For at least a couple of years, until everything settles down. There's no doubt about this in my mind. If you like job security, you're out of luck.
18 replies (most recent on top)
@187 I believe the pension people could also collect Social Security as well. So any actuary expert would recommend collect social security the earliest as possible - 62.5 years old. So someone said pensions for new hires ended 1990ish, over 35 years ago. Between pension, social security and 401k ( not in this person's case, which would have easily been max deductions at these company salaries) this person could have retired handsomely - especially if a spouse also has a retirement . You only live once, this person doesn't seem to bright.
@zv your "department"? has a pension? This doesn't sound legit. I don't know of any standalone department that would still have a pension today. But I'll make a mental note to campaign that anybody who has a pension be laid off if that's true. You would have to be in a small minority of lifers that still qualify for a pension. I don't know the formula of the pension payout - but if you would have also contributed to the 401k (which all employees are entitled) without buying company stock as part of your 401k - you could have retired already comfortably after at least 30 years. If you were 20-25 when hired, you could have been out at age 55 . I don't know of any benefit to work any longer than after the typical 30 yr retirement requirement - it's usually an Age + Years with company formula. Surely you would want to enjoy retirement as soon as your able to take it. Why wait until age 72 to retire when you could have been enjoying retirement now for over 20 years already ??? I mean, if your going to retire at 72 - you'll never even get to enjoy whatever years you have left, you'll be in a nursing home before you know it - you could have spent quality years enjoying time with family & grandkids! Jeez, what were you thinking all this time? You think your some kind of legend at this laughing stock of a company ?
Just FYI, when Tribune Broadcasting filed for bankruptcy about 15 years ago - many UNION employees - IBEW, SAG - WGA who were part of the company pension plan got creamed with the supposed "guaranteed pension " because the company obligation was to pay off the larger shareholders ( wall street invested companies) individuals got sc--wed - so now that all these merged companies - paramount (Viacom etc) CBS, Skydance are today valued at less than $10Billion total - don't be so sure the same thing won't happen. This country is predicted to go into recession more and more each day by wall street analysts
@10g better yet - I know someone freelance who gets $7500+ a day for operating his satellite truck
News Reporters in the CBS O&O's are union and then get fired all the time. This union person with the comments sounds like an old timer stagehand
@10e there are people in NYC who turned down staff jobs because the can command over $2000/day with their own gear/vehicle & invest in their own private retirement accounts
@zv Why don't you just say what location & what department or union you are in? Many of the "day players" I know of make like a 30% stipend over staff rate. Most day players I know work more than union staff. Day players can also take as much vacation as they want - whenever they want because they're not in a vacation pick list order. On top of that, day players "freelance" also participate in the "Entertainment Industry 401k plan" which has historically been very safe with nice returns from the few investment offerings they have - which have no connection to the company stock - but may be another option for them. A lot of techs I work with turned down staff positions - especially if their spouse has a solid pension from cop, teacher or other govt. Job
@zv union guy is a fool or a liar. Anybody with pension was also allowed to pay into company 401k. If you are at cbs and have a pension - you will most likely croak within 2 years of retiring like the rest of them that worked for the company 40 - 50 years . Pension stopped for union employees around 1989 - which would put you near enjoying your pension for 8 years if you took a buyout tomorrow ( in average life expectancy in insurance risk factorial ). Fact is if you do really have a pension there is still risk you can be fired, forced out etc
@zs I don't have a 401K. I have a pension. lol
Also in all the years I've been here my department hasn't had any layoffs besides day players.
The union guy laughing has a 401k worth squat after all these years
@jr there were plenty of union workers just informed they are out of jobs in CBS News Radio- talk to them and find out how union or non-union we are all expendable.
I don't know what the "union" worker is talking about. I've been in NYC over 25 years and have seen plenty of Union people fired, laid off or forced into taking buyouts and even forced to quit. Nobody is impervious.
@jr if you're in a union - especially at CBS - keep laughing - those unions are just a shell of what they used to be. Unless you were hired before 1990 or so - the unions technically gave up pensions and job security , seniority etc. I'm not so sure union jobs were save at CBS radio
Good thing I'm a union worker not worried ? Meanwhile writers union negotiations lead to a walkout. No union job is safe - especially in news , with CNN merger at hand
You mean the same that every major company, including our own, has had the past few years?
Where’s your proof?
good thing I'm a union worker. lol
anyone who believed the "one and done" talk by DE in the first town hall also believes the word "gullible" isn't in the dictionary.