As of Dec 31st the company will stop accrual of benefits for all pension plan participants. Loyal employees screwed again as the board continues to make poor decisions! Since most pensions both private and public are relying on new money to keep them solvent (think ponzi scheme), I can only imagine how Purdue’s plan will look by EOY 2018. If you check the financial statements you may notice they invest a large portion in stocks. As most plans have a balanced portfolio including a large holding of low yield government bonds, one might ask why have they taken on more risk? Historic low interest rates are killing what is left of the pension systems. Google it and see. How about a 30% haircut on your private pension “guaranteed” monthly checks? Think it can’t happen or the government won’t allow it? https://www.reuters.com/article/us-usa-union-pensions/new-york-teamsters-approve-slashing-benefits-to-retired-members-idUSKCN1BO2W6 At least the underfunded S&P companies have CASH FLOW to fund the shortfalls. How they stack up: https://www.bloomberg.com/graphics/2017-corporate-pensions/ Hopefully some of this will help you make informed retirement decisions. Good luck to all in the plan! You all deserve better!
There's a lot of fiction in here. The stuff from Rueters and Bloomberg aren't about Purdue. No new funds added. Employees with current Pension still get their money at whatever level the pension is at for the end of the year. The offsetting increase in 401K is pretty good. It's not the end of the world.
A family company NO MORE. Thanks for the six weeks, to make a Life Changing decision. Can I have some retirement numbers to help make that decision? Sure that will take two weeks; another two weeks involve ThanksGiving and Christmas. So thanks so much for the advanced heads up. And to the previous poster, the 10% increase in contribution to the 401K, will not make up for the $100,000 value of $5000 Medicare supplement they use to pay you in retirement. No more reason to stay.......
A family company NO MORE. Thanks for the six weeks, to make a Life Changing decision. Can I have some retirement numbers to help make that decision? Sure that will take two weeks; another two weeks involve ThanksGiving and Christmas. So thanks so much for the advanced heads up. And to the previous poster, the 10% increase in contribution to the 401K, will not make up for the $100,000 value of $5000 Medicare supplement they use to pay you in retirement. No more reason to stay.......
I think the original post was intended to help make pension participants aware of reality. I didn't see any "fiction" in the post and as usual the OP did not supply any proof of "fiction". The Purdue pension was not mentioned in the Bloomburg or Reuters articles, but they were eye opening. At least the post prompted me to look at the pension statements.
The "fiction" is that the poster was trying to scare people with off-topic stories from Bloomberg and Reuters and pretending they are somehow related to Purdue's situation. If you don't look at your Pension statements regularly you're a doofus.
My pension, 401k (now with an extra large company match), and pay-stub might disagree with your theory. So how long ago did you get fired?
Those with talent left during Timney's reign of terror. The only one left are the dregs and those to old to get a new job. The pension and 401k are not worth selling your soul. But maybe, you have no other options.
I saw a lot of reps leave or get sent packing over this time period. Some that were smart and talented did in fact leave for much greener pastures but most of the "talent" left for shittier positions at even worse organizations or were PIP'd out due to inferior performance due to lack of talent or in many cases just bad luck in regards to coverage or just a plain dipshit of a manager.
