Pension is being assessed for elimination soon. Who has details?
14 replies (most recent on top)
@d2 I was with Anderson Consulting (now Accenture) when they discontinued the Pension Program. Some people left but it was not a major impact, maybe it's inertia, maybe it's lack of opportunities, low confidence, market forces, or a mix of these. In the end it was a non event...
@c2 yeah, that’s not gonna happen. Look what 3M and GE did, they replaced it with an additional 3% 401K match. With no pension you’re nothing more than a contractor at that point. When they do stop the pension, and they will, there will be a mass exodus. The only reason folks stay and put up with forced ranking and management tactics is for the pension. Anyone who stays will be left with the work load of everyone who left with no job security.
I'd just settle for a non 0 annual wage increase...
@OP have the details but can’t share
But @cm, if you’re posting here, who’s licking the MC’s boots?
About time we get rid of Pension ....utterly and completely.
Pension is not a modern day concept and puts the company as if it is stuck in old times rotting to oblivion.
Rats will cash out beforehand but in few decades many will be left holding the bag of empty promises and frauds.
@bz During COVID even the small operators in the Permian paid out small bonuses and didn’t fire any worse than we did. At the same time we cut the Permian premium to 0 immediately and took a very long time to bring it back. Small operators were already paying big bonuses again and we were still evaluating if the premium should be brought back. Cut it fast but took a long time to bring back and then when brought it back cut it by 50% The myth that we are more stable and do not chase price and the latest trend is a myth. There was no leaning in during COVID. We cut just as much as everyone else and as much as we could. Of course they didn’t cancel any FPSO for Guyana due to the high contractual penalties we would have paid but we laid down rigs as fast as we could and fired.
@bz Most people don’t stay with a company longer than five years anymore.
The pension is a 20th century concept. It’s not a benefit if you’re employed at-will and the company can get rid of you anytime they want for any reason or no reason.
I’ll take a 20%-50% bonus any day, max my earnings, and set up my own retirement, thank you. Look at how miserable all of you have made yourselves chasing this pension. I don’t want to be like you people.
Kathy. Kathy has the details.
Stop asking for bonuses. That’s the easiest way to cut pension exposure while still delivering ‘what the employee body is asking for.’ Do the math on what it means to pension and 401k if you take a 10-15% pay cut on the ‘possible’ promise of some type of bonus.
This rumor gets floated every couple of years now. So what if they are considering it, what are you gonna do? This ain’t a democracy, it’s a business.
I think it's possible but highly unlikely.
100% bet it is under review. Wake up.
Quit the fear mongering! It’s not under review