Just saw the announcement. So many senior leaders are either retiring OR leaving the organisation. Looks like the rot is starting from the top.
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Pension benefit guarantee corporation does not protect 100% of Pension. It can go as low as 60%. Choose wisely.
You do not pay taxes on a lump sum pension if you roll it over to an IRA. You pay taxes on what is not rolled over just the same as you pay taxes on a monthly pension check. There's no difference.
You should also talk to an attorney. Pensions are protected under federal law. ERISA requires that promised pension benefits be adequately funded and that pension monies be kept separate from an employer's business assets and held in trust or invested in an insurance contract.
First of all they are all senior managers. Very few leaders left in 3M, these days.
The question is why most of them are taking a lump sum instead of the once venerable 3M pension which was considered solid and very stable. After all when you take out a lump sum pension you pay a sizeable amount in personal income taxes.
The reason why they are are not opting for the traditional long term monthly pension is that they themselves do not believe in the long term future of the company ( potential bankruptcy, litigations, breakup of company into several groups etc.). And these are all high ranking people privy to what's coming next for the enterprise!
I'm not so sure you folks understand why so many of the Senior Leadership retired at the end of November. They have pensions, like it or not. And if you're taking the lump sum value of the pension, they are being revalued in December. Happens every year when the IRS puts out the new rate table. Interest rates are rising so this negatively impacts lump sum pension values. Expectation was you will lose between 20-30% of the lump sum value on 11/30 when it's revalued in December. If you were going to retire in 2-3 years, it would not make sense to stick around as you're not going to recapture what you lost. We're not talking small numbers here; lumpsum pension values are in the 7 figures. Do the math. Feel free to google "lump sum pension 2022" and you'll see people across the US who retired for the exact same reason.
Please don't refer these employees as "Leadership".
MR is planning a last spin off of HCBG to boost the share price before he escape. Make sure you guys dump the shares before he retires.
MR should be around age 63. Need to exit by 65 under 3M retirement age.
Re: When do we see a new ceo?
We're about 4 years and $100+/share late on that.
There are 12 SVP or VP in the Dec list, which is unusually long for those retiring or leaving for greener pastures.
all the changes are on 3M Go.....
Would you please share senior leadership changes?
Are they replaced with GE employees immediately? Is that a requirement for new hires now?
When do we see a new ceo?
Have not seen any today. They are able to get their options and leave wealthier than they came. Us peons still trudging away at very low pay.
What are the leadership changes?