my 3 years there was only one profit sharing contribution that I think happened in 2005. They should have received that. Ingham does all the calculations. I don't think you can blame incorrect calculations on FNLC. The former employees should call Ingham and have them explain how the amount received was calculated.
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