Anyone else get the email that the last of the pensions will be frozen 01-01-2025? That was what was keeping us here. Happy Holidays for sure.
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Your pension stops accruing growth in 5 years. They start giving you an arc, and 401k match at that point. The arc puts 9% of your income into the 401k. The match depends on your years of service. Basically you should get 11 or 12% additional in your 401k each year to help, but I figure the average employee just lost 50 grand or so in retirement. Definitely not a great deal for we valued employees.
So if I have been here 10 years I only get to claim 15 years pension?
I believe it means as of 01/01/2025 the figure is locked ( freeze ) . So it doesn't matter if you stay one more year or ten more years that is your figure.
What does freeze pensions mean?
This is going to cost the average employee a fortune. This company doesn’t like tenured employees, no reason for people to stay.