Thread regarding Lumen Technologies layoffs

i believe there are different types of pension funds. Theyre not all in the same basket. Not every company is the same. So comparing others to lumen and vice versa is a moot point. And no, insurers dont run lumens pension fund. What would the point of having an insurer run it if its not insured? The money in my credit union is insured upto a certain amount but they dont control what i put in my account or take out.

As far as I know, the pension is ran by the insures and not Lumen. That doesn't mean you're guaranteed 100% of your pension funds.
If Lumen files for bankruptcy, the amount you're owed can be slashed.

Example: United Airlines workers had their pension slashed by 75% when United Airlines filed for chapter 11.

A poster said: "Your pension is not guaranteed and it is not insured. It's not managed or controlled by the company. It's not likely that LUMN will go bankrupt anytime soon."

A sale of the company is coming sooner than most may think. KJ has to first sell off a section of the business they do not want to be in. As KJ has said the business wants to be Quantum Fiber and Exaswitch which is the typical telecom carrier model. That is a wise choice. Everything else is to be cut or sold off. This then leaves the core prime for sale making all the execs lots and lots of money.

This is most certainly a clown show!

Lumen has already thrown many careers down the toilet! Karma is a biotch!

Anyone who wants to see Lumen to fail and be bankrupt. Your future retirement will be screaming down the toilet.

The plan sponsor is Lumen. The plan administrator is Lumen. The investment fiduciary is Centurylink investment management. The trustee is northern trust.
Year over year the plan is over funded or under funded. Hard to keep it exactly 100%. For 2023 the funding was at 89%. For 2022 it was 103%. For 2021 it was 99%. Who knows what it will be for 2024. Most likely it will at or over 100% again . In fact, final numbers for funding are only calculated as of January 2023 and final numbers won’t be out til oct 2024. But I’m sure you already knew all of this info. Think of it like your bank account on a greater scale. Pay all your bills and your account is less. Deposit a check and your account is more. Just depends when you check your account as to how much money is in it. The fund is done yearly not weekly.

Your pension is not guaranteed and it is not insured. It's not managed or controlled by the company. It's not likely that LUMN will go bankrupt anytime soon. Still, if that were to occur tomorrow, funding would cease. At 89% funded, means both current and future recipients would only get 89% of future benefits. Retirees currently receiving the annuity would see an 11% cut in their monthly checks almost immediately. When you retire, your lump sum is reduced by 11%. If you choose the annuity, your monthly check will be 11% less.

Katie sad company shape shifting will continue. In other words more layoffs for the foreseeable future.
1 hour ago by Anonymous
Post ID: @2exy+1sjwYzZP

KJ is swapping people, fire one in USA and hire a less skilled person in India for way less money. 80% of the USA staff today will be swapped out to India by 2025.

Katie sad company shape shifting will continue. In other words more layoffs for the foreseeable future.

https://www.pbs.org/wgbh/pages/frontline/retirement

Front line PBS. org has done whole shows on pension insurance, if you think the pension is insured for up to 100% of it’s value or 100% percent of its obligations, you are sadly mistaken,

Just look at united airlines, it went through bankruptcy, used the pension funds to pay off some of it’s debt , left the union workers with a pittance and stayed in business, then CEO paid him self a bonus of something like 14 million for all the extra work he did to take united thorough it’s bankruptcy….

Bankruptcy won’t affect the pension plan. It’s federally insured and can’t be used to satisfy any debts. Take your lump sum or your annuity. Doesn’t matter. The company prefers you take the lump sum and be done with you.

https://www.pbgc.gov/ Our pensions should be guaranteed.

I feel bad for the people who depend on pension for their retirement.
Start preparing for other means of funding your retirement. Pension could be slashed in 1/2?

Lumen Layoff Technologies

Poor Lumen

Lumen Technologies' odds of distress is over 50% at this time. It has a moderate probability of going through some financial hardship in the next 2 years. Odds of distress shows the probability of financial torment over the next two years of operations under current economic and market conditions.

Lumen looks to lower costs through job cuts as cash concerns continue. This will be a continuous process for the rest of 2024 and 2025. Thank the Lord I am not there anymore. Thank you Jesus !!!

Lumen will continue to have waves of layoffs for the rest of this year and beyond. True story.