Working at Deloitte?

[Anonymous]

Anyone experienced working at Deloitte? What is that strange rule where the employees have to transfer all their previous 401K to Deloitte and why should the employee's spouse transfer all their 401K to their current company? Anyone upset with this rule?

[Anonymous]

Anonymous wrote:Anyone experienced working at Deloitte? What is that strange rule where the employees have to transfer all their previous 401K to Deloitte and why should the employee's spouse transfer all their 401K to their current company? Anyone upset with this rule?

I have been gone for several years now, but that was not the rule when I was there. If you were a covered employee, you had to use one of their approved brokerages so they were aware of your holdings. You are not transferring your 401k to Deloitte’s 401k (although you can if you want - it is a very good 401k). I think the same rule applied to spouses, but they can keep their current employer’s 401k. I actually hated these rules while I was there. They certainly ended up being more burdensome than I thought they would be because we had a number of holdings that we had to sell in a down market. If you don’t see yourself staying there for a long time, you might want to do a bit more inquiry regarding what you would have to sell and or move.

[Anonymous]

You have to report all your holdings no matter where you have those funds. And it's an issue for certain employees who work on specific clients or in offices such as Boston or NYC. Besides that, the hours suck and the idea you will use your vacation time is laughable. Taking time off counts against your metrics. But that's for another thread.

[Anonymous]

It really depends on what you’re doing for the company. If you have a CPA, regardless of your role it is super strict in terms of reporting holdings and all of that. I was on the opposite end of the spectrum, not in finance, and not doing client facing work, working in internal services. I had a simple form I had to fill out twice a year, but didn’t need to report any of my own personal finance information because of my position. That might have changed and they may be more strict now, and yes if you are working in the tax or audit practice I’m sure it’s a whole other level of reporting

[Anonymous]

Yep. Hated working there.

[Anonymous]

Anonymous wrote:Yep. Hated working there.

+1. Miserable grind and all the things that they tout as "best place to work" are not really available to you if you want to get promoted. During my leave for the new baby, they asked if there were times the baby would be sleeping and I could join a call. WTF? It's all smoke and mirrors. Except that butt kissing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Yep. Hated working there.

+1. Miserable grind and all the things that they tout as "best place to work" are not really available to you if you want to get promoted. During my leave for the new baby, they asked if there were times the baby would be sleeping and I could join a call. WTF? It's all smoke and mirrors. Except that butt kissing.

I worked at a company like this. I wrote the ESG report where we spoke about workplace flexibility, yet I had none in my role. Not a Deloitte or former Deloitte employee, but know someone who works there and is chronically stressed (think hair loss). She does customer-facing consulting in DC. Seems very competitive- unnecessarily cutthroat and political.

[Anonymous]

My project is a subcontract to a Deloitte one, and their project manager is always telling them to take PTO, and they have these “collective disconnect” days They got three days off for July 4. I’ve been envious. So, I shouldn’t be?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone experienced working at Deloitte? What is that strange rule where the employees have to transfer all their previous 401K to Deloitte and why should the employee's spouse transfer all their 401K to their current company? Anyone upset with this rule?

I have been gone for several years now, but that was not the rule when I was there. If you were a covered employee, you had to use one of their approved brokerages so they were aware of your holdings. You are not transferring your 401k to Deloitte’s 401k (although you can if you want - it is a very good 401k). I think the same rule applied to spouses, but they can keep their current employer’s 401k. I actually hated these rules while I was there. They certainly ended up being more burdensome than I thought they would be because we had a number of holdings that we had to sell in a down market. If you don’t see yourself staying there for a long time, you might want to do a bit more inquiry regarding what you would have to sell and or move.

This is because they are a regulated industry. It’s an Independence issue.