According to Xerox they are making decisions to "....return the company to growth."
Unethical, amoral group of sc_mbags!!!!
Here is a link to the news story.
https://www.whec.com/rochester-new-york-news/xerox-cutting-retirement-benefits/6366608/?cat=565
Anyone who thinks xerox cares for you is a fool. Carl and johnny like screwing over all the employees. Leave while the market is good.
They should have eliminated it for Union employees when they eliminated for non-union. There shouldn't even be a union. I've been through the warehouses watching a lot of the union employees standing around doing nothing then standing and waiting by the time clock 20-30 min before time to clock out. crazy.
Get out now! Take your lump sum while you still can! Don't listen to these knuckleheads 👇
Current changes in interest rates have very little to do with the lump sum calculation. But small changes in PPA Present Value Segment Rates dramatically affect the value of a lump sum calculation. Don't trust what anybody tells you. Consult a financial advisor!!
Interest rates need to move in a material way to affect your lump sum in an equally material way. Small changes don’t matter and higher rates enable better safer returns once you actually get the cash. Understand the big picture and do not take financial planning advise from a di----t whiner forum.
Get out now!
With interest rates going up the smaller your lump sum, for those with a pension.
If you are eligible for retirement, take the money and run. Roll it over into an IRA and get it working for you, and work a new job. The longer you wait, the higher the chances they will sc--w you out of your retirement. If you are a new employee, you better jump in the lifeboat cause that once great ship is going down........FAST!
Did Xerox break any contracts by doing this, or has this always been at their whim to provide or not? The former seems like a lawsuit, the latter seems like the union screwed themselves.
Xerox just doing what they do best, screwing workers who gave there all and were promised retirement benefits.
Whoever thinks any company will provide health care after you leave has a sc--w loose!
Management decided to give retirees cake and c0ck and they ran out of cake!
Dear Xerox employees,
Please use your working hours searching for a new employer. Do not let your conscience bother you because you are not doing your job. Carl Icahn & John Visentin do not let their consciences bother them depriving loyal, retired employees of benefits that they made sacrifices and worked hard for.
The job market is the best it's been in decades. Xerox deserves to go bankrupt, you simply need to stop working in order to let that happen.
For non union.
That happened years ago.