Is it just me, or did a lot of the questions answered in the latest FAQ email make things sound even bleaker than expected? Also, LOXY COC compared to LAPC’s is terrible.
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Clearly no one is reading communications well. The email title was CARES Act Q&A Updates.
Have a nice day!
What letter? When did this come out? I know we were waiting for something to say that we were now free to move financial institutions etc, but I have not seen it.
: @2yhs+14AlUvHj
You obviously did not understand the communication in the letter. All Oxy retirement is captured in Voya. Oxy employees have zero knowledge of Anadarko defined benefit plans.
Some people have grandfathered pensions from Anadarko and Kerr-McGee
You obviously don’t understand anything about the difference between an underfunded pension plan, which is not found on Voya, and the 401k and Retirement Plan. I’m amazed that you don’t know the difference.
Post ID: @1vyf+14AlUvHj
You obviously do not understand anything about the retirement program. It’s your money and it a lump sum rollover should you choose to move it from VOYA into an IRA. I am amazed that people understand so little about their benefits. You must be a new employee.
Karma Troll (@1epj), I hate to burst your bubble, but even if Oxy chooses Chapter 11 bankruptcy protection, it will emerge from the process as a smaller, privately-held company staffed by many of the same people you pretend to despise.
Or, to put it in simpler terms you might understand, "Oxy will out live you."
Pensions are protected, but not SRP. If your salary is over $160,000 per year, and you receive SRP or supplemental retirement program benefits, those benefits will be lost if the company files bankruptcy.
Got the below from a friend of mine today that works for a large oil company in Houston. I guess they heard what Oxy did and are now following suite. These are some screwed up times.
I have to “sacrifice” 10% of my salary as of May 1. On top of that, there will be no Short Term Incentive bonus paid this year, which would have been at least 15% - 20%, the company is suspending matching contributions to the 401K and to the Pension Plan through Dec 31. Altogether, that rolls up to a minimum of 10% + 15% + 6% + 1% = ~ 32% hit. But hey, at least they are not laying off.
Did you read the document? It says pretty clearly that the pensions are within a trust and may not be accessed by creditors.
"It was interesting to see the information they had on the legal protections for the retirement plans...."
Those "protections" won't mean a damn thing if you're not at the front of the line when trying access your pension benefits. Those plans are NOT fully funded and WILL run out of money if everyone claims a lump sum withdrawal.
Btw, if you don't select a lump sum and instead select a monthly annuity you are an id–t. Even under the best of circumstances you should always get the lump sum as you can do better on your own. But, the pension will run dry and you will be SOL. Just think about the auto workers who lost their pensions years ago. Don't let that be you.
It was interesting to see the information they had on the legal protections for the retirement plans, an obvious nod to employees being worried about their retirement plans if/when the company goes under. “These plans are funded by qualified trusts which may not be accessed or withdrawn by Oxy or seized by a creditor of Oxy.” The fact that they deemed it important to communicate that is quite telling.
For the person who asked: the FAQs were in the email with something about the CARES act. It was very subtle but there was a link to an FAQ doc.
"So many good people are watching our lives fall apart around us. It’s so sad."
Same-o story. Bloodsuckers at the top feed off your hard work.
Which email you are referring to? When it was sent ?
I am paralyzingly depressed at this point. So many good people are watching our lives fall apart around us. It’s so sad.
I am so fed up with all of this situation that a LOA break will make sense if they are telling us to show up May 4. I tell you, it will be BYO Mask to work, take turns for the restroom, crowded elevators, we all get sick
Definitely. Although I hate to say it, but I didn't have high expectations when I saw it. I'm to the point where I am so unimpressed by everything, that nothing negative would surprise me at this point.