AOL Announces Benefit Cutbacks Due To Obamacare

After posting the most successful year in over a decade, AOL has announced, according to CNNMoney, that it “will now pay its 401(k) company match only to employees who are active on Dec. 31 of that year, as opposed to in their paychecks throughout the year. So those who leave the company before the end of the year will forfeit the match. AOL CEO Tim Armstrong blamed $7.1 million in additional Obamacare costs the company is facing this year. Had the company not made the change in its 401(k) payments, employees would have seen their health insurance costs increase, he told CNN Thursday.” AOL is adding its name to a growing list of businesses that must cut employee benefits due to the new healthcare law.