My husband is 42 and has worked for Bank of America for many years. He has contributed 6% and received quarterly matching funds from the Bank. As part of their takeover, NationsBank is now tinkering with the retirement plans, with changes to be effective July 11.As I read the literature, after July 11 his 401K contributions will be matched by shares of company stock. Further, the matching will be paid only once a year, on the last business day of the year. To cap it all off, there is no option to move the funds into any other investment vehicle until he reaches age 55.I think this is not an improvement for Bank employees, unless we assume unending improvement in the stock price, which has certainly not been the pattern over the past year. Any advice, suggestions and opinions welcome from you fellow Fools!
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