I can't seem to get a straight answer from employee benefits. With the pension plan, the last annual statement had assets outpacing current liabilities but then it goes on to say the underfunded status is in the neighborhood of $50M-$100M. Does that mean the company needs to pay $50M-$100M to fully fund it or if assets out pace liabilities, then there is no underfunded status. We are worried about the lump sum and eventual Govt takeover of the DB. The CEO and CFO skirted the issue during the last FDR fireside chat.
3 replies (most recent on top)
If there is really a shortfall, why doesn't Stephen and the CFO want to address this head on. It is top of mind for like 600 people right now. We have a $700M surplus (supposedly) but we don't want to shore up the pension. WTF is going on here ??? To he-l with the scorecard: what is the true funding status of the pension and how close are we to losing the lump sum option. Just give us straight talk from the C-Suite. No Shucking and Jiving. Stakes are too high. Come clean. Be transparent.
I wish I could short Mutual of America to hedge for the inevitable loss of our pension benefit.
Will the company address this at some point?