Why are people commenting
"Retirements lost" ?
With plant closing, high seniority employees should be able to retire out....what am I missing ??
9 replies (most recent on top)
At union sites, the retirement falls under the Union to provide and distribute, not the company . The company just follows what was agreed upon to pay into the Union pension plan. Union pension funds come from multiple other companies other than Pepsi. A perfect example of a union pension failure is Hostess. When Hostess went under, several other bakery companies that were part of the same union pension plans were also lost due to the Union mismanagement of the pension fund and Hostess funding the majority of the pension even though those other bakeries were essentially the competition. Another example is if you Union is a teamsters local… UPS is also part of your pension so UPS employees are paying into your pension pool as well. So it’s really going to depend on what Union and how well the pension is managed to be able to survive the hit of losing employees contributing to it.
No bro. Union gets 60days and the seeeeya. There’s no compassion in this company. If it costs an extra nickel, no way.
Are the affected employees receiving 60days plus a severance package ?
ie: so many weeks pay, per years of service ??
What is that Union doing for you now? Took all of your union dues and walked away, sorry about your luck PepsiCo employees!
The union and workers have really put their viewpoint out there in the national news. The union insists the layoff notification violates their agreement. Saying also this is chaotic and disorganized and no other company has handled anything this poor.
Pepsi is getting good at gaslighting and denying reality. Saying they are paying for 60 days (penalty for not following the WARN act). Everything is fine, nothing to see here.
At @euv+1vgVWJyw...Union and Frontline employees are under different retirement plans, if they even have a retirement plan at all. Look it up in the benefits package. Managers, supervisors and non-exempt employees fall under different retirement plans in their own right, again if at all. The latter group has different categories for their retirement depending on the year they were hired. The company is throwing a bone to the people they are putting out on the streets so they can say they gave them something. Yes, quite the gut punch no matter what time of the year it is.
I’m not 100% sure, but given the plant is union, I believe they have a different retirement package than office workers. Let’s hope the union fought for a good retirement in the last negotiations for our fellow workers. I wonder if some of the Chicago plant employees can be shifted over to the Munster, IN plant?
It may not be lost. Probably a matter of poor communication and another terribly handled process by Pepsi. These people were blindsided by the closure and escorted away. They most likely had no clue what their future held. It just reflects how Pepsi struggles to operate and it is no wonder why we are in the position that we have been put. Poor decisions.
Why should only high seniority get retirement? As far as I'm concerned, everyone impacted should get packages. Seeing these news stories that these folks are only getting paid through the end of December are pretty horrific to me.