In order to participate in the GunBroker Member forums, you must be logged in with your GunBroker.com account. Click the sign-in button at the top right of the forums page to get connected.
DuPont to end pension...............
jltrent
Member Posts: 9,337 ✭✭✭✭
The younger generation better put plenty in savings as these pension plans will soon be gone. More profits for the company and the stockholders.
The Wilmington-area company announced Thursday that workers will stop accruing benefits sometime in November 2018 or the creation date of the first independent company spawned through the proposed $130 billion merger with Dow. Only employees in the United States and Puerto Rico will be affected by this move.
The company also eliminated retirement health benefits, including dental and life insurance for all employees under the age of 50 when the pension contribution ends in about two years.
http://www.msn.com/en-us/money/companies/dupont-to-end-pension-contribution-for-active-employees/ar-AAkrveN?li=BBnbfcN
The Wilmington-area company announced Thursday that workers will stop accruing benefits sometime in November 2018 or the creation date of the first independent company spawned through the proposed $130 billion merger with Dow. Only employees in the United States and Puerto Rico will be affected by this move.
The company also eliminated retirement health benefits, including dental and life insurance for all employees under the age of 50 when the pension contribution ends in about two years.
http://www.msn.com/en-us/money/companies/dupont-to-end-pension-contribution-for-active-employees/ar-AAkrveN?li=BBnbfcN
Comments
quote:Originally posted by austin20
My employer stop pension contributions two years ago but they enhanced what they contribute to our 401K. Not quite an even swap but it did lessen the pain
My employer stop pension contributions two years ago but they enhanced what they contribute to our 401K. Not quite an even swap but it did lessen the pain
Same as mine, except they told us in November 2013 that it would cease in January 2014.
I left 4 months later.
The ones it hurt most were those with 15-20 years invested.
I doubt any corporation offers health care or historic pension plans now. C i v i l service, local, state or federal would be about the only exception.
quote:Originally posted by mogley98
Ditto HCA, however they also knew that the lower income folks would not contribute, even some of the higher wage earners don't get it so they saved millions
N
quote:Originally posted by austin20
My employer stop pension contributions two years ago but they enhanced what they contribute to our 401K. Not quite an even swap but it did lessen the pain
The company is throwing 2% into everyone 401 even if the employee does contribute. Then they match 50 percent of your contribution up to 6%. If you were age 50 when they froze pensions they started you with 3% and 50 percent match of your contribution up to 6%. Not to bad, your 6% contribution becomes a 12% contribution.
Not sure about most companies but I've worked as a contractor directly for Dow and they were one of best managed chemical companies in the industry. Have heard Dupont was similar on how they treated their employees.
When Dow and Dupont merge I'd assume they would have a "plan" similar to what was posted above. Companies don't like uncertainty and it is NOT surprising they are cutting back on medical benefits costs that seem to change with the wind.
The post about the $1,400 per year payment to use for health care would pay for the Medicare premium taken out of their SS benefit. Right now, that's a good deal and essentially = FREE insurance.
I know most government pension plans are really Ponzi schemes, as no where near enough is collected from the worker to be able to support the promised retirement. At some point this will collapse but I think most of us GBers know this but I'll bet your normal liberal will be really shocked when the checks stop coming!!
Our local gas company, also did away with pensions and benefits. The ones that had X amount of years in were safe, but the others were cast to the side. I don't understand how they can do that to those guys. Where the hell was their unions??? Rhetorical, sarcastic, question.
Not sure about most companies but I've worked as a contractor directly for Dow and they were one of best managed chemical companies in the industry. Have heard Dupont was similar on how they treated their employees.
When Dow and Dupont merge I'd assume they would have a "plan" similar to what was posted above. Companies don't like uncertainty and it is NOT surprising they are cutting back on medical benefits costs that seem to change with the wind.
The post about the $1,400 per year payment to use for health care would pay for the Medicare premium taken out of their SS benefit. Right now, that's a good deal and essentially = FREE insurance.
[/quote]
Problem would be that if he is 77 & had another health care plan than Medicare he would have to pay a prohibitive penalty to start Medicare.
Not sure about most companies but I've worked as a contractor directly for Dow and they were one of best managed chemical companies in the industry. Have heard Dupont was similar on how they treated their employees.
When Dow and Dupont merge I'd assume they would have a "plan" similar to what was posted above. Companies don't like uncertainty and it is NOT surprising they are cutting back on medical benefits costs that seem to change with the wind.
The post about the $1,400 per year payment to use for health care would pay for the Medicare premium taken out of their SS benefit. Right now, that's a good deal and essentially = FREE insurance.
[/quote]
Problem would be that if he is 77 & had another health care plan than Medicare he would have to pay a prohibitive penalty to start Medicare.
[/quote]
When I turned 65 I had to take Medicare and DuPont converted to my supplemental health insurance. All in all DuPont was a class outfit.
While I was still working I had 6 weeks of vacation and every employee had up to 6 months of paid sick leave a year. 12 paid holidays, competitive wages and tuition reimbursement if you wanted to pick up some college hours. It wasn't even a union plant.
I was very fortunate.
A whole lot of tax payers would probably love to switch places with a Federal or State employee who receives retirement, and healthcare for life after sometimes as few as 5 years vesting.
quote:Originally posted by dreher
Some of you mentioned government and the benefits, traditionally excellent. I wonder how long that will be true. Particularly on the State levels as so many States thru the SPEND, SPEND, SPEND mentality are in bad economic shape.
I know most government pension plans are really Ponzi schemes, as no where near enough is collected from the worker to be able to support the promised retirement. At some point this will collapse but I think most of us GBers know this but I'll bet your normal liberal will be really shocked when the checks stop coming!!