Pension freeze?
34 replies (most recent on top)
Word is changes on health benefits,
We just had 6 put notice in this month, who’s going to pick up all the extra load. It’s starting to get crazy
I’m hearing major announcement coming on
Benefits soon.
I think they are going to take big dump on us.
TROLL.
I am hearing next for ET internals is one WFH day per quarter. And other HR rule changes.
Anyone else hear this for following this yet?
Seriously you have to be kidding the freeze is coming it’s not if but when??? They slashing and burning everything.
I just retired from 31 years in claims and was fortunate to get a buyout during the latest reorganization. I took a much reduced pension and moved on. I understand everyone’s frustration and distrust; 28 of my 31 years were great. The last three not so much. I think we should remember that many times when tensions run high it is because many of us cared, really cared about doing the best job we could do. For many of us, this was our life’s work. While I have very little faith in the decision makers, I agree I don’t believe the pension is in danger. I
The pension is over funded to the tune of $4 billion. The company doesn’t have to contribute anything for years, especially with the layoffs. It would COST the company money to switch over to a more generous 401k match instead.
That said, they’re going to have to do something on the 401k side for newer employees. People aren’t “lifers” anymore. They don’t see the value of a pension when they don’t plan on being with the company long enough to even be fully vested after 5.
I think what you WILL start seeing is salary range bumps, plus a more generous 401k match for new hires. They have to do something if they want to attract and retain talent, now that job security is not a thing.
If they want no employees left a pension freeze will do it.
Tippys 32 year old son promoted from MGR to AVP.
It's good to be king!!!!
Goodness, some troll keeps bringing up the pension with no basis in fact. Ignore the troll.
@4edi--Should have been ramping up your 401k and IRA all along--whether you expected a pension or not. After all, everyone's retirement is ultimately their own responsibility.
Agree, nothing done by accident. But if you believe it has anything to do with structure study you are really naive and likely a fossil if you were involved with it.
Structure study had the Defined benefit to sunset and agency contract schedule to change and everything else going on now set in place when they did the agents AA97 contract changes they don’t do anything by accident. Better put your big boy boots on its here. Old contract agents should have moved over a longtime ago.
If you truly them now good luck to u
10 years? The structure study was a casualty of records retention. No one in senior leadership even knows what it was.....that was a couple of leadership generations ago.....
To leadership take note. What do you think they are doing NOW running every season long term employee out. What a id--t!!!
The structure study hasn’t been reviewed in 10 years. That was a JR farce to make simple mined employe s believe they had input into d ciaion alrady made but yet implemented. Good to know there is at least one last sheep out there.
If you think that’ the DB going to be here you are living in a cave or at a deserted regional op center. They have already told us it’s about the future and everyone 45 to 55 is getting the boot. Looking around Atlanta it’s all younger hires with no care for that long term benefit. Everyone better prepare for the eventual impact coming.
I’m not counting on the pension benefit I saw them stopping that years ago when they were doing the structure study. I would suggest ramping up your 401k and IRA I agree it’s just a matter of time. You still get the benefit you vested to date but planning 1 to 2 years out it won’t be there for sure.
“Change is coming” now there is some brilliance-wow, must be one of the best and brightest to come up with such a profound observation.
Everyone is going to have to understand a change is coming it’s just when. I wish everything could stay the same but with our competition expenses 12% to 15% Lower than ours it is what it is and I don’t think it’s what we will see.
Yes, talking to your unit is the best way to get informed. Maybe you could ask them to do your estate planning or,write your will while you are getting such great advice.
Unfortunately looking around and talking with everyone in my unit I think it’s a matter of time before they drop the wrecking ball on the defined benefit. They are just trying to get everything in place first. Good luck to everyone.
This same troll rolls out his “pension freeze” BS every chance he gets. No one falls for it. Some people’s lives are sad and lonely.
The pension is over funded and there is no reason to freeze it at this time. Also, they can buy you out if the present value of your pension benefit is under 500 when you leave. Check it out on line. Also, they can and do make buy out offers to people who have left for pennies on the dollar. The pension is here to stay.
You do realize that the most impacted group with a pension freeze is executive followed by management. Seven figure pensions are hard to come by.....
Leadership take note. You want to get rid of long term employees freeze the pension. If it can't grow any more several will start looking elsewhere.
We can only hope. That should’ve been the first thing to go.
I presume select a gift is gone too.
Unless u are living under a rock or above 55 they already set things in motion, they don’t want the long career employee anymore if you cant see that u are a id--t. They will protect associates above 55 if you are younger good luck u are going to need it.
Winter is coming...
Yep, freeze is coming! Happens every year right after fall.....
Freeze is coming
Unless you have substantial time prior to the 401k conversion, what is the big deal other than drama? Regarding retirement, the company expressly told us we are on our own in the mid 1999s. What Is it that you don't get?