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.
“He says Rochester has gone from a place of real civic pride to being more like Detroit.”
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His family home is in Rochester. His mom resides there with one of his brothers helping out and nieces and nephews popping in as well. His other brother is in Florida. Neither my beloved nor his brother in Florida ever wish to return to live in New York. It’s a shame, for I’ve seen the house and it’s a very nice house. They’ve improved upon it over the decades and I’m sure it will stay in the family, just not via my beloved.
Couldn’t prior us out of the state of Texas. Some people worry about Texas. We think of Texas like Pres Reagan thought of American...if not here, where? So we do our duty and vote in every single election no matter when it’s held and always vote in the negative for giving more power to the government. Even Texas has its wackos. LOL
Don't believe for a minute that your 401k is safe from evil politicians.
When the pot runs low on Social Security, they're going to grab the 401k's and call them 'contributions' to your own Social Security 'fund' that you've already been contributing to via deductions your entire working life.
Believe it, and act accordingly. It's going to get ugly.
Huge amounts of union retirement accounts were/are siphoned off by Union officials to pay for their lifestyle and political connections.
“Those big companies weren’t planning on people living as long as they are.”
Those big companies weren’t required by law to fully fund the pension plans and other benefits, even though the benefits were compensation for work performed by the employees.
In In Florida, you make less than half the NY money and a much better lifestyle. Much lower housing costs, far lower property taxes, lower food costs, etc.
I think 401s are safe. There would a siege of Capitol Hill if the Congress threatened 401k, and the lives of bankers who complied wouldn’t be worth two cents.
Good for you!!
Escaping from NY/nanny state.
You should reach out to The Association of Retired Xerox Employees for assistance. Here is their website.
“Tomorrow” in manager-speak translates to “never”.
Same sort of thing happened at my company when they cut pensions. They had a meeting to explain the new plan. I was asked if I would attend. My answer was no because they were lying when they offered the plan when I was hired, and they are lying about the new plan. In a few years they will hold more meetings when they roll out the new lies.
I only trust what they have already paid. If I lucky some politician won’t find a way to steal what I have saved.
That's easy - they raise taxes
Remember in 86 little Dick Gephardt put Social Security and Medicare in the unified budget so they could raid the funds.
Medicare and supplement ( I like Thrivent, monthly premium but very low out of pocket) are very good.
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