Anyone else hearing that the announcement is coming soon that the pension is no longer getting funded?
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Anyone hearing of a buyout option ?
Hey friends, listen.
I know Truist is scary right now…
It’s gonna get way worse.
This would be the time to terminate it because the discount rate on everyone’s future value would be high cause interest rates are up
They can't make it go away. Typically what happens is that the pension gets frozen, so no additional funds are added. They may also sell it off to an annuity company. I don't know if it is true that they are closing it down, but it surely wouldn't surprise me. After all, isn't that exactly what Bill did at Suntrust?
I've heard nothing whatsoever.However, if anyone doesn't believe that the days are numbered for the pension, you are kidding yourself. Just think of the additional funds that would be available for higher c suite salaries.
You can’t lose what you accumulated there’s this federal law called ERISA
They can freeze it or pay it out. The payout has to be approved by the irs I think
So no one’s taking anything u earned if it comes to that just sc--wing u going forward
are they just not adding to it or does everyone lose what they have accumulated?
https://www.thelayoff.com/post/@1tvn+1txrsVMe
I wish I could “like” this post twice, spot on
When did you get this announcement? I haven't received it nor has anyone on my team. Is it only for certain teammates?
Yes. Announcement on Aug 8th. Pension no longer funded.
That's the only good benefit we have left. EL doesn't give a s--- about employees. They just want to pad their pockets for as long as possible so they can live the life of luxury, while us peons are laid off left and right in favor of contractors. Not to mention, our healthcare is worse, we only have 4% 401k matching now, and promotions are non-existent. How are they going to run a successful company without intelligent, experienced employees? All the offshore contractors certainly aren't going to do it. BB&T and SunTrust should never have merged. Truist is a prime example of how NOT to run a company.
This’ll be the final nail in the coffin