I feel a little confused. I reach my pension in a couple of months, and the fact is that that time will come while the company is still in the bankruptcy proceedings. What rules apply in that situation?
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Sounds like peoples pensions are going to get sacked. Maybe now we can see some legitimate discourse posted on Stream instead of the constant unwavering boot licking.
Sorry the old blood is getting raked over the coals now. Welcome to the peon club where we have been getting screwed over for years while a select few were getting pensions, raises, annual bonuses, etc.
It would have been nice to see some of you come out of your Stream hole to help back the new blood while we were getting our sh|t pushed in time and time again. I guess it didn't matter until your bottom line was affected.
This is the new business as usual.
Make sure to send TT and his organized band of corporate criminals our regards.
Just received letter from Windstream regards Pension Plan. "Certain forms of payment cannot be made under the plan, effective February 25th the date of chapter 11 filing. These restrictions have been imposed as a result of the Chapter 11 filing and because the Plan is less than 100 percent funded." Check your mail.
I think a lot depends on how your pension is structured.
If it's a union-sponsored fund, I think it's totally unrelated.
If it's a 401k, the bankruptcy affects Windstream stock in the account but not the other assets - you own the account, not Windstream.
If you have a traditional defined benefit plan (the old timey kind of pension), then it depends on how well-funded the plan is. If it's fully funded to match its expected liabilities, then I think you're OK. If it's not fully funded, well as someone mentioned, your pension gets picked up by the federal PGBC subject to its limitations and rules. Not totally sure of the rules on defined benefit plans; in the bankruptcy I was involved in, the pension fund was overfunded.
Oh yeah no raises, and ga cst will not see that 8% next year, windstream screwed you.
People at Windstream have a pension!? Wow, I cant get these a$$clowns to hand out a 1% raise. Let alone any benefits at all that are worth a damn. I guess I should just be happy to get a paycheck. Corporate America is greeeaaaattt....
Wow Georgia Techs dont have a pension, they voted the union out , when alltel took over GTE, they voted it out for a dollar increase an hour, lost the pension, DUMB F---S, and just voted it out again, DUMB F---S
Pensions are 100% insured by the PBGC to a decently large amount, somewhere above $65k a year I think. Unless you're an exec you probably going to see full monthly amounts, and weren't probably planning on retiring early. I remember airline pilots being really mad about it in the AA bankruptcy.
Unfortunately your Pension will go to the PGBC , a government agency . You will get between 50 to 70 percent of your Pension as an annuity only. No lump sum. You also have to wait till your 65 years old to start your annuity payments. So sorry. Good luck.
Pensions will probably be okay one way or another since the government steps in to insure them when companies go bankrupt, and Congress loves old people votes. There might be some missed payments because of red tape, a whole lot of lost paperwork where you'll have to chase down people, and don't expect a lump sum.