At least our pensions aren't managed by the CWA. Just another example of a union screwing over its members.
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But see, it shouldn;t have to be like that. The math for pensions is really simple and so are the investments to fund it. That is provided that obtuse financial engineering is excluded from the pension planning, and contributions are made as promised. Instead, we have an elite who outsmarted employees and investors and pushed all of their retiree benefit compensation costs onto the government, while pocketing the cash for themselves in the form of bonuses, compensation and poor reinvetment choices.
All part of the reason why in my early 40s I'm already resigned to the fact that I'll be working till I'm 80
@dsh The contract negotiation we are in now is with same profitable company, Verizon. Any company can go back on a promise or agreed upon action for whatever reason they can fathom. I just assume the more profitable the more that company feels untouchable.
No, it is just a fact of life.
If market earnies are down, something the union loves, then profits are down.
Pension is a major issue with many companies, and that is why they do not offer it any more.
Be happy, that your pension, is backed by a profitable company.
It is not the Teamsters or any other union that cut their pension payout. The money manager who gambled on wall street and lost money in 2008, will no longer honor their CONTRACT.
Not good but, when companies do it, then what?