To disarm the big tech bomb, including "AI", the public needs to be on high alert — as AI firms start to visibly wobble, we need clear demands and firm commitments from our leaders that if it all comes crashing down, the public won’t be the one left holding the bag.

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[–] 33 points 7 hours ago (10 children)

Just saying, if everyone were to actually call their retirement fund manager and have them divest your 401k away from these assholes, that can be done. Then they would be left with the bag, not us.

But getting 100M people to do anything is nearly impossible.

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  • [–] 47 points 7 hours ago (9 children)

    Most folks don't have a "retirement fund manager", they just have a web portal with their company's plan with the same 10 shitty target date funds.

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  • [–] 15 points 6 hours ago* (3 children)

    You have a number you can call, and there is an agent you can speak with about what's being done with your investments.

    It is your money and you can put it where you want.

    It is just super inconvenient.

    Go ask your HR person how to contact them. It's all they're good for.

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  • [–] 5 points 6 hours ago (1 child)

    Make an infograph and we share it in a social media campaign.

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  • [–] 3 points 4 hours ago

    Most retirement plans actually give you a number of other investment options besides those target date funds. The trouble is that you have to login and change your investments to small/med cap or international funds, and I believe only a minority of people have the wherewithal to do that

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  • [–] 6 points 6 hours ago (3 children)

    This is true. There’s also the “company match” that happens with up to 6%. Corporate is handling it, and the “match”, there’s no retirement agent to call.

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  • [–] 5 points 6 hours ago* (last edited 5 hours ago) (2 children)

    Match means they match your contribution. (Up to x% of your salary, not everyone sees the 6% match you mentioned sometimes is 3%, sometimes it's 10%. Depends on company... It varies a lot.)

    So like if they match 5% and you make 100k, and you elect 5% to your 401k, then the company also contributes 5% of your salary to your 401k. If they match 5% and you contribute 1% of your salary they MATCH 1% of your salary to your 401k. Your 401k is yours. You can tell the managers of it to put it where you want, but it goes somewhere your org wants it to by default.

    That includes where you invest your contribution.

    By default your company invests in a bunch of s&p 500 index funds, probably.

    You could tell them to yolo the whole 6% of your salary they match on Tesla, Gold futures, Pepsi, whatever you want.

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  • [–] 1 point 45 minutes ago (1 child)

    Yes, mileage varies. There’s also a vested (work for that company X years before you keep that portion when you leave) aspect before you get to keep the employer contribution, and the remain separate accounts.

    Who is the “they” you call? HR? An 800 number? It’s clear as mud at a first look. The point being, most people aren’t even going to know who to call for this. Most work retirement packages are a click once and forget type deal. Can you find the info? Yes. But it takes work. And remembering that you even have this click and forget thing attached to your workplace. That’s just people though.

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  • [–] 1 point 23 minutes ago

    Oh but private retirement funds are so much more "efficient" and have no bureaucracy! That's what they tell you anyway. About as useful as private health insurance.

    Wouldn't matter much anyway in this case. They were always going to find a way to stick us with the bill. Hope everyone is ready for Great Depression 2: AI Slop Boogaloo!

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