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Feb 12th, 2024
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 GE freezes worker pensions
#7626477
10/07/19 07:15 PM
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Joined: Sep 2005
Posts: 6,466
ndhunter
OP
THF Trophy Hunter
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OP
THF Trophy Hunter
Joined: Sep 2005
Posts: 6,466 |
Ouch If you are financial planner, you get a whole new client base Many private companies have moved away from pension plans, known as defined-benefit plans, since the 1980s, especially after the introduction of 401(k) plans, which put the responsibility on employees to save for their own futures.
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626512
10/07/19 08:08 PM
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Joined: Oct 2014
Posts: 12,346
Duck_Hunter
THF Celebrity
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THF Celebrity
Joined: Oct 2014
Posts: 12,346 |
Pensions aren’t feasible.
I just turned it on . I was looking bird dogs in the butt this morning. ![[Linked Image]](http://i.imgur.com/AvUPi.gif)
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626576
10/07/19 09:11 PM
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Joined: Apr 2007
Posts: 60,468
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,468 |
 How long until the union hierarchy eats its self
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626594
10/07/19 09:22 PM
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Joined: Sep 2012
Posts: 12,865
PMK
THF Celebrity
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THF Celebrity
Joined: Sep 2012
Posts: 12,865 |
yep, our company froze ours back in 2006 or 2007 ... puts the responsibility over to the employees to utilize the company matching 401k.
"everyone that lives dies but not everyone who dies lived..."
~PMK~
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626600
10/07/19 09:26 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill ![[Linked Image]](https://texashuntingforum.com/forum/pics/usergals/2017/07/full-3669-105539-full_16668_105507_image.jpg)
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626624
10/07/19 09:45 PM
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Joined: Jul 2011
Posts: 9,972
Old Rabbit
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2011
Posts: 9,972 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer.
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626696
10/07/19 10:58 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: GE freezes worker pensions
[Re: Old Rabbit]
#7626717
10/07/19 11:21 PM
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Joined: Oct 2012
Posts: 29,606
Sneaky
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 29,606 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer. Right. CEO’s certainly don’t make the company any money.
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Re: GE freezes worker pensions
[Re: Sneaky]
#7626718
10/07/19 11:23 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer. Right. CEO’s certainly don’t make the company any money. Walsh took it all with him when he left.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626745
10/07/19 11:47 PM
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Joined: Jul 2013
Posts: 6,063
Wilhunt
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2013
Posts: 6,063 |
Have to max the 401k with employee contribution and hope the company is generous with their contribution. Maybe one will get lucky and receive stock options from the employer. Have to work seriously towards retirement.
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Re: GE freezes worker pensions
[Re: bill oxner]
#7626746
10/07/19 11:48 PM
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Joined: Jul 2011
Posts: 9,972
Old Rabbit
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2011
Posts: 9,972 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer. Right. CEO’s certainly don’t make the company any money. Walsh took it all with him when he left. Different company but when there is a new CEO every 8 years and they make close to $16 million per year while cutting vacation, health care and most every benefit they can think of that is excessive. They are even doing away with retiree health care at the end of 2021. Its hard to plan ahead in retirement when they change the rules after your retire.
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Re: GE freezes worker pensions
[Re: Old Rabbit]
#7626770
10/08/19 12:25 AM
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Joined: Oct 2014
Posts: 12,346
Duck_Hunter
THF Celebrity
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THF Celebrity
Joined: Oct 2014
Posts: 12,346 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer. That sucks.
I just turned it on . I was looking bird dogs in the butt this morning.
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626774
10/08/19 12:35 AM
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Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
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THF Celebrity
Joined: Feb 2010
Posts: 11,658 |
I’m as red blooded, right winged person out there
But there’s a lot of love here for CEO’s and their pay
Lemme tell you, most are WAY overpaid
10-15 million a year, cutting benefits, layoffs, lowering wages along the way and walking away in less than 10 years. Set for life!
Don’t give me that, I know how it’s works.
Please...
It’s sickening really.
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626811
10/08/19 01:14 AM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
You will soon have to be a government worker to get pensions.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: GE freezes worker pensions
[Re: GusWayne]
#7626827
10/08/19 01:25 AM
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Joined: Oct 2012
Posts: 29,606
Sneaky
THF Celebrity
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THF Celebrity
Joined: Oct 2012
Posts: 29,606 |
I’m as red blooded, right winged person out there
But there’s a lot of love here for CEO’s and their pay
Lemme tell you, most are WAY overpaid
10-15 million a year, cutting benefits, layoffs, lowering wages along the way and walking away in less than 10 years. Set for life!
Don’t give me that, I know how it’s works.
Please...
It’s sickening really.
It’s a free market.
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Re: GE freezes worker pensions
[Re: GusWayne]
#7626862
10/08/19 01:58 AM
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Joined: Feb 2010
Posts: 5,660
erathar
THF Trophy Hunter
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THF Trophy Hunter
Joined: Feb 2010
Posts: 5,660 |
I’m as red blooded, right winged person out there
But there’s a lot of love here for CEO’s and their pay
Lemme tell you, most are WAY overpaid
10-15 million a year, cutting benefits, layoffs, lowering wages along the way and walking away in less than 10 years. Set for life!
Don’t give me that, I know how it’s works.
Please...
It’s sickening really.
More incentive to be the CEO.
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Re: GE freezes worker pensions
[Re: Sneaky]
#7626877
10/08/19 02:15 AM
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Joined: Apr 2007
Posts: 60,468
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,468 |
It sucks, I went thru this in 1998. The company didn't freeze it but they reconfigured it severely. My retirement annuity was cut by more by more than half of what I was promised when I hired in in 1976. My lump sum option was cut by well over $300K so it was scramble time to try and make up the loss. When I reached full retirement age and points I departed from them and went to work for another company and built up another retirement thankfully or I would still be working. Of course the CEO's pay went up several 100% and kept climbing, but its take care of the top not who actually makes the money for the company any longer. Right. CEO’s certainly don’t make the company any money. They darn sure don’t foster returns that up those publicly held stocks in millions of retirement accounts...or do they....
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Re: GE freezes worker pensions
[Re: GusWayne]
#7626878
10/08/19 02:16 AM
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Joined: Apr 2007
Posts: 60,468
BOBO the Clown
kind of a big deal
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kind of a big deal
Joined: Apr 2007
Posts: 60,468 |
I’m as red blooded, right winged person out there
But there’s a lot of love here for CEO’s and their pay
Lemme tell you, most are WAY overpaid
10-15 million a year, cutting benefits, layoffs, lowering wages along the way and walking away in less than 10 years. Set for life!
Don’t give me that, I know how it’s works.
Please...
It’s sickening really.
Do you think 5 million a year would of saved those benefits? Salaries and possibly under preforming work force
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Re: GE freezes worker pensions
[Re: ndhunter]
#7626903
10/08/19 02:35 AM
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Joined: Jun 2008
Posts: 7,937
bigjoe8565
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jun 2008
Posts: 7,937 |
Our pensions were frozen years ago.
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Re: GE freezes worker pensions
[Re: bigjoe8565]
#7626993
10/08/19 08:02 AM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
giddyup
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giddyup
Joined: Jan 2010
Posts: 22,997 |
Whats that word I'm looking for????????????????????
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Re: GE freezes worker pensions
[Re: fadetoblack64]
#7627055
10/08/19 12:02 PM
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Joined: Feb 2008
Posts: 14,143
glens
THF Celebrity
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THF Celebrity
Joined: Feb 2008
Posts: 14,143 |
Whats that word I'm looking for???????????????????? "Screwed?"
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Re: GE freezes worker pensions
[Re: ndhunter]
#7627069
10/08/19 12:29 PM
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Joined: Aug 2012
Posts: 15,567
TexFlip
THF Celebrity
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THF Celebrity
Joined: Aug 2012
Posts: 15,567 |
They took our pension away when I worked for LYB, one of the many reasons I left.
Just to make sure that it is done thoroughly, I go both ways.
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Re: GE freezes worker pensions
[Re: ndhunter]
#7627079
10/08/19 12:44 PM
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Joined: Sep 2012
Posts: 464
GunsUp18
Bird Dog
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Bird Dog
Joined: Sep 2012
Posts: 464 |
My old company just offered a buyout. It was a lowball offer, but I'm considering taking it as there seems to be no guarantee it will be there when I retire in 30 years.
Follow my BBQ Adventures on Instagram and YouTube! @mikebowerstv
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Re: GE freezes worker pensions
[Re: glens]
#7627083
10/08/19 12:47 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
Whats that word I'm looking for???????????????????? "Screwed?" Yep.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
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Re: GE freezes worker pensions
[Re: ndhunter]
#7627102
10/08/19 01:10 PM
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Joined: Jul 2011
Posts: 1,491
BearkatHunter2011
Pro Tracker
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Pro Tracker
Joined: Jul 2011
Posts: 1,491 |
I'm just hoping my teacher retirement (annuity) will still be around for a while.
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