I'm very happy that I recently left but I've worked here for a long time and I can't be indifferent when I hear what's happening now.
Several people here mentioned that the bank is trying to impact the payouts on the grandfathered pension program. Is that true?
What is the calculation for the cash balance conversion?
I just saw a LinkedIn post from someone laid off this week after 46 years at the bank. That must feel like getting kicked out of your family.
Yep - all about the dollars.
What is stolen from others cannot be dispensed so easily these days.
There's another ho-e where that's supposed to go.
I think what you’re hearing is that long term employees who are still on the pension prior to the 2010 cash balance plan conversion are more targeted because the bank is required to contribute to that plan as long as they are still employed with the bank. I’ve heard speculation about this over the years, particularly when we went through the first major restructuring under Tim Welsh when several long term highly compensated leaders were RIF’d in 2019. Hard to say whether it is a factor or not. What does seem to be true is that you are more likely to be severed if you are:
All of those factors are also likely to correlate to being on the pre 2010 pension plan, and requires the bank to contribute more dollars, which makes those employees even more expensive.