Looking for the facts..
8 replies (most recent on top)
12/31/2013
hey "newer" tech, take a look at this link. It shows the actual percentages we used to earn in the Cash Balance Plan
https://s29.postimg.org/w9fofv8hj/cash_balance.png
over the years, management would always try to compare our 401K to a traditional pension. I always thought that was just ridiculous.
I need to correct myself. I had said, " Your 401K is recognized by the IRS as a pension fund."
The 401K is considered as a retirement fund, NOT a pension fund. I stand corrected and I apologize. My bad.
Yes I know he was referring to the cash balance account, that was nice, but it's gone when the account runs out, just like the 401k.and after taxes those balances are cut in half. IBEW, MTa, con ed, teachers pensions are for life. That's how a union can help
This is a prime example of your fellow technicians ASKING a question and NOT giving him (her) an understandable answer. And you wonder why there is a division between "veterans" and "newbies".
Hey, "Anonymous"... they're referring to the Cash Balance Fund. Not required by law, it was essentially "free money." It had nothing to do with your 401K. It earned a small amount of interest. Think of it as an "allowance" that was deposited in your name every pay period. Once you leave or retire, the monies went with you. It is considered extra income and taxable by the IRS. And it wasn't a tiny amount. Speaking for myself, I left with over $95,000 in my Cash Balance, not counting my 401K.
Those were the "good old days." Your 401K is recognized by the IRS as a pension fund. The Cash Balance was almost like tipping a waiter for his service. Extra cash. After time it grew to a nice amount. If you multiply the thousands of CVC employees with the amount deposited in their accounts.... then you're talking $millions. We all knew it wasn't mandatory. Again... those were the "good old days."
You want FACTS. The pension was taken away about 4 years ago then j.. D..... has the nerve to come to the Newark depo give everyone a pay bumb to deter union talk then look all 100 plus tech in the eyes and say HE NOT SELLING.
LIES...
I wish they would of only bumb the people who sign cards cause most of these guys just let other people do the dirty work while they sit back and gain.
That was the beginning of the end, all downhill since then. It really wasn't a pension anyway, that's why nobody really complained
Long before this training derailed