I think it’s most certain in the near future this will be cut down or eliminated. Same thing happened to IBM a once giant like Exxon. History will repeat itself.
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And yes, it did save companies money to use the corporate bond rates rather than the US 30 year bond for calculating the pension lump sums.
The reason the lump sum interest basis was changed was due to a federal law change passed in 2006. All companies are bound by the same formula of the 3 segment rates. Workers born before 1958 were grandfathered, as specified in the pension protection act. None of the changes were ExxonMobil’s initiative.
about 10 years ExxonMobil did change the pension fund lump sum calculation which probably saved some $$ along the way - IIRC, workers over 50 were vested into the old calculation
“ overpaid yes. Bad employees yes. They are not hirable elsewhere”.... that’s funny.. NOT... and not true... and very hirable...
The only people were left in the company will be EM drones and brownosers. Yikes!
@psv+16ByduRz lololololol if you think you’re guaranteed a job for being paid much less than the US and only do a fraction of what you’re supposed to, you’re in for a big surprise. Plus if the company ceases to exist you cease to have a job as well. Glad I bailed when I did. My sympathies to those of you stuck under the new “leadership”
Cuts all over stupid
H E L P
DESK
If the pension is cut on top of the 401k then their will be a mass exodus. The only people left will be the mediocre sycophants....everything seems on the table with our new leadership....
Perhaps only in US. No cuts in the rest of the world.. then again folks over there are wayyyy overpaid..