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03 April 2011 @ 08:55 am
Fallout from February  
 I wonder if anyone else has recently looked at their Merrill Lynch 401K statement to discover that on April 1 ML reversed out the February contribution.  Seems like it has also "bounced".... Now I expect a letter from Aetna letting me know my February medical and dental premiums have also "bounced"....  So I guess I need to contact HR..... Just want to thank our "key executives" who are busy petitioning the court for their bonuses for being on top of their business and looking out for us "little people"...  I just want you to know that I am constantly eager to get more BR+ sign-ups for you because I know how much you appreciate me!!!!
oldbookseller on April 3rd, 2011 03:26 pm (UTC)

Not only can the Company NOT match your contribution because they don't have any money for anything but "retention bonuses"...but now they can't even get your payroll deduction right ???

WOW, when this Company screws the pooch, they really do it up in style.
(Anonymous) on April 3rd, 2011 03:34 pm (UTC)
I am not sure this is legal. Seems to me that since they are not matching it is money from your paycheck. And even if they do put the money back you would have lost whatever profit that would have been made on the money when they put it back. Sounds a bit like embezzlement to me.
(Anonymous) on April 3rd, 2011 04:06 pm (UTC)
Short of Cash?
Hmmmm.....sounds like they are desperate for cash, not stealing.
(Anonymous) on April 3rd, 2011 04:25 pm (UTC)
Re: Short of Cash?
How can it not be? It is his money that was not paid.
(Anonymous) on April 3rd, 2011 09:37 pm (UTC)
Re: Short of Cash?
They quit matching the 401k awhile ago, so yeah, this is theft.
(Anonymous) on April 3rd, 2011 10:06 pm (UTC)
Re: Short of Cash?
There are plenty of companies that do not match 401k, so the loss of that is just a perk that is lost not thievery.
(Anonymous) on April 3rd, 2011 11:05 pm (UTC)
Re: Short of Cash?
The way I read the OP, the contribution was backed out. Since there is no match, the contribution is coming from the employee. So yes, it is theft. The money is with held from the paycheck by the company and is supposed to be submitted to the investment company.
robalou01 on April 4th, 2011 12:59 am (UTC)
Re: Short of Cash?
You are exactly correct sir! Your succinct summary will be made abundantly clear to my GM and HR rep, if we still have any!
(Anonymous) on April 3rd, 2011 04:12 pm (UTC)
Re: Fallout from February
Along that same line, I have an FSA. It just recently occurred to me that I haven't been getting the reimbursements I should have coming. Anyone else encounter this?
(Anonymous) on April 3rd, 2011 04:59 pm (UTC)
Why anyone would invest in ANY 401Ks is beyond me. They exist to steal from you. Wonder how many Blockbuster and Circuit City employees got ripped off. Not to mention the thousands that lost their entire savings in 08 across the country. I'll never EVER give my money to big businesses.
(Anonymous) on April 3rd, 2011 07:31 pm (UTC)
Aetna Not Paid Also?
I really don't want to consider this because I didn't think it was possible, BUT ... Friday night I decided to go ahead and sign on for COBRA, and when I logged in to "Conexis" to do it on line, their system didn't show any medical or dental options available for me! (Even though I have the paperwork they mailed me ten days ago showing both!) I assumed that this was some kind of digital glitch, but now the hair on the back of my neck is standing up.
(Anonymous) on April 3rd, 2011 08:57 pm (UTC)
Re: Aetna Not Paid Also?
I have had vision insurance through Conexis since being laid of. They send the payment notice around the 20th of the month and it is due the 1st of the following month. Never received a bill for April. Called the company and apparently I no longer have any COBRA insurance. What the heck is going on?
(Anonymous) on April 4th, 2011 12:59 am (UTC)
Re: Aetna Not Paid Also?
I left last Summer and I had a couple of conversations with the Benefits department. They were very helpful. A lady from that dept was kind enough to call Conexis to confirm my coverage etc. I would try to call benefits if there are any people left. There might be a backlog with so many folks leaving so that also is a consideration. Best of luck to you all.
(Anonymous) on April 3rd, 2011 08:08 pm (UTC)
As many have said, this company will fuck up Chapter 11. They have shown time after time that they don't have a clue. My guess is though that they will go about getting their bonuses somehow.
(Anonymous) on April 4th, 2011 06:58 am (UTC)
My theory is we will "exit" bankruptcy as planned, the bonuses will be paid out, and within a month Chapter 7.
(Anonymous) on April 3rd, 2011 09:32 pm (UTC)
I sure hope they are submitting our witheld taxes! It would be a real kick in the teeth if they were 'borrowing' that cash before turning it in to th state or fed.
(Anonymous) on April 4th, 2011 01:54 am (UTC)
That would be illegal- It's called tax evasion. I wouldn't be contributing to anything anymore- especially in this economy.
(Anonymous) on April 4th, 2011 04:30 am (UTC)
Of course it's illegal. I've had it happen to me before. Nothing like owing the Fed again when you think you've already paid your bill. The first clue I got that it was happening was when I arrived for work and found a seized for taxes sticker sealing the door shut. It's not funny, and it happens more often than one would expect.
thundersnow78 on April 4th, 2011 11:05 pm (UTC)
On a related note, a few cafe folks have pointed out to me that while they had to write down all the tips they received each day that our store never bothered to submit the tip numbers to the IRS.
(Anonymous) on April 5th, 2011 11:22 pm (UTC)
(Anonymous) on April 6th, 2011 04:23 am (UTC)
Cafe tips
In our store I always entered the tips into PeopleSoft at the end of each month as required. IF the cafe supervisor bothered to give me the tip sheets which she usually didn't. Half the time no one bothered to fill them out. Unfortunately our cafe supe runs the cafe by her rules and not the stores.
(Anonymous) on April 4th, 2011 12:54 am (UTC)
OT picture
Wanna see something funny? Try pasting this into your browser:


I'm not sure if it's real or Photoshopped, though...
(Anonymous) on April 4th, 2011 03:08 am (UTC)
Re: OT picture
Store #554, right? Got a great laugh outta seeing that pic, and it's funny they posted that sign only after I went on vacation! Ah well....
(Anonymous) on April 4th, 2011 03:31 am (UTC)
Re: OT picture
I have some staff that went to San Francisco this weekend and sent us a picture of this. Definitely real. We loved it! Great idea!
(Anonymous) on April 5th, 2011 10:33 pm (UTC)
Re: OT picture
Do they know it's 2011, not 2010?

Or has the new store hours home-printed sign been hanging in the window for a year??
(Anonymous) on April 5th, 2011 11:25 pm (UTC)
Re: OT picture
oh man.. fucking idiots. it's no wonder we are where we are.
(Anonymous) on April 5th, 2011 11:30 pm (UTC)
Re: OT picture
Amazon is a restaurant next door. This is not in reference to Amazon.com, although that would be funny.
denardo on April 4th, 2011 06:18 am (UTC)
Re: OT picture
(Anonymous) on April 4th, 2011 11:01 pm (UTC)
Re: OT picture
Oooo... I so want to print up one of those for my store. We have also closed our bathrooms. Yet, somehow, the bathrooms manage to stink even more than usual.
(Anonymous) on April 4th, 2011 03:07 am (UTC)
The company's CFO was brought in from a Las Vegas Strip Casino. No scam under the sun pulled by this company should surprise anyone. This includes failure to transfer money withheld from employes for taxes, IRA contributions, or insurance.

(Anonymous) on April 4th, 2011 03:26 am (UTC)
Sheesh, Borders doesn't know WTF they're doing. Bringing a CFO in who worked at a Vegas casino, and has no bookselling background? LMFAO!
(Anonymous) on April 4th, 2011 03:57 am (UTC)
Why would you need bookselling background to be a CFO? I'm not saying the guy is or isn't good at his job. But it is a bit over-the-top to expect the CFO to have experience selling books. The position, even at a bookstore chain, has nothing to do with selling books.
(Anonymous) on April 4th, 2011 04:08 am (UTC)
In this case it just has to do with cooking the books. Wonder if they are using peoples deductions for their retention bonuses.
(Anonymous) on April 5th, 2011 03:06 am (UTC)
Actually, it matters a great deal. Every industry has unique financial aspects to it. The accounting stays the same, but the CFO sits way above the people with the green eyeshades doing the double-entry book-keeping. What's the cost structure? Equity vs debt? How are receiveables handled ? (Show me another industry with the same inventory accounting, return policies to vendors, etc that the retail book sales industry does!) Overhead allocation--what's the best way? (And believe me, overhead allocation is one of the hardest and most important areas a CFO deals with.) Cash flow and planning--doubt that the Vegas casinos depend on sales in the last quarter of the calendar year to carry the rest of the year. Pricing product mix--discount best sellers to bring in traffic and obtain other sales, or make the money on best sellers? And speaking of inventory--how much and what should be carried--deep back list? Classics? Have a huge SciFi/fantasy section to bring in fan boys, and how about romance? Lots of money made on bargain--how much to emphasize that line? And, or course, the old favorite, coupons...how much/how often should we discount, and what should be discounted?

These are ALL CFO decisions (which should be made in conjunction with the marketing department, of course.) And they were all made poorly. Could it be that the decision-maker didn't hae a clue because instead he knew about casino ops, house take, comping whales, membership cards for old ladies who take buses to play the slots every other week, and margin on drinks and meals?
denardo on April 4th, 2011 06:19 am (UTC)
A Strip Casino? Is that where they only play strip poker?
(Anonymous) on April 4th, 2011 10:14 pm (UTC)
When is the last day
Month&date u are closing
(Anonymous) on April 4th, 2011 10:23 pm (UTC)
Re: When is the last day
Not soon enough, and if you were really an employee you would not know the answer to that either.