I had to find out from a local magazine that my pension is being cut. https://lifestyle.countrylegends1059.com/story/46954693/exxonmobil-conocophillips-employees-face-the-biggest-pension-drop-in-a-generation
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New employees receive no pension.
Say it ain’t so!!!
Management is trying to stick it to the workers while giving themselves bonuses?!
I’m shocked! Shocked I tell you!
Your pension in the form of an annuity is unchanged. The lump sum changes per the formula which is dependent on interest rates. As interest rates rise, the annuity is discounted at higher rates resulting in a smaller lump sum. The formula didn’t change. You really should have been aware of this impact. I look at it on a monthly basis.
I do not think management is cutting pension amounts . I think the formula changed on the lump sum
You know damn well management is only looking out for themselves.