I'm afraid they will make drastic cuts and discontinue our pension plan. Thoughts?
10 replies (most recent on top)
They just posted a learning session for 9/28 on the source about understanding your pension/retirement benefits, so that doesn’t seem like they would eliminate it.
Keep taking those “would you rather” benefits surveys. Would you rather A. you have a pension or B. 1000 of your teammates have a job? Then they can say well we listened to you it’s what the teammates wanted.
I'm just happy to live on purpose. I plan to start with care first thing in the morning. Who's with me?
It’s an Erisa plan insured by the federal govt pbgc, anything benefits that you earned that are vested are guaranteed by Uncle Sam up to a statuatory maximum
I wouldn't count on any pension. A lot of things can happen between now and when you eventually collect.
My guess is that the pension is definitely going away. But, for those of us vested, I don’t think that vested future income can be taken away. We earned it, it was part of our compensation package and there is a legal obligation to pay it.
UAW & CEOs: a pox on both their houses
They will likely freeze it, meaning newer hires can’t participate and eligible participants get bought out or receive reduced benefits swapped out for an annuity.
Wall Street analysts hate employee benefits, when your management team prioritizes the opinions of them over teammates and clients you can be sure it won’t be the last benefit that is cut.
You can hate unions if you like, but I am enjoying watching the UAW make a point about CEO pay and shareholder greed, because it’s literally always employees that get the shaft. Heads they win, tails you lose every time.
FYI in case the feds have to step in for the retirees. https://www.pbgc.gov/about/pg/other/pensionend
SunTrust did it before