Applied's 401(k) employer match is a scam

Discussion in 'Applied Medical' started by Anonymous, Sep 13, 2013 at 9:51 AM.

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  1. Anonymous

    Anonymous Guest

    I looked into the subject of Applied's "match" after seeing something posted within another thread, and feel this scam should be exposed in its own thread, in the hope that enough people will complain to HR that they correct this (intentionally?) deceptive policy.

    Applied's stated policy is: "Applied will match 25 cents on the dollar of a participant’s annual contribution up to 2% of a participant’s annual compensation." The way most people would interpret this is that if you make $100,000 and contribute 8% to your 401(k) - $8,000 - Applied would contribute a match of 25% of that - $2,000. The reality is they contribute only 25% of 2% of your compensation - $500. This is actually 6.25% of your contribution - .5% of your compensation - which is a joke (except it isn't funny).

    This is clearly a fraudulent policy so that when recruiting new hires (victims) Applied can say we have an employer match, while getting away with typical Applied cheapness. I really believe a class action suit could be brought against the company for this.

    OK upper managers who sing the praise of everything Applied on these boards. Let's see you defend this bullshit policy.
     

  2. Anonymous

    Anonymous Guest


    Wow, I don't work for Applied, but that is a pathetic employee match program. May as well not even participate.
     
  3. Anonymous

    Anonymous Guest

    It's one thing to not believe in even buying a cup of coffee for a doctor or medical professional, but it is an entirely different beast when Applied Medical doesn't even believe in taking care of its own employees. I have been here awhile, come on to here for some good laughs every now and then, but I am embarrassed to say this company "match" is sad but true. I'm not going to sit here and bad mouth my employer to the extent 95% of these posts, but I will agree with the above poster and say anyone thinking of coming here should not plan on ever contributing to the 401k. Make your money and invest elsewhere IMHO.
     
  4. Anonymous

    Anonymous Guest

    Actually, I'm the original poster, and there is still a reason to participate in the 401(k) plan, and that is that the annual maximum contribution is considerably higher than if you were putting it into an IRA. You just have to disregard the whole "employer match" thing, as it's negligible.
     
  5. Anonymous

    Anonymous Guest

    The problem with contributing anything more than 6% of your annual pay is that the average commissioned territory manager, district manager, ALS, or ligation specialist is paid a modest salary of $45-75k/yr and it's near impossible to contribute every 2 weeks when most of us have families and bills to pay. I know that if i contributed to the 401k, i wouldnt be able to support my family or pay the mortgage each month. It wouldnt surprise me that one reason Applied has decided to pay out commissions quarterly is because they know it is more difficult for their employees to live if they start taking out discretionary income to invest in a 401k, so ultimately greedy Said doesnt have to match as many employees contributions. I don't know what the cost of living is in Topeka, KS or French Lick, IN, but I would venture to guess its 1/3 the cost than LA, NY or Boston. I'm sure this is going to fall on deaf ears because the upper management at this company really does not care about its employees or ideas, but it's worth a shot.
     
  6. Anonymous

    Anonymous Guest

    Wow! That really shows you what Applied thinks of it's people. I've been looking, and won't stop until I am out.
     
  7. Anonymous

    Anonymous Guest

    The beginning of each month I will create a refresher post to bring this back to the top of the list and remind Applied management of this deceptive policy that must be changed.

    Either make the match 25% of the employee contribution or clearly and accurately state what Applied's match will be - 6.25% of the employee contribution.

    You cheap, lying bastards.
     
  8. Anonymous

    Anonymous Guest

    I don't recall anywhere that Applied is required to match anything. If you don't like it, find some other way to invest.
     
  9. Anonymous

    Anonymous Guest

    The issue is the deceptive wording of their policy statement on the subject (see the first post of this chain). They have a right not to match anything, but if they are going to advertise a match program on the basis of being competitive with comp plans in our industry for recruiting purposes it should be clear and accurate. Any reasonable person would interpret "25 cents on the dollar" as meaning 25% of the employee contribution, and it is NOT that. Evidence that they are aware of the misleading wording is that MANY employees have reported the confusion and it has not changed. If they advertised a 6.25% match recruiters (and recruits) would laugh.

    Additional evidence of the intentional deception is that since the employer match is an employee benefit, every company I've worked for sends an announcement with the date and amount of the corporate match to each beneficiary when it's contributed, in order to enhance employee satisfaction and reiterate what a great company they are to work for. Applied doesn't do this, and we have to go into our account on GWRS.com and look through months of transactions to figure out what's been deposited and when. Why does Applied provide a benefit and not bring it to the beneficiary's attention when they do? Because they know it will put a spotlight on how far the reality is from the expectation Applied has created with the wording of the policy.

    I'll reiterate my first premise - that Applied is deceptive and cheap toward its employees with this policy stated as it is.
     
  10. Anonymous

    Anonymous Guest

    So stop complaining and do something about it. Is that all you do is whine?

    Do you complain to Congress about your social security and how that's a sham too? I bet you don't.

    If you don't like it, how about you talk to people at Applied (someone other than your manager) or go find another company with a better 401k plan. It's really not that hard to understand. I bet you get a ton of results posting on an anonymous message board.





     
  11. Anonymous

    Anonymous Guest

    I'm with this guy/girl. I'm not bashing any of my fellow Applied employees because many are friends, but all I can say is that I hope everyone who is as unfortunate to work here realizes this scheme. I was fortunate to have a degree in finance with a minor in accounting and when I did my due diligence and thoroughly read the 401k plan/match program, I knew right away it was a joke. I make more money investing on my own and just letting what little money I make here sit in a savings account at less than 1%. That is the God's honest truth. I hope Said gets slaughtered for dog meat and sold for kibble on the black market so we are all put out of our misery and sold to someone who will make us public. Rot in hell Said!!!
     
  12. Anonymous

    Anonymous Guest


    That's it, Mr./Ms. Manager? No attempt to defend the deception or cheapness? Just "If you don't like being lied to or receiving a 'benefit' that is not in line with the industry standard (when you were led to believe it would be) get out."? Eat shit or leave?!?

    Any wonder why morale is so low among employees?
     
  13. Anonymous

    Anonymous Guest


    Just posting my refresher of the original post. Will repeat this every month until Said changes this deceptive policy.
     
  14. Anonymous

    Anonymous Guest

    Applied's management doesn't give a sh1t. They sincerely think they have the best products on the market and are clueless about reality. I've sat in on some of the management meetings and listening to some of these guys speak makes me laugh. I clap when necessary, keep my head down and stay to myself, but as a mgr here, I'm telling you that they honestly don't care. They will do what they think is best for the healthcare system in this country first and foremost with complete disregard for the reps. They don't believe benefits are a reason to come to a company, and are well aware of the turnover. And as for Energy, you will probably see pigs fly before you see Project Energy get released
     
  15. Anonymous

    Anonymous Guest

    You're a rebel and a pioneer! Keep it up!
     
  16. Anonymous

    Anonymous Guest

    Wouldn't it be better if Applied just contributed $0 to your retirement? Since when are you entitled to a company contributing to your 401k? What the fuck have you done that's so fucking special? If you don't like the fucking policy, leave or go find another way to save money. Nobody fucking owes you shit!
     
  17. Anonymous

    Anonymous Guest

    Ever think that if u want to hire and retain top talent, perhaps it behooves the company to entice and pay them accordingly?
     
  18. Anonymous

    Anonymous Guest


    My issue is with the deceptiveness of the policy. It is clearly designed to lead people (i.e. job candidates) to believe they will get a 25% match on their contributions, and that is far from the reality.

    So to address your closing statement that "Nobody fucking owes you shit!" (which kind of shows Applied Management's attitude towards its employees), I beg to differ. I think an employer owes its employees respect and integrity, and both are absent in Applied.
     
  19. Anonymous

    Anonymous Guest

    I would have to agree with the individual who posted about the 401k here. I come on here periodically for a good laugh and to see what else isn't new at AM, but also to research other companies since I can't leave this place fast enough. Unfortuantely for me, I needed this job as a stepping stone so I could gain the much needed experience every real device company requires. When I finally leave this awful place, I will bring anyone and everyone I know with me that wants to come. The few TM's that I knew from training that are still around from a few years ago have put some feelers out I know and I look forward to hearing from that same loser manager who always says "good, *&^#@*$^#@ leave then!" You're probably the same kill-joy ass kisser who stands up every time Said gives his "we are so wonderful" speech and continues to stand applauding him like he's Hitler or Mussolini. I can't wait to leave this dump and tell JD and his goons to go fly a kite!!!!
     
  20. Anonymous

    Anonymous Guest

    You can't wait? Why don't you man up and leave now?