Retirement Heist - Pension Fraud Book - Ellen Schultz , How Companies Plunder and Profit from the Nest Eggs of American Workers .
A good read for those that were affected. Op , many feel the same way as you. After setting up the raiding of the pension funds , companies took away the pensions from workers. To this day they don't have a clue they lost thousands of dollars in benefits compensation.
Pension, what's a pension. Bernie Ebbers stole mine. 59 and thinking of packing the bags and moving out.
"Should I stay or should i go"....The Clash, Combat Rock
1xge , I take offence to your statement "that is an old white man mentality". What does that have to do with anything? I worked with many different people who were not "old and white man" as you said. They feel the same way I do. As a matter of fact some are posting here on the layoff board. No need for racist comments.
It all has to do with morals and integrity which Verizon has none of. That money is owed to the people who were here and we're told that a promotion was a better job that's why they took the job. They used the money to line their pockets.
Who gives a sh--. Counting on a pension in 2018, that is an old white man mentality. 401k anyone?
Vz used their well funded pension fund to pay severance and not to “avoid bankruptcy” instead of using operating revenue like companies had for many many decades. It was a hiest pure and simple from those who signed up for pension in lieu of wages as gzs says. Those responsible will never be ‘given a break” in my lifetime. It was part of the expected compensation for solid performance. In mid 40’s most can not ‘extra save’ there way back to half their pension annuity in 10-15 years. I was fortunate and able to save a decent amount, However, for many it has meant a very delayed retirement or permanent semi retirement. Scoundrels..
Companies investing pension money wrong bankrupted many more companies, add to that companies using the pensions funds as cash cows and you have workers who were robbed of a benefit that took in lieu wages.
Pensions bankrupted many companies.
Give it a break, if you do not save, then it is your own fault.