Just got word that anyone hired after April 1st 2026 will not be receiving a pension. They will only get a 401 for retirement. First they took the personal multiplier, now this. Wonder what’s next for the Last 75. Probably going to push the 25-30 year guys out..
15 replies (most recent on top)
@1b7 in all fairness, I would probably rather have the 401k extra matching and put it in a SP 500 ETF. The pension does not actually grow that fast compared to the SP500. Just saying I think it's overall better.
@xf money is no happiness, he is the most unhappy person good for him ... and also we all die one day so why bother having millions ... I rather am happy with less stress, less money than working for that company, glad I left I am more happy than when I was working for ENB.. less stress, more recognized, no hush hush hush everything it transparent in the company I work for now. Never go to ENB unless you willing to work long hours kiss a-s to bosses, and stress level up.
@1b6 It was on ELink. It’s only for new hires in the US. Instead of getting 4% of your salary put into a pension plan Enbridge will put in an additional 4% match to your 401k…but in typical corporate fashion thats stretched out. I don’t think you’d get the full match until you’ve been employed for several years.
What’s the “401k bonus trade off” discussed here. When is this being announced? I haven’t seen anything yet.
@16z Enbridge? No publicly traded company cares more about their employees than its shareholders.
The sooner all you people realize that Enbridge has no interest in employees well being of pension, stip, benefits or retention.
You are a cost to this company not an asset.
Keep costs low and profits high.
Return to the shareholders is #1.
Period.
@16e My pension is an annuity through Athene. The pension buys the annuity so it's independant from ENB.
@11j 28 years of service…im not for sure how you are getting an ANNUAL pension at 200k unless you worked for 50 years or you’re making half a million a year while working. 200k is twice what I make a year actively working, so yeah. Im glad to have a pension but all things considered it wouldn’t be much different with an equivalent 401k contribution. Further, your 401k money stays with you it’s your money but if the company folds that pension goes bye bye.
I tell you, having a pension helps! I retired after ENB laid me off with parting gifts. I collect 3 small pensions, one from ENB. I have a guaranteed $2200 per month from them. Not much, but when added to my social security and my wife’s social security, it covers >100% of our living expenses. I don’t have to touch my retirement savings at all! Market can go to he!!, I know that my expenses are covered. It’s a great feeling! So, GE, the almighty, how do you reconcile ending the pension for new employees with your steady stream of respect for the employee? Or is it a case of I got mine, the rest of you can go to he!!?
@xf After how many years of service?
@xe Greg I couldn’t begin to imagine how much your pension is worth but all my simulations show a $30ish thousand annual pension so….
@ca Almost $200K/yr is weak???
Does not apply to Canadian employees. Same pension as before will continue.
No pension for new hires after April first but new hires will “eventually” get what they lost in pension added to their 401k in addition to what we old timers can get. So it’s not as bad as it sounds but still not great.
We have a pretty weak pension but I’d probably still rather keep it than take the 401k bonus trade off, personally.
.....hmmmm...
see the pattern....
1.record profits
2.no pension
what's next
No employees??
just E & AI.....