The policy change would have switched 401(k) matching contributions to an annual lump sum, rather than being distributed throughout the year with every paycheck. The switch would have punished employees who quit or were fired mid-year. It would also have cost employees who stayed, since they would not see the benefits of compounding in their retirement accounts.
Armstrong tried to explain the changes Thursday but instead stirred up more bad publicity when he blamed the new federal health-care law and medical expenses associated with two “distressed babies.”
He reversed because you assholes said mean things about him on the internet.