#pension

DW is laser focused on running the org to failure. So rather than fight him, let’s help him. Next time you see poor quality work or a way to help… don’t do it. Even though you may think you’re the better person… don’t do it. Nothing will change until a true failure. So while contrary, push the activity along to failure. There is no longer honor in preserving this legacy… if DW doesn’t see the risk of becoming a takeover when everything fails (see Macondo) then it’s not our job to convince him.
And if you think that you are saving your pension or any other financial security, don’t worry, there are already plans to ki-l those. At this point, we have nothing to lose.

I’ve heard different rumors, but can they actually take your pension(cash balance) away from you if you’re let go because they deem you did not go to the office? I know they can’t touch your 401K.

https://www.marketsgroup.org/news/verizon-to-move-pension-asset-management-to-goldman-sachs-ocio?fbclid=IwY2xjawRZliFleHRuA2FlbQIxMQBzcnRjBmFwcF9pZA80MDk5NjI2MjMwODU2MDkAAR6tW1eHusgv8sz-a_EIVp4-3Gr4_fpKJS5WnDXYY_YCVgII9d67nLy1BfY0TQ_aem_SCp5oOD-4eH3Wc8UasPgGw

Martha is playing with Medtronic’s core businesses that have paid the light bill for decades.

I believe he is turning MDT into a venture capital fund, selling off BUs because they don’t meet his +50% groth rate just to use the fresh capital for M&A of long shot small start ups that will require intense capital to get them off the ground.

Wouldn’t be surprised if he dipped into the pension fund.

I had a friend who passed away recently who was an exxon retiree. Their family lived into their nineties so he expected to live until at least 85. My friend retired at 61 with 40 years of service and chose the annuity. The annuity was huge and paid them nearly 50 percent of his yearly pay. The retiree expected to live at least 25 years and collect the pension but it was not the case. They only received 6 years pay from the annuity and had no relatives to leave as beneficiaries. If they would have taken the lump sum it could have been left to anyone as beneficiaries. Alight only allows spouses and children to be beneficiaries for the pension. He could have left the lump sum money to his nieces and nephews, friends or even a charity. He was in excellent health and would have lived to an old age but pancreatic cancer took him out. From the time of diagnosis to death was 5 months. Exxon and alight won. Don't make the same mistake as my old friend.

You are so easy to spot... 20+ years in. Has seen every reorg... Uses "back in the day" all the time.. Defend pensions. And institutional memory. Oh, yeah, let's attack consultants and outsiders... And... Always disgusted but not never ever surprised at all.

I was at Xerox for about 40 years as a worker bee (non-management). Retired in 2020 after waiting for a vrif or irif package that I was never eligible for ( for one reason or another). So I left on my own accord (at 62). Best thing I ever did. Even back then the writing was on the wall. Carl had already taken over the CEO and board and it was only a matter of time. I know I was lucky but also calculated health subsidies at a lower income and had a few $$ put away just in case. Yes, I was an oldtimer with a pension and 401k. But its been 6 years and i havent touched either. If your young get that resume updated (by a professional if necessary, they have contacts you dont). If your old enough, Don't wait for the package, you may wind up with nothing. Bankruptcy will likely effect any pension payouts. BTW, if your in the US the best investment is your HSA. No tax in or out and can invest it all. I lowered my 401k to max out HSA. Best retirement planning I did.

The posts are generally whining and moaning.
I thought I would provide info so folks can plan better.
Topic of this week is around NRE and pension.
You don’t lose your pension. You lose benefits, especially medical. You get your pension, you get vested after 5 years. So you will get your pension. However discounting is different between retiree and terminee. Suggest you run Alight calculator between age 55 and 54.5 and you will know the difference.

This week’s announcement has serious implications and indicates the company is moving towards elimination of the pension. You could have worked for decades and be days away from receiving your pension at 55 and lose it all under the new system. If you are staying for the pension and it is what is keeping you here I recommend you think hard and critically on what the chances are that you actually receive a pension. Clearly Darren wants it gone. Executives have their huge pile of RSUs and the pension means very little to them. They would like to eliminate the pension so the stock pops higher.

OLD SYSTEM
If are NRE and placed in NSI:

• you are put on a DPC. You cannot fail the DPC. Basically you couldn’t be fired for “low performance” if NRE

If you were not NRE and placed in NSI:

• if 3 times in last 5 years you have been NSI you were mandatory to be fired (PIL)
• else if you are NSI you could choose between PIP and PIL
• if you failed the PIP you were fired

NEW SYSTEM after 2026
NRE and DPC eliminated from policy. You can be fired for “low performance” even if you have worked successfully at the company for decades and are just a few months or days from reaching 55 when you would be eligible for retirement. You can lose it all.
If you are placed in NSI:

• if 2 times in last 5 years you have been NSI you are mandatory to be fired (PIL)
• else you can choose between PIP and PIL
• if you fail the PIP you are fired

NEW SYSTEM IN 2026 ONLY
NRE and DPC eliminated from policy but if you are NRE and NSI then PIP will be offered and if you don’t pass you will be fired. You can also just take the PIL.
If you are placed in NSI:

• if NOT NRE, NSI at any time in last 4 years, and NSI in 2026 you are mandatory to be fired (PIL)
• else if NSI you can choose between PIP and PIL
• if you fail the PIP you are fired

Clearly the company will cancel the pension soon or fire you before age 55. They aren’t even trying to hide it anymore. It isn’t worth staying for. Do the math. Research what other options there are.

There has to be a scenario that would trigger the final elimination of the pension.

Any ideas of what conditions would cause the plan to be implemented?

Long story short I took EOI and left. I'm still waiting for my pension payout. They received my papers in early February and every time I call, I get the check is in the mail excuse. Received two letters stating that they are going to pay me but not the actual check. This company can't even deliver on their severance agreements which they (HR) are not fulfilling. My next step to talk to an attorney.

What will happen to earned but not commenced pensions if HW is split up and sold off?

Anyone remember this!
Looks like they were pretty spot on, just delayed due to COVID.

Giving you a heads up
Sept 1-most Prof/Tech and Para's will start re-entering the building. Leadership will have been transitioning into the buildings starting July 12. Now leaders can meet in person to discuss the following!

November - TMs will start meeting with employees to discuss the new Future State Operating models- Fire re-org, HRU, Stewardship, Prox....Team Lead structure U/W, Auto/FIre, a lot less TM's-only in the specialized areas, no ratings for employees, like TMs are today, with just a percentage/EIP. Levels of leadership will start getting cut and there will be more targeted transitions for tenured TMs, SMs, and CMs. Most CMs and SMs jobs are gone. AFS and Sales Leaders jobs are basically going away too. Korn Ferry will be utilized to determine who stays and go! Estimatics is done and so are most of Prox-outsourced to third party vendors-transition plans will be offered or more reassignments.
January 1, 2022- Pension buy-out offers are coming and employees will get heads up. Take it, trust me! There will be some decent incentives, bridging, time service etc...will be your last chance. Will be tied to staying around a certain period of time depending on local/Hub/LOC/job function/level. Agents will start all selling Gainsco ins too!

What's left-over-2nd Quarter 2022 LOC will find out their final faiths-depend on how quickly they can be replaced in hub cities/need. Also job class changes coming for U/W and Claims across all levels. No more $90K Auto/Fire Underwriters or Claim Reps in Prop-Complex and/or TM's for $130K a year to clear task, review a letter or review a file! TL will handle for $50-$60! CCC consolidation etc....

3rd Quarter 2022- 100 years now and changes to agency contract. More bots to automate away a lot of easy claims functions and U/W is going to start getting a lot more automation-ST to ST transfers, all added cars, all new business, automation of RAS/non-renewals and sunsetting the error based processing system. Target number of 40,000 employees by end of 2022, down from our current 57,500 approx. today! 25% reduction overall, target has been around 10% a year give or take a few percentages/turnover.

Pucker up ladies, gents, transitioning....!!!! It's amazing what things are left unprotected on SharePoints sites if you know where to look! You haven't seen sh-t yet!

I see many folks hanging around waiting for a severance package. I get that I mean a kicker to go would be ideal especially if you are retirement eligible and this is your last stop in your career. If you have another opportunity outside the phone factory that meets or exceeds current salary/bonus pay and you are not retirement eligible, yet. What do employees gain by achieving retirement eligibility? What would be at risk if you left payroll 3 years before becoming eligible for retirement?

Potential known risks:
3 years of Pension contributions (assuming eligible)
30% service discount
ability to participate in AT&T healthcare plans at your cost 100%

Are there any other meaningful "benefits" at risk by leaving before eligible?

Fool calls my post fake but I don’t care if they get pensio or healthcare I deserve what’s mine been hear since 1999 that make me last millennial though I’m Gen X Gen Z can kiss my dump truck fake posts !!! I don’t vote but should

Sorry the next news to drop is freezing the pension for those active employees that are pension eligible. That will be announced right after the April round of severance packages. The next round of severance packages/pressure tactics ramps up again in October and will wipe out most of the remaining underwriting folks. You will get the return to work mandate, for 50% of the time, for most employees effective September 01, 2026. Leadership 75% of the time. Executive will announce they are converting a large portion of your remaining PTO to sabbatical time and pay you out for a portion of it as well. They are trying to weed out any old remnants of the old SF or pressure test those people they consider weak. They are still delusional thinking the continued failure of their business model is not the incompetent DEI/2040 workforce they have hired, hubs and horrible business models they keep doubling down on. One more "magic" motivational quote, 1x1, Huddle, TPD or SXS is all that is standing behind their names in glory in the business world and return to #1. It is kind of funny to actually watch this level of stupidity and incompetence! Hilarious!

Over the past year, I have made dozens of posts on The Layoff with ways our company needs to improve. Even though there has been some progress, it is not enough. Disastrous decisions have caused me my retiree health care and froze my pension. I’ve been underpaid for years as many other employees have been. Meanwhile, an inept overpaid Board and high flying Executive VPs and RVPs have benefitted quite nicely. It’s ALL about them. It’s a well orchestrated Ponzi Scheme. I am sick of this place and it has made me ill. I wish all of you the best and in a few weeks it will be my last day after 20 plus years. Time to spend the end of days with my grandbabies and good riddance to Mutual of America.

I don't understand how they are receiving a 83% match per dollar from the company along with their pension.

I heard directly from our delegate that the company turned down talks about increasing the match for new hires. We instead get this cps 4k which really amounts to not much more then our stock together payout which has now come to an end.

The company is just moving money around, giving the illusion that the new hires are getting something new. What I find funny is how the pension band increase each year by 1% which is more then the cps payout.

The pre 2008 hires are all terrible.

They voted to get rid of pensions for new hires.

They voted to get rid of healthcare for new hires.

They voted against job security for new hires.

They voted against us, now they want you to vote for them.

No thank you!!

What salary do most people retire at? Say for a CL27, 28, and 29 what would be a typical range for salary at retirement? Trying to figure out how valuable this pension will be if I don’t quit now and stick it out. I have heard that once you hit your mid 40s raises stop.

Apollo (APO) & their insurance subsidiary Athene are big private credit players that are under liquidity pressure due to a market perception of increased credit risk resulting in a sharp decline in APO share price. This is important because AT&T off loaded some of their pension liabilities to Athene.

You could be at risk-PAY ATTENTION!!

Under the group annuity contracts, Athene made an irrevocable commitment and became solely responsible for paying the pension benefits of each transferred participant beginning with their August 2023 pension payments. The transaction did not change the amount of pension benefits payable.

The transaction covered approximately 96,000 AT&T participants and beneficiaries, and was funded directly by assets of the pension trust — requiring no cash or asset contributions by AT&T.

Offer 1yr severance and heath care. 99% of pension eligible employees will take. Problem solved....

2008 the healthcare went away for new hires

2012 the pension went away

2016 techs started to become anti union and cross the line

2019 extended this cr-p

2022 techs become completely anti union. They threaten to cross the line if there’s a strike and give up on the rest of the union.

2026 why should I care if there no union in the union.

Great news to hear from HR that they’re discontinuing the pension plan for those of us who have remained loyal to the company and accelerated the growth of the stock price.

Does anyone know what was agreed on in the new contract extension? Raises, pensions, additional vacation,? Etc...

Star liner has been determined to be incompatible with man space flight by NASA.
This is a big black eye for Boeing.
I wonder what the path Forward is ?
Maybe, hire back some of the old retired engineers who had the tribal knowledge to build quality spacecraft.
I just hope that they don’t falter financially and reduce the pension for the retired employees.

Will the downfall of Boeing affect the current pensions will they be reduced or eliminated totally? Does anyone know?

So remember you think you are guaranteed but honestly once the pensions were sold off they are no longer federally guaranteed it’s state regulatory guaranteed.Which is dependent on state .So NJ would be up to 250,000 .So if you have more your gambling.I believe.But here is one article https://www.americanretiree.com/post/verizon-retirees-object-to-5-9-billion-pension-spinoff

Gulfstream retired employees need to verify their pension programs and ensure they are being paid. It appears that Gulfstream is not paying all employees out of the Salary 1 1/3 pension plan and refuse to cooperate to resolve the solution. Example of employee with over 30 years of service and retired in 2019 and has been to be paid out of Salary 1 1/3 pension and has contacted Gulfstream, General Dynamics and Fidelity regarding the discrepancy and was informed by informed by Fidelity they were owed over $128, 744 in retropay but payment has yet to be made by Fidelity and Gulfstream and General Dynamics have continued to ignore the situation.

Mar 1st is when the funding of the US pension will be announced. What are the chances in underfunding, forcing everyone to take the annuity vs the 50% lump sum? Did they really back date the last notice when the took the 100% lump sum down to 50% option away?

Can you list the years service and amount your lump sum retirement was and year retired?

Noticed the estimated Lump Sum payout is LOWER for 2026 vs. 2025, which is both alarming and surprising - especially since interest rates declined in 2025 ….. so, I was expecting to see an increase in the Lump Sum amount. Anyone else experience this, and any insight or explanation ??

Are we eligible to claim tax relief on pension contributions? Noticed that the deposit into the pot would be numbers from payslip only.

I understand the TA is nearly identical to what wireline west, sw, and se got, but havnt seen the details of the sbc/ameritech tentative agreement they reached over a week ago. Can anyone share? I’ve read a 5% raise up front (4/11/26) pension band increases 1% year over year, 4 year agreement, kept article 26, mlk day off, and am i understanding no layoffs for the duration as well?

If you were qualified for a pension from Sears how do you go about collecting it? I know there is PBGC. I would like to hear from actual Sears pensioner. Thanks.

UK staff – with the recent change and standardisation of terms, have you checked your January pay advice? I’m finding it hard to tell whether mine is correct. What I can say is that my increased pension contribution was deducted from salary, but none of it has reached my pension this month.

https://www.gurufocus.com/news/8564834/ford-motor-company-f-reports-expected-remeasurement-losses-in-pension-and-opeb-plans

I’ve agreed to go out for an interview with a competitor. Never thought it would be me looking for roles outside of XOM. I’ve enjoyed my career for the most part, and have generally been ranked well in my 10 years. Past couple of years I got 10%+ raises, but I feel like that’s just a fluke and worse times are around the corner.

It’s sometimes hard to picture leaving when I think of the long term pension and the comfortable career I have. Am I an id--t or is this the moment to leap into the unknown?