Will you people stop the b—s— talk about pensions. GE ISNT taking your pension away. They could offer you a lump if you are not collecting it yet. The lump wont be to your advantage unless they laid you off and you need money to live. Dont touch it. The lump will be less than keeping it in their plan and collecting a fixed dollar amount!!!
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Keep drinking the Union Cool Aid - They can and will lump sum the pension sooner rather than later. The Legacy and D rate stuff will be out the window , or better yet said , down the drain. Hope you all saved. Fairness has nothing to do with it. Faith in the performance of the Union does.
Ask the workers of Saint Clares Hospital of Schenectady NY. The place closed, those that where in the pension plan found out, there was nothing in the fund. To date, they have collected nothing, why? Because there is no public backing of private pension funds. That being said, GE's pension fund isn't going anywhere. Those that are in it, will get what's in it, that it. They made changes years ago, for that very reason. There should have never been a time when hourly where no longer allowed into the system. The company and many others, of this size, should be forced to take care of those that have made the millions for the board. Most all older service hourly workers are shareholders of the company, a fact that all the unions have never used as a fact in their advantage in negotiations. GE cant tell me at my site, nor can my union, its not for me to worry about how things are being managed or run, because as a shareholder I and thousands of other workers have a absolute right to know, since we are shareholders!!! Worry more about what's going on day to day, and the quality of work being shipped out of your site. Worry less about stirring the proverbial sh– pot of rumors, life will be much better for most!!!
It's coming-I've been warning about it for years. People talk about how they couldn't do it-well it looks like they can. How do the people that say buyouts aren't any good vote for a lump sum instead of a percentage raise? I just hope people invested in their 401's - the Company can't touch that. When all else fails I'm sure the Union will have our backs - TO THE WALL !!
Just wait! They will sell it one of the private insurers and pensions taken over by private insurers are not protected from default by the government-backed PBGC, which protects the pensions of most private company employees. In addition, insurers are regulated by the states, not the federal government, and some are now affiliated with private equity firms, whose focus is often on short-term profits which can conflict with insurers' long-term obligations.
I don't see my pension in my Fidelity account.
Say it aint so
I sure hope pensions dont get messed with, most of us will struggle without pension.
Buy outs are never as good as guaranteed monthly income for stability.
Losing your job should be the least of your worries. Losing $400 thousand in your pension fund should be your concern.
Pension buyouts coming along with pink slips to get the stock price up so LC can get his millions in bonuses. 273 is going to take another hit in layoffs I hate going to work like this. Never knowing if I have a job tomorrow! I’m about to jump off this toilet bowl ride.
They are merely positioning corporate pension funds under common umbrellas so they can be raided. It is unfair for anyone to have a pension plan; these funds will be redirected to those who need it more than you do.