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rolling rock
The Pinball
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Joined: 15 May 2002
Posts: 16218
Location: unknown zone
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 Posted: 11/13/03 - 13:49 Post subject: Goodbye Pension Plan
that's the word we got yesterday. No More Retirement Plan thru my husband's employer. whatever you have vested in there today, remains of course, but no more contributions go in at all. You are on your own.
there were two exceptions: if you are 45 (HE IS) and have been with the company for 20 years or more (HE HAS) then you go on as planned. nothing changes.
for once it pays to be an old fart.
i'm sure there are some very unhappy 19 year employees today.
anyone else hearing this at work? he works for a major US manufacturer and feels this is the coming trend. We have friends who were told the same thing recently, he is in the automobile business.
scary. 
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shelflifers
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Joined: 10 Jun 2002
Posts: 18633
Location: Austin, TX
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Posted: 11/13/03 - 13:52 Post subject:
Sucky!
no hijack intended but my company just rolled out this crapalicious health plan where:
if your spouse has the option to get health insurance under her job and doesn't, you get $100 taken out of your PER PAYCHECK for having her on yours. 
What the F?
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Running Brewer
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Location: Santa Poco
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Posted: 11/13/03 - 13:57 Post subject:
RR, are you saying pension plan or any retirement plan, ie. 401k?
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gretriever
Hipster Doofus
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Joined: 16 Jul 2003
Posts: 19385
Location: A moving target in a firing range.
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Posted: 11/13/03 - 14:00 Post subject:
| shelflifers wrote: |
no hijack intended but my company just rolled out this crapalicious health plan where:
if your spouse has the option to get health insurance under her job and doesn't, you get $100 taken out of your PER PAYCHECK for having her on yours.
What the F? |
Shelf! $100 in addition to the coverage? (I'm assuming she's covered under your plan already)
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Cappy
Excelent
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Joined: 16 May 2002
Posts: 27368
Location: Spreadsheetylvania
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Posted: 11/13/03 - 14:01 Post subject:
My firm just does the 401(k) option. Retirement plans are going the way of the 8-track I'm afraid
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TriBob
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Joined: 29 Aug 2002
Posts: 5771
Location: Lost in Transition
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Posted: 11/13/03 - 14:01 Post subject:
I have never worked for a company that had a pension plan 
My company has been slashing benefits every couple of months for the past year. Giving us  on there situation. As a consultant I make them lots of money, I just want a little somethin' for the effort.
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shelflifers
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Location: Austin, TX
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Posted: 11/13/03 - 14:02 Post subject:
| gretriever wrote: | | shelflifers wrote: |
no hijack intended but my company just rolled out this crapalicious health plan where:
if your spouse has the option to get health insurance under her job and doesn't, you get $100 taken out of your PER PAYCHECK for having her on yours.
What the F? |
Shelf! $100 in addition to the coverage? (I'm assuming she's covered under your plan already) |
true dat! Can you believe that hose job? Luckily, since she IS covered under her job and MY job (secondary coverage), I won't have to pay for it.
but what if you're wife worked at Target or something where the health insurance is way too much?
It's business. but it's mean. 
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rolling rock
The Pinball
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Joined: 15 May 2002
Posts: 16218
Location: unknown zone
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Posted: 11/13/03 - 14:03 Post subject:
| Running Brewer wrote: | | RR, are you saying pension plan or any retirement plan, ie. 401k? |
the 401K plan remains, altho they stopped contributing to this for a span of about 5 years. 401Ks are not affected.
the Retirement Income Plan (RIP as it's known---that cracks me up) ceases. any accrued benefits as of 12/03 are frozen -- so if you are making $30,000 today with 5 years in, you can stay for 30 more years but will retire based on the today's income. you'd earn a portion of that figure after retirement.....
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gretriever
Hipster Doofus
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Joined: 16 Jul 2003
Posts: 19385
Location: A moving target in a firing range.
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Posted: 11/13/03 - 14:05 Post subject:
| shelflifers wrote: | | gretriever wrote: | | shelflifers wrote: |
no hijack intended but my company just rolled out this crapalicious health plan where:
if your spouse has the option to get health insurance under her job and doesn't, you get $100 taken out of your PER PAYCHECK for having her on yours.
What the F? |
Shelf! $100 in addition to the coverage? (I'm assuming she's covered under your plan already) |
true dat! Can you believe that hose job? Luckily, since she IS covered under her job and MY job (secondary coverage), I won't have to pay for it.
but what if you're wife worked at Target or something where the health insurance is way too much?
It's business. but it's mean. |
Mean ain't the word I had in mind...
My insurance doesn't include dental coverage, but my wife's does. You have to be able to cover as much with one plan that the other doesn't. A true bite-o situation if ever there were one.
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rolling rock
The Pinball
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Joined: 15 May 2002
Posts: 16218
Location: unknown zone
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Posted: 11/13/03 - 14:06 Post subject:
| shelflifers wrote: | Sucky!
no hijack intended but my company just rolled out this crapalicious health plan where:
if your spouse has the option to get health insurance under her job and doesn't, you get $100 taken out of your PER PAYCHECK for having her on yours.
What the F? |
sucky for sure. not so sure this isn't happening alot tho too.
we are going thru the second major crank down of medical benefits--i'm thinking our copay by now is almost as much as the doctor charges anyway so WHY BOTHER??????????????????????????????????????????
remember when copays were $10 
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Running Brewer
Member
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Joined: 12 Oct 2004
Posts: 3872
Location: Santa Poco
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Posted: 11/13/03 - 14:06 Post subject:
| rolling rock wrote: | | Running Brewer wrote: | | RR, are you saying pension plan or any retirement plan, ie. 401k? |
the 401K plan remains, altho they stopped contributing to this for a span of about 5 years. 401Ks are not affected.
the Retirement Income Plan (RIP as it's known---that cracks me up) ceases. any accrued benefits as of 12/03 are frozen -- so if you are making $30,000 today with 5 years in, you can stay for 30 more years but will retire based on the today's income. you'd earn a portion of that figure after retirement..... |
Are they being given the option to move this money into another account of their choice?
My wife works for the little D and when the big 3 make a decision little D isn't far behind. for her.
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rolling rock
The Pinball
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Joined: 15 May 2002
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Posted: 11/13/03 - 14:11 Post subject:
| Running Brewer wrote: | | rolling rock wrote: | | Running Brewer wrote: | | RR, are you saying pension plan or any retirement plan, ie. 401k? |
the 401K plan remains, altho they stopped contributing to this for a span of about 5 years. 401Ks are not affected.
the Retirement Income Plan (RIP as it's known---that cracks me up) ceases. any accrued benefits as of 12/03 are frozen -- so if you are making $30,000 today with 5 years in, you can stay for 30 more years but will retire based on the today's income. you'd earn a portion of that figure after retirement..... |
Are they being given the option to move this money into another account of their choice?
My wife works for the little D and when the big 3 make a decision little D isn't far behind. for her. |
no. no moving money so far. those affected are promised to be eligible to contribute more pretax dollars to the 401K though.
little D????
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keltic63
the kilted one
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Joined: 17 May 2002
Posts: 8574
Location: under the weather
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Posted: 11/13/03 - 14:14 Post subject:
| rolling rock wrote: | | remember when copays were $10 |
You have a copay? I don't. 
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genie
Master of Prissface
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Joined: 14 May 2002
Posts: 16194
Location: Finding serenity one day at a time
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Posted: 11/13/03 - 14:16 Post subject:
That really sucks. So far we haven't heard about cutbacks to the pension plan, I think we have one but it isn't that great, in addition to the 401K too.....but I have heard other companies are doing the same thing.
Business is hella-sucky. You know those MF's at the very top are still getting all their damn money, bonuses, stock options, etc....for what? 
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Running Brewer
Member
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Posted: 11/13/03 - 14:20 Post subject:
| genie wrote: |
Business is hella-sucky. You know those MF's at the very top are still getting all their damn money, bonuses, stock options, etc....for what? |
For being at the top.
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