My wife was not given a damned thing. She started as an assistant teller and retired as a vice president. She worked her ass off to move up in the company. She paid into the 401k plan. They didn’t just drop a ton of money in her lap. She was 4 years from retirement and got canned with all the others. 90% of the people canned were over 50 years of age. Ever tried getting a job where they told you you had too much experience? I thought not. You don’t know crap about what you are talking about. You don’t know the crap that BA started after they merged with Nations Bank. Thousands lost jobs. Many in the same boat as my wife. The only person in the entire department of over 50 people left, was one kid. About 25 years old. Nothing to pay him when they can him later.
I started there when I was eighteen years old as a midnight shift Mail Clerk making 85 bucks a week, and left there as a Vice President. Age plus service totaled 82 points, early retirement at age 50 required 75 points.
B of A converted to a Cash Basis Pension years ago, so I not only left with my 401-K, which both I and the Bank contributed to, but my Pension funds which were 100% funded by the Bank.
Even if I didn't have enough points to technically “retire”, all that money was vested to me at 100%. The only real perk I get for being retired is access to retiree medical coverage, which I have not used to this point because my wife's job covers us right now at a cheaper rate. Ironically, that will end this month because my wife is getting laid off because her unit is being closed down.
I feel no ill will toward B of A. They put a roof over my head and compensated me for my contributions to the company all those years.
As my Father once told me, you can complain about a job the moment they point a gun to your head and make you take the job. His favorite saying was, Nobody Owes You a Living. This was my experience with Bank of America.
I thought you indicated she received a severance package, was that mandatory or did the company do that of their own volition?
Ever tried getting a job where they told you you had too much experience? I thought not.
Yes two times in my career; when I was 36 I was an insurance broker business owner and the company we wrote about 80% of our business went bust. I had to close my office, 6 employees laid off, I was not happy about it but that was business. I did not think I should have provided them lifetime employment, they didn’t either. As I looked for a job over the next months I was told exactly that, I was too experienced; I ended up with about 1/3 the pay a year later. It happened again just last July at the age of 51, I am making about 60% what I was this time last year.
You don’t know crap about what you are talking about.
Quite the contrary, as indicated I have been on both-sides, employer and employee. Have you ever had your own business, or had the responsibility of making payroll?
I think the part some do not realize is that they are happy with capitalism when it is good and they are making money. When that system adjusts as is the natural order of business, and companies have to lay off or cut pay, employees feel they deserve more, they deserve lifetime employment, they suddenly want to shift from being in the capitalist system to socialism - they want guaranteed employment until they decide they no longer desire to work or are ready for retirement.
The difference with me is I accept the good with the bad. If I was ever so fortunate to be in your wifes position of working 32 years for a company and retiring at 62 I would feel quite blessed. I am now 52 and know full well this recession could be around 5-10 years and am a bit nervous for the future.
As you mention, there are many in the same situation, and there are many more in much worse.Hopefully it will get better for your family; I wish you the best of luck.