“Footage shared on TikTok shows one Yellow worker angrily shouting after learning his health care benefits and pension payments had ceased.”
I believe the angry worker was a 30-year + employee who had just found out his pension was gone.
As someone who has pensions with two former employers, I can’t imagine at my age in life, (54), trying to make up for that retirement income if it were to suddenly disappear.
That said, two pensions, Social Security and I continue to invest money into my tax deferred retirement accounts AND Roth accounts.
I invest in retirement until it hurts.
My grandfather always told me, “You have to plan to take care of yourself when you’re older. Nobody is going to take better financial care of you in retirement than you, so start now.”
My 19 year old is opening an IRA this week to put 10% of his earnings away. He doesn’t make much, but wants to start his nest egg as early as he can.
Or maybe he’s an ignoramus who doesn’t know how his own pension system works.
I’d be shocked if anyone’s pension in that company is “gone.” The company stopped making pension contributions recently to stave off insolvency, but the fund itself is still there and probably has billions of dollars in assets in it.
The guy might end up with a reduced pension benefit when this whole thing shakes out, but that’s a far cry from getting nothing.