Say, what are mega backdoor Roth capabilities? Asking for a friend.
Described here: https://www.nerdwallet.com/article/investing/mega-backdoor-r...
Re:The Rise and Fall of the 'IBM Way'
by seanmcdirmid on Saturday December 16, 2023 @12:25AM
(#38661971)
A lot of the researchers who worked at Yorktown and Hawthorne now work at google’s office in the city. They were mostly living in the city anyways, or wanted to live in the city, and the whole big tech campus in leafy WestChester county didn’t really appeal to them anyways.
Total comp is what matters. A meager DB pension is worth less than RSUs from a competing tech company earning tons more profit.
I vastly prefer 401k and mega backdoor Roth capabilities than any DB pension. But IBM’s problem was not just getting rid of DB pensions, it was not paying competitive total comp in the first place. And also not having offices where their target employees would want to work.