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.
Those big companies weren’t planning on people living as long as they are...how did companies not have the foresight to see that their plan was not sustainable?
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My grandparents lived into their very late 90s, and maternal grgrand mother lived into her very late 90s also.
But their offspring all died much younger. Fr was 57, grandmother was 83, mother was 80. We had 5 generations alive at the same time. Such a thing is common in my family.
I don’t see people living longer today than they did a few generations ago. If you can trace back over 40 generations, and millions CAN, you will see it too.
I don’t buy into the claim of modern generations living longer. Most of us are much weaker than our forefathers. They survived conditions that we’ve never seen.
The fact of the matter is that many of these companies used those retirement funds to make life nice for their big CEO’s, increase their profit margins, and or survive adverse economic upsets such as 8 years of zero’s usurpation, but the cards were falling even during the Clinton years.
Democrats are unhealthy for the entire nation.
Sue the daylights out of those companies. Often times workers were talked into pay cuts, or reduced wages in order to guarantee themselves good retirement benefits.
That money was supposed to be protected to pay those retirement benefits, and weren’t. Don’t let them slide you into I’ll health and poverty.
This is why defined contribution plans are better in the long run. With a defined contribution plan, the money is yours and you don’t have to rely on your employer.
I do not have to worry about them taking my money too. Thank God I had the good sense to take a “lump sum” payoff when I left or they probably would gotten that too! Anyway I am now on Social Security so I have some Medical coverage. Going to have to look into what needs to be done. The Dental and death benefit is going as well as Prescription Drug ins.
thank
My husband worked in the private sector since the late 80’s as an IT Executive in NYC. He was fired late last year and given 1 month severance and 1 month continued health benefits which both expired the last day of 2017!. After his job search did not go well we put our house up for sale and are leaving NY this month. We are in our early 50’s and learned quickly that we would never be able to retire in NY. We are not alone. I wish you the best.
Our 401 K saved the day! We did go through some of it this year while unemployed but thank god it performed so well since election day!
Whatever you choose to call it, a whole lot of people are going to be right pissed when the promises are voided and the payments canceled.
I feel for you man, but how in the world did you ever think a company would be able to cover this for gazillions of people no longer contributing to their bottom line. It’s suicide for a company. Yes, the promised it, but they were fools to have done so. Again, in really sux, medical costs are ruining America.
IBM has been doing this for decades by forcing directs to move to contractors.
Husband list job at 58 and no one would hire him cause of age. We paid 1500 month for cobra medical for 18 mo as we had kids. Outrageous. Had to hold out til 65 so we got medicare. Our kids got ins thru colleges.
Most priv companies pensions are covered thru pension guaratee program. The supplemental ins and perscript plans yo supplement medicare are pretty good
Find a position as an outside sales rep for an industrial or industrial distribution company. Lots of jobs available in that area.
Another viable option is to get an insurance adjuster’s license. Can work for an independent insurance adjusting company. Can make a boatload of money when there are hurricanes or other natural disasters. Also need to get training in using the program Xactimate.
I made $10K in 5 weeks after expenses doing adjusting work after Hurricane Harvey.Had there not been software issues with my computer, I would have made at least $15K.
An IT executive should be able to make some pretty good money as an independent contractor live well in some place other than NY. Texas might be a great option.
Welcome to the real world.
“As a former Kodak employee (34 years), I feel your pain. Good luck. “
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oh8eleven, my beloved often talks of how it was for Kodak folks when Kodak was in it’s prime! He says Rochester has gone from a place of real civic pride to being more like Detroit. He would mention how people would count on the yearly bonus for upgrades to homes, new vehicles, college for their children, and such.
He believed Kodak actually lasted as long as it did for the good of the employees because they were one of the view companies that kept the union at bay because the were so good to their employees.
It has really saddened his heart watching these to companies lose their standing in business.
Yes I know. I have 3 priv pensions. Husband 1. No medical from those. What is sad is many large companies forced employees to take early retirement with assurance of retirement health ins. Then pulled rug under them.
We are moving to Ocala, Florida. I rented a nice condo and my husband has an hour and a half drive to look around. When we all get settled and adjusted we will most likely buy a house again. We have family there who I can not wait to be near again. From what I am hearing I am going to love it there.
“Copy” that.
BTW everyone salutes our bold move....except my (ex) liberal friends who voted for her......... go figure that one out.......
If all goes well we might actually be able to retire at 62 ...good luck with that in NY!
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