huffington post parent company blames obamacare for cuts
Posted in the Columbus Forum
Since: May 13
#1 Feb 9, 2014
AOL recently announced that it was cutting employee benefits and gave Obamacare as the reason for the move.
Internet giant AOL, one of the nation's earliest Internet companies, announced a change in how the company pays out contributions to 401k plans in an effort to reduce spending.
Instead of matching employee contributions to the retirement savings plan on a monthly basis, going forward AOL will pay out a single, annual, lump-sum payment at the end of the year. This means that any employee who leaves the company before that lump-sum payout is applied will not get the matching payment.
Explaining the change, Chief Executive Officer Tim Armstrong said, "Obamacare is an additional $7.1 million expense for us as a company. We have to decide whether to pass that expense to employees or cut other benefits."
AOL owns the websites Huffington Post and AOLNews and still hosts millions of email accounts.
Since: May 13
#2 Feb 9, 2014
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