Insider info that if the 3rd or 4th qtr doesn’t improve significantly, the company is heavily considering stopping pension contributions and eliminating lump-sum payment for those who were eligible. (People 55+ older)
If you qualify for it, take it and get out now before they take it away!
Let's make NO mistake about this, we all knew it was a rumor, but was it factual or fictional?
I don't think there is any one out there stupid enough to jump based on rumor. But letting my friends/colleagues know about rumors is part of our relationship. I want to be informed, I appreciate their information and try and share mine as well.
Seeing an advisor to be ready if the rumors are true. What are my options? What are other folks doing? Who else is sharing my concern and doing some homework> All these are questions that we should be asking so that we can make an informed decision. Nothing knee jerk is going to help in this time of crisis.
HR is starting to send guidance to squash info leaks about pension. So “something” is in the works
Well - it is clear now.
XOM will be nationalized by the end of the year. Like AIG, motor carriage companies, major banks, not so long ago.
Meaning - by the way - they will still exist, but all prior obligations will be 'forgiven'.
It's a forgiven alright. It's a game of confidence.
Yep.
So next time your supervisor complains about the cost of something mention how it feels to still get a bonus while the rest of us left over get railed. DRY
@cba
Eliminating and suspending are different
Similar to the 401k, suspending contributions and lump-sum withdrawal for who are eligible can be announced just the same as how the 401k BS was handled.
Your rationale about the mass exit for lump sums is the exact reason why they will suspend it.
Thanks to the last poster for your response. Makes a lot of folks feel a lot better
Read about what is required to terminate a pension plan. It requires at least 60 days notice and also offering employees either 1) immediate lump sum payment of funds earned or 2) implementing annuity upon retirement. No one is going to lose what they’ve already earned. It was also cost the company LOTS of $’s if they went this route and many opt for the immediate lump sum. Knowing the rules (easy to google) alleviates any worries about this
This sounds like a post from Darren to accelerate retirements
Talking to my Financial Advisor and they as well forsee this happening and if I were to take the lump-sum, the window to do so is narrowing and fast.
Lol yeah ok let me take life-changing information from some anonymous source found on the interwebs. Ok, im an id–t deerrrr
Makes sense. Rational next step. Also well deserved