Posted on 10/10/2018 8:35:25 AM PDT by Deo et patriae
I received letter from Xerox yesterday (10/09/2018) informing me they are canceling my retirement benefits (and not just me but many other retirees too) which are; Medical, Dental, Prescription Drugs, and my Life Insurance. I worked for Xerox 31 years with the goal in mind that I would have these benefits after I retired. I did, but now, when I need them the most they take them away from me. I was a Senior Engineering Technician in Corporate Research & Technology, in Webster, NY. Let this be a WARNING to people who are considering employment there.
Sorry to hear about your woes.
Are there still corporations even promising post-retirement benefits, such as Xerox was providing, in this day?
My folks had that type of coverage, but warned us - regardless of what promises were made, by companies - to NEVER plan on that as first line of coverage.
Professional negligence.
They had access to actuarial tables, financial experts and world-class corporate planners to match their scope of business.
That’s why I always roll my eyes when I hear about “200 trillion in unfunded government liabilities.” In reality, it’s zero dollars in unfunded government liabilities and 200 trillion in phony campaign promises. What cannot be paid, will not be paid.
I don’t even think that Xerox was lying to their employees. They just had no way to know that something called the internet would come along and lay waste to their business model.
I think you can never assume those things will happen. Should have a caveat, “If we are still even in business.” There are few people who get this kind of package of benefits these days, beyond government employees of course.
Sorry to hear this, prayers up for you and all families affected.
That's an excuse liberals usually give but it's not true. The average age of death from years ago) was lower because so many women died in child birth etc. If a white man born in 1900 made it to 50 years of age he had about the same number of years left to live as we have today. Lots of companies were bullied by Unions to offer more than they could afford to give... and since the 'giving' was in the future it was nothing more than kicking the can down the road...
We shall see...
ALWAYS purchase portable benefits when possible prior to separation from service, life insurance, IRA. Fewer and fewer private sector companies do much for medical once you leave.
If you want glamorous benefits, work for government, the new elite retirees.
seems to be no outside news on this yet.
Medicare supplement is relatively cheap and does a good job. Medicare has another 15 years until face-down time.
Doesn’t seem legal somehow. Have you consulted with an attorney?
Yep, These politicians prance around like they deserve statesmen status, yet they are ignoring the implosion of Medicaid, Medicare and SS. Cowards, afraid to actually find solutions for fear that they will be voted out of office. Perhaps this is one of the best arguments for limited terms.
You did not say that the were stopping your defined benefits plan payments. Hopefully, you are or will be 65 and eligible for medicare.
If the government goes broke how will having worthless money do you any good? Can you say Venezuela?
The States have all that and more, and tend to do worse than private companies.
The big problem, of course, is the promises come due after the people who made them are all dead.
Medicaid is welfare. It’s already out of money.
The problem is that when politics is involved, calculations are corrupted. And politics is/was involved in the private sector all along as they adjusted to political regulations which are impossible to plan for.
A gypsum company in OK did that to my great grandfather waaaay back when. He was warned by other employees but ignored the warning. Never devote yourself to one company. Look out after yourself because no one else will.
Yep, it is sustained by current tax cash flows, like social security, they are both a ponzi scheme.
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