If they change it, or reduce the multiplier your going to see a mass exit of employees!
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The pension is a joke! For folks in Ontario, you are paying 4% and company is paying 1% - which company offering pension out there offering this 4:1 ratio of matching?! I can imagine the look on people's face when they are let go in a couple of years and find out the lump sum payout of the pension after some voodoo actuarial mathematics is literally less than what they put in! In all fairness, everyone not in the Western region should opt-out. Don't fall for that 1%, maintain your financial flexibility, RRSP room, save yourself from nasty surprise if you are let go, and not subsidise the folks that are paying 0%!
Under the new pension plan, will employees still have the option of taking early retirement and collecting their pensions — although, now, without the cost of living adjustment — at age 55? (That is, if the company doesn’t lay them off before they reach that age, which is what Bain & Company appears to have recommended.)
AM is a loser he is ruining this company
a lot better than Enbridge
Now i am wondering what Transcanada has for a Pension and Benefits.....
Spectra loses the ability to have their bonus calculated in their pension. This has not existed for non executives at Enbridge.
Won't matter what the cuts are because all the long service individual contributors will all be fired within the next year or two. I thought they may transition/grandfather changes, but that is what a decent company would do that actually respects employees.
Dropping rate from 1.6% to 1% in the calculations. Elimination of COLA.
Utter betrayal. No wage increases, minimal STIP, lack of opportunities to move up but full increases for AM and crew. What was once a special company to work for isn't. The good thing about this is now the golden hand cuffs are off. If you want to work for Enbridge great, but now you have to actually want to work for them as there is nothing special left.
Pension plan has significant changes for the masses. No more COLA. Director level and above are protected. On the other hand, 401k employer contribution improves by 1 pct. and one is no longer forced to buy it as Enb stock but rather can self direct.
Legacy Spectra are in for a rude awakening. Their overall benefits will be incredibly curtailed. Apparently already rumblings of displeasure. There will be no negotiations. There will be no prisoners.
Heard they are getting rid of the cost of living adjustment for pensions and there will be an employee contribution.
Trickle down approach to information dissemination is only effective if all people in chain care about others more than they do of themselves. When it gets to a self-centered link, those in their charge get less than rich data/messages.
Managers are going over with Supervisors this week the new plans.
Mass exodus will be underway. New pension and benefit gets rolled out next week.