Everything that's being done right now is only postponing the inevitable. If you think you'll still have a job here in five years you really need to think again. Not because you might get laid off or fired, but because this company most likely will not exist anymore by then.
Look for new jobs, people. This is a sinking ship.
Remember, you can stop at Xerox now and not “retire” (collect) until later, for example when you turn 65. I think many are confused on that point. Age reduction applies if you collect before 65 unless u have 30 years in. Nothing to do with when you stop being employed by xrx
Actually 2cdu is right. RIGP pension payouts change based on when you collect regardless of whether you are employeed or not. Waiting to collect may get you more $$ but you don’t have to be employed to wait.
"2cdu: your info is wrong. The year you collect/retire is what changes your amount, not whether you are employed by Xerox. In any situation."
Incorrect. Look at the plan description for the RIGP on how benefits are calculated. There are many variables, and for some of us we need to be employed at a certain age to change the amount. This may or may not be the same for you.
Those of you that are looking to "stick around" for a while you should keep a close eye on the pension funding. Last I read it was ~81.5% funded. If it drops below 80% the rules change. Annuity comes into play. That is when you risk losing everything. Just saying.
If this was a movie, the title would be "TWA 2 - The Return of ICKY!"
History is indeed cyclical.
@2qrt
now that is funny, GIS/XBS cores get no pension, we put money into our 401k and that is it, so if you didn't save $ then you are SOL
"Pension years of service stopped incrementing in 2012. Whatever you have been trying to achieve is not more money for more years"
Yes, Xerox stopped contributing in 2012, but there are age milestones that make a significant difference in the pension. If you are 54, then you should stick around until 55. If you are 61, then you should stick around until 62. Years of service and age are factors that impact pension today, even though Xerox doesn't contribute anything anymore.
Well I am 58- not looking for another job- so I will stick around for as long as possible and hopefully will be able to retire if I get let go or if the company folds. Not everyone wants a “new career”!
Is it possible some GIS cores had different pension plans that got grandfathered? Maybe that's what the person sticking around to hit a milestone is waiting for? Or, perhaps to reach a certain age milestone.
2hrq: Pension years of service stopped incrementing in 2012. Whatever you have been trying to achieve is not more money for more years. Run a calculation. Do not use annuity value as that factors in age reduction (5% annual for each year under 65). Pension is not a reason to stick around after 2012. Sad to have to inform this.
Not everyone can just quit and find a new job. Some people are stuck between a rock and a hard place when they are within a year or two of hitting a big milestone for their pension. Who wants to walk away from hundreds of thousands of dollars of free money?
Why anyone wants to stay at a company in which the employees are not treated with respect and dignity regardless of your age is beyond me. Stop making up dumb excuses and get out there and leave while the job market is hot.
Advice from @10oHhYok-1yzn is absolutely horrible! If you have any decent opportunity outside this dump, LEAVE NOW... Regardless of your age, you deserve to work for ethical people and for a company that is not on his last breath. If you stay at Xerox, be prepared to be treated like sh– AND make less money that you can make somewhere else. I stayed way too long and so happy I finally leave this sh– show!
Yes, staying at an employer for many years that any hiring manager knows has awful health and retirement benefits, no raises, etc. looks great on your resume.
Xerox will still be here in 5 years. I see a lot of new product development going on to bring us out at least 5 years.
Yes, more people will likely lose their jobs as they move what they consider positions that are outside what is believed to be outside Xerox's core competencies, which truly is unfortunate as offshore teams doing these jobs will never be as good as Americans.
For people in their early years at Xerox there is no reason to jump ship right away unless you happen to be in an area that has been targeted for reductions. At least try and stay 5 years if possible as that looks better on a resume and gives you more bargaining power for salary, vacation and other benefits.
For people mid career, there are more things to consider. Beyond 5 years it's tough to say where Xerox will be. How difficult will it be to compete when you are in your 40's and 50's with younger folks who will do the job for less? Maybe it makes sense for mid career people to casually look at opportunities, and if and when a tailor made position appears, it would be worthwhile taking it.
For people in their twilight years, ride it out if you can.
zerox will end up like kodak or poloroid or nokia a shell of its former self ,existing in brand name alone,as major shareholders/CEOS scoop up the remains.
@zyu oh SUN Microsystems is no longer? Guess they became irrelevant somehow? Funny that, wonder who is next.
How many decades ago did some of you stop paying attention? THERE IS NO SUN JAVA ANYMORE. Nor is Java any more or less secure than any other vm based Lang. It needs to be kept up to date. That’s a failure of Xerox Holding Corporation or genderbiased security services (GSS).
I worked for Xerox in the UK and US for 29 years, it is now a dead horse that has not yet hit the ground.
I left by choice and start at a proper company soon, sadly Xerox is in a death spiral with only one stratagy...cut, cut, cut.
The UK professional services manager is so inept it is difficult to describe, one word useless.
@phw Agile was never meant for product development. Weak minded managers had no backbone and look at the failure that was. And before Java, the GUI was world class (take a look at the old DocuTechs)
Duh - Any customer with security concerns at all does not want Java running on their system.
I have seen many Nuvera hd's filled with external data, including p–n, due to it being high jacked by hackers to use it as storage space all due to Sun and (mostly) Java security issues that either they or xerox will not address.
To Duh: you mean “xerox agile”. It’s worse than waterscrumfall. Everyone is afraid to tell mgmt that a spend control board’s very existence implies agile mindset is not going to work on any projects that require funding. Also Oracle has owned Java for a really long time, in addition to the unclear point you are making.
Xerox isn’t going anywhere. You’re just bitter.
Once HCL takes over all back end admin you wait to see how fast the customers leave, of course sales still doing demos and still raving to customers that they wll get local people for all questions etc, I want to speak up so bad and say "they are lying, we are being outsourced"
So if you are already a customer or a potential customer my advice is to get out and fast!!!!
Rubbish! Engineering is busy at work using Sun Micro Java and combined with Agile methodologies is transforming into tech powerhouses!!1! You will see.
Same - took July bonus and am outta here!!!! Last straw was seeing some of the ideal lay-off targets remaining after recent rounds. Self-preservation indicates deeper issues. Glad to be out and working at a firm that respects me.
Agreed. Two weeks notice sent last week. Later Zerox!!