Posted on 11/18/2016 7:26:21 PM PST by george76
The company said the move is an alignment with industry trends in which fewer companies offer pensions.
WILMINGTON, Del. -- The DuPont Company said it will eliminate its pension contribution for active employees.
...
active employees will no longer accrue additional benefits, and employees under age 50 also will no longer receive dental, medical and life insurance benefits in retirement.
...
Since 1998, nearly one-quarter of all Fortune 500 companies have stopped contributing to employees' primary pension plans, and 40 percent offer only a 401(k).
(Excerpt) Read more at upi.com ...
This is what happens when the golden goose is flayed...
They’re not the only ones.
ummm,ummm,ummmm barack hussane oblowme
All in this same pressure cooker.
Donald Trump was America’s way of saying enough.
Gotta pay for that merger somehow...
Funny how CEO and VP bonuses and salaries never take a hit.
The big companies HR teams get together every year, to decide to cut. IBM froze pensions ten years ago, and eliminated retirement medical too for 50 and under at the time.
Some have pointed out how, if they worked for free, the money saved still wouldn’t make up what old fashioned benefit plans like this would need.
Well... it is about time this also happened in the Federal, State and Municipal government levels.
We surfs are tired of paying through taxes for far above true market, comparable retirement benefits for many of our “public servants.”
It’s called leading by example.
>>Some have pointed out how, if they worked for free, the money saved still wouldn’t make up what old fashioned benefit plans like this would need.
Have you ever wondered how businesses afforded pensions for employees in the “olden” days?
They cleared enough profit to invest it in that.
Now, it’s barely getting by.
Few of these folks stick around very long. They’re basically well paid temps.
The feds really knocked the defined benefit plan in the head (on the civilian side) when they went from CSRS to FERS. 35 years in CSRS, and you would pocket more money not working than you would if you stayed on the job. Military is still riding a retirement gravy train, so if you want to hit federal retirement, that should be your target.
Municipal unions are the ones that are still soaking the taxpayers. And it's going to get a lot worse.
Partially because people simply didn’t live as long.
US Steel cut or reduced the health plan for widows of deceased retirees a few years ago, I don’t remember the details. It affected one of my relatives.
Gov Scott Walker in Wisconsin passed Act 10 . Insurance contributions and pension payments were both adjusted.
https://en.m.wikipedia.org/wiki/2011_Wisconsin_Act_10
The goose died of old age.
The inevitable salary expectations exceeded the capacity of the antiquated pension system. Unfortunately, many states continue to choke-out the tax payer instead of taking responsibility.
“Well... it is about time this also happened in the Federal, State and Municipal government levels.”
Particularly for elective office! There should be NO BENEFITS beyond the day they leave office. Providing themselves gold plated benes, just assures us all that they will never leave voluntarily as the FF’s envisioned.
Nah...hit the federal civilian overlords.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.