Thread regarding Prudential layoffs

RMSA

Retirement employees not of retirement age are having their RMSA forfeited since they were sold off. What's the mood in the room on this one??

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Post ID: @OP+1e6CZHhi

18 replies (most recent on top)

VSP was the writting on the wall. I saw folks pass it up and stay. :(

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Post ID: @eizf+1e6CZHhi

I am going to write to Biden, this never happened under Trump

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Post ID: @dvwt+1e6CZHhi

This company is treating people like garbage, completely changed when Charlie showed up!

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Post ID: @dtaw+1e6CZHhi

2020 Compensation
Charlie $15,000,000
Rob $12,000,000
Andy $6,300,000

I'm guessing these guys aren't needing the RMSA for retirement medical expenses.

https://www.execpay.org/news/prudential-financial-inc-2020-compensation-3366

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Post ID: @cidh+1e6CZHhi

Is this question far fetched? Do retiree’s, former and current employees have any leverage to sue on the change of RMSA benefit? I can see the change for new hires, but for the other groups who acted in good faith??? Seems like a lot of money to take away. Just saying!

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Post ID: @cvuk+1e6CZHhi

I worked 22+ years for PRU…retired 2013. Was a sales manager during the insurance “financing” scandal and helped customers and “The Company” get thru that mess. Last year they took away the matching contributions from retirees (which impacted the people/charities who need it most). This year taking away the RMSA as it stands. Planning on using that for our supplemental insurance when spouse retires in 9 years. I’ve “bled blue” since 1990 and still send them business. Thanks for the ever occurring corporate shaft PRU. I really thought you were better than that!

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Post ID: @brff+1e6CZHhi

I'm glad to be gone. Feel sorry for all who stayed.

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Post ID: @basi+1e6CZHhi

I’m so disappointed that my 20+ years of commitment to Prudential doesn’t mean enough to provide me with the RMSA. I’m being “terminated” due to the Empower acquisition. I will not be eligible for RMSA (age 49) even though I have dedicated over 20 years to the company.

The RMSA was a critical variable when considering whether or not to take the VSP. I decided NOT to take the VSP and “gave up” a nice severance so that I could hold out for the RMSA upon retirement. Had I known my RMSA would be forfeited, I would have taken the VSP and pocketed the severance for retirement. I have made financial plans based on having the RMSA. I am 15 years from retirement, I can’t make up the amount that was in my RMSA in 15 years.

One of Prudential’s core values is “Worthy of Trust: We keep our promises and are committed to doing business the right way.” The RMSA was a big lie.

Vanguard is also making changes to their RMSA however employees who were hired before 2020 and will be at least 40 years old will retain whatever benefit they have earned when their RMSA plan is frozen. Prudential should take note of doing business the right way and follow suit.

Pru can afford to pay executives millions of dollars but can’t take care of employees who have dedicated so many years to the company.

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Post ID: @7xtr+1e6CZHhi

Many thanks for the congratulations! This shows the response when concerns are raised:

https://s.wsj.net/public/resources/documents/DorindaWalker_emails.pdf

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Post ID: @5ulq+1e6CZHhi

Lol! If RMSA is so confusing, you are really talking down to your employees. You are smart enough to run a company with over a TRILLION dollars of assets under management, but you can't figure out your own RMSA!

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Post ID: @5oqz+1e6CZHhi

And they spin it as doing us a favor. "RMSA is confusing for employees, so we're getting rid of it so you aren't confused."

Bunch of garbage.

No one is going to trust senior leaders anymore if they keep cutting benefits.

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Post ID: @1zbb+1e6CZHhi

I think what actually occurred was- starting summer 2022:

  1. no Rmsa for new employees
  2. No more credits to Rmsa for existing employees- I.e acct frozen
  3. No more crediting of interest to account
  4. Use it in 10 years after retirement or lose
  5. Can be used for medical expenses beyond just health care premiums

I couldn’t determine if they are stopping the 50% spouse deposit to Abby upon retirement.

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Post ID: @qgy+1e6CZHhi

i was planing on using my retiree medical savings account to help pay for all of my medical bills in retirement, costs keep going up and not sure how this is possible now

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Post ID: @tpn+1e6CZHhi

Retirees are getting robbed also. The plan is frozen and you have to use it or lose it in 10 years. Many took the VSP because of this benefit. Looks like Prudential has chosen dollars over people!!!!!!!!!!!!!!!!!!!

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Post ID: @qlq+1e6CZHhi

Charlie can ignore racism claims as seen here: https://www.wsj.com/articles/racial-discrimination-settlements-usually-came-with-an-nda-thats-changing-11603208180

But we don’t get to keep our Earned benefits.

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Post ID: @rhm+1e6CZHhi

Many employees have left or looking to leave. Company hasn’t done anything to keep morale up!

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Post ID: @cwv+1e6CZHhi

Many feeling defeated the company sold the people didn’t quit or get Terminated. Prudential says their values are to create Financial Wellness and Equity, but when it comes to actions the company and leadership choose dollars over people time after time.

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Post ID: @awl+1e6CZHhi

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