401K alternative to Pension

If the Union should cave on this provision where you choose the Pension and are locked at 30 years or Choose the 401K, do we get the same Team Award" value as the managers do every year? They haul in anywhere from $6000 on up.. Is that provision afforded to those who choose the 401K? If the union caves and those that choose the 401K do NOT get that, what a sh--ty negotiator. I thought what I read was just that $700 CPI we get every year..

Also, Why doesn't the union negotiate to where we can give the MAX IRS amount in our 401K.. Not just the 16% of your income? That one seems to be an easy one and all these years they've never negotiated for that. Not everyone could afford that but some could so why not allow for that adjustment?

Comment! It's anonymous!

9 replies (most recent on top)

Years ago they begged employees to contribute to the 401k. They even raised the match from 50% to 66 to 82%. Now all of a sudden they want us to trade in our future pension accruals in order to keep the match.

So what changed? I'll tell you. greedy corporate execs. They keep their pension and 401k (as well as sh-- load of other bennies we couldn't even dream of)

This is a money grab pure and simple. How can a company go from begging you to contribute to wanted to take it away. Please tell me

Need to work to 55

@1rvu and why are you still working if you have 550 K and pension?

I was talking to a Verizon cell tech and this is how the conversation went.

Me- Just think about the leverage we would have if you guys were union

Him- They treat us good, no need for union

Me- Do you have a pension?

Him- No, but we have a 401k

Me- Ok, so do we, my pension right now is 550k

Him- That's not much in todays money

Me- Ok, good talk

i'll trade you my yearly bonus for that free pension

Pension Benefit Guaranty Corporation

Just remember, if that company that you love to hate and hurt goes under, kiss your pension goodbye. Ask the VZB folks,

Oh I don't want to give in, just curious to know the details of what was actually offered by the company. Neither side gave the particulars, just the generalities.

401Ks were never envisioned as "replacements" to pensions, but rather as "supplemental" income to a pension. This is a scam to cover up the company does not want to commit to making regular contributions to a pension. The managers got screwed - now they want to screw the unions. Don't give in! You got them by the balls, so keep squeezing and don't let go!

Thread regarding Verizon Communications Inc. layoffs

401K alternative to Pension

9 replies (most recent on top)

Post a reply