What's the rumor?
9 replies (most recent on top)
@1jph+16D969pj stock value has plummeted. Just about everyone with stock has lost money on exxonmobil stock.
I am confused... please tell me how the share holders and executives seeing the losses? The dividends are not cut, so they still get their money... hmmm....
I'd say keep the pensions - at least for operations personnel with no dependents.
but eliminate PPE and other controls of toxic exposure.
the actuaries won't like it - but a life expectancy of 54 straightens this out.
that's called 'cookin the books' while keeping the reputation.
About time to give our pension benefits up. It doesn't make sense to have these expenses when stock holders and owners are seeing the loss.
Pensions don't matter to younger generations. Their career thought process doesn't even involve working for the same company 20, 30 years. Heck even 10 years. That is a thing of the past.
Lol. As O&G goes downhill, it will definitely be hard to attract top talent. Pension isn't going to attract anyone tbh. Especially if the company doesn't even have 401k matching
The pension will be used as bait to attract new grads but none of them will be there long enough to get pension. It will be a revolving door.
Exxonmobil just needs to get rid of the pension already! Not like the vast majority of the company is going to benefit from it anyway.
The biggest rumor is that the ability to take a lump sum for your pension payment will be taken away. It is unclear if the company can do this for pension amounts accrued up to any announcement. With record low interest rates for the foreseeable future, and a financially questionable long term future for the company, getting almost all of your pension payments for you life expectancy up front, is a no brainer for most, rather than leaving it with the people who have gotten into this bad financial position. The sham performance lay offs with no severance for long time employees, coupled with the total removal of the 401k match, has led to rumors about our pension. Other concerns would be a freeze of the pension, but at least we know what protections there would be. The pension is well funded, for now, so the company would not need to make a contribution soon, or so it would appear, so I don’t know how messing with the pension will save money in the very near term. But we do know other things we were told wouldn’t happen, suddenly happened.