Thread regarding Intel Corp. layoffs

Yes, this will come up again. But BS and lawyers will combine it with a nice VSP package and indirectly get rid of 90% of remaining pension plans Q1 2021. The first message was just a shot across the bow to see hiw folks react and get feedback on how to do it right under cover of VSP without bringing on attention

Is it better for a retied employee to roll the pension fund to IRA? It seems have things to do with the Pension Benefit Guaranty Corporation (PBGC) on the fund's annual (fixed?) rate of investment return.

If the prediction rate is dropped so much so that the pension fund calculation becomes so low or negative, this change request may pop up again even Intel's decision to hold it back for now ... someone has to pay PGBC or making money of managing this pension fund anyway.

They will extract their pound of flesh somehow.

Did you know that Grade 10 and above pension is completely different than the rest? I don't have more detail but it came from a good source @ Intel.

BS reversed course because they want to decide who stays and who leaves.

I wouldn't celebrate too early, it just mean BS/BoD/ELT/MCM learned that they can't announce these changes early and cause an uproar in the ranks.

Which means there will be more ACT like action, where you get walked out on the same day and can't come back for your things to say farewell to your teammates.

Finally good news in 2020. Thank you Bob!

BS reverses decision on MPP

Think of these facts:

1. Intel already took tax benefits by giving old timers RC for many years.
2. Now they get to chase the old timers off by threatening to deplete RC $$ and keep it within the corporation. Basically it as an already taxed benefit and if one does not take it and run...it goes straight to the corporation's bottom line
3. Intel might have to throw a few bread crumbs to old timers who decide stay and take the abuse
4. No need to give ISP or VSP(additional $$$ savings)...just the thought of loosing the pension will scare old timers away.

DRA for the lawyer who thought this up and using it in the shadow of PBGC going bankrupt :-)
Notice that Sandra cancelled her meeting...in case news got out to ALL employees. I think this is a news worthy article to be posted both in local and national news papers?

This equals, or may surpass BK levels of evil.

There are actually RSUs which vest on May 2nd (which is a Sunday) Why did they decide May 5th (which is a Wednesday) It would be nice if you could at least confirm your RSUs vest before giving your 2 weeks. So if you give your notice on April 19th what is to stop them from terminating you immediately so you don't get RSUs What an absolute crock. There is literally a one day or two day window where you would have to terminate in order to get both MPP payout and RSUs..and if HR has the paperwork off by one day you can be out six figures of cash. They need to change it to May 31

Not much choice left for you Intel die hard's, ha? You can stay @ Intel but you have to give up your SERP. That's brilliant on Intel part. That's a big chunk for old timers if there are still any left. Interesting how Intel find ways to force the older folks to go away. They spend big bucks with the law firms to find these ways to screw the employees. Well, maybe this forces you to go somewhere else.

@ 2dmp+18iBUucb that’s the thing, it’s a Pension. You don’t get it until you quit or retire.

I cashed out a decent amount when I left Intel. Take the money and RUN!!!! That's what Intel wants you to do.

I'm wondering what might/will happen to retirees collecting a monthly annuity from the pension plan. When I retired I took the lump sum as I tend to be a bit skeptical about the long term viability of .. most everything.

If people have 100K or 200K and have met the rule of 75, cant they withdraw their amount before May when it becomes lower?
If you have used the 'rule of 75' and withdrawn the pension amount, can you still continue to work at Intel?

The CEO is a bean counter. He is not a technical guy by any means, so investing in people, technology and better products is not his forte. All he can do is reduce headcount and cut costs by doing stuff like this. Reducing costs has been one of the biggest factors in showing some positive results the past few quarters. I fully expect to see more cost reduction (of all sorts) in the next few quarters.

@2xcy+18iBUucb, make the last Day Friday April 30th.

According to the video, the last day is May 3rd, so you'll need to give notice on or before April 19, if you want to give your manager the standard 2 weeks notice.

The last day of employment on May 3, 2021, should allow you to get your RSU vested and cash out the MPP right?

A lot of employees are PO about this latest. Another big takeaway for older employees. There are five of us impacted in my group and we all decided we will need to hang out for a few more years to make up for the loss. The company has been trying to get rid of this minimum pension albatross for ages and this is a gift for the company. Seems strange that you have 200k yesterday and today zero, but the pension has almost 2 billion of funding? Where does all the money go?

My pension estimate went from $50 per month to $0. Payout 11k. What a joke. I should sit on my arse for the rest of my employment.

This is Intel way of telling the employees if you want your money you need to leave before May 5th, 2021. Sad but true. Take the money and move to a company that has a better future. There are many better companies around believe or not. Intel is NOT a GPTW anymore.

Sadly.. they are.. 100k a piece, 1000 employees will translate into 100M savings from this benefit change.

Got the email yesterday. Previous benefit $140K, new "benefit" ZERO! At least I can find solace in management telling me that "our people are most important asset".

Intel should be focused on fixing their fab but instead they are fully focused on how to screw the employees.

Cashed out as soon as I left Inhel.

The date of May 5 is strategic. This is when our stock vests, at least most of it, so they are hoping that old people will plan to retire on this date. IMO.

This is precisely why I cashed out my pension when I left. I'm not that old, so the lump sum was around 30K when I exited, while if I had waited till age 65 and taken the annuity, it would've been around 110K (I think, my brain is fuzzy). The difference did not faze me though, as I can invest the money wisely now and take way more risks then Intel ever could. Take the money now, and invest it on your own terms. It is crazy that employees think Intel will care about them 30+ years in the future when it comes time to collect the pension.

I don't think this has anything to do with Intel making a change, It is the just the way the PBGC calculates lump sum payments if/when the pension fails and the government has to step in. 0% interest rates impact pensions, savings, and retirement income for everyone.

Yep Intel blows

They will figure out how to screw Intel employees on their Pension before they can cash out. You can bet on that.