I was fortunate to work for a company that had REAL pensions. The old fashion kind. The real deal.
They stopped contributing to, and stopped offering it to new employees back in 2008.
But I was vested, and had built up funds for 22 years.
My last statement had the value at $2200/mo assuming I began taking the money at age 65. (I will be 59 next month)
I received a letter saying they are fully terminating the plan.
For those who have not started receiving funds - we will get 100% of the value given to us by law.
But... that value is only what the vested share was in 2008. Not the 16 years worth of interest. You see - our corrupt government allowed companies to terminate a plan, at any time, and are only required to pay out the value of the plan when they stopped contributing. They can keep the interest.
If I lived to 85, I would have received about $528,000 in payments to me.
In 2008, that value was barely $140,000. So, it looks like, and I know how to read, that is the amount they will pay out.
Mother Fuckers. There is no way I can turn $140k into a tax deferred vehicle and make that have gains to be $528k while also withdrawing funds.
The original family members that owned the company were great. They could have terminated the plan back in 2008 but stated very clearly that they will not do so because they appreciate all the years people worked for their company, and will not renegue on pension responsibilities.
But most of those folks are dead. Now it is their children. Most of which never spent a day working for the company. In fact, never spent a day working anywhere. They have lived off of the earnings of their parents.
They just said fuck you to all of us.
They stopped contributing to, and stopped offering it to new employees back in 2008.
But I was vested, and had built up funds for 22 years.
My last statement had the value at $2200/mo assuming I began taking the money at age 65. (I will be 59 next month)
I received a letter saying they are fully terminating the plan.
For those who have not started receiving funds - we will get 100% of the value given to us by law.
But... that value is only what the vested share was in 2008. Not the 16 years worth of interest. You see - our corrupt government allowed companies to terminate a plan, at any time, and are only required to pay out the value of the plan when they stopped contributing. They can keep the interest.
If I lived to 85, I would have received about $528,000 in payments to me.
In 2008, that value was barely $140,000. So, it looks like, and I know how to read, that is the amount they will pay out.
Mother Fuckers. There is no way I can turn $140k into a tax deferred vehicle and make that have gains to be $528k while also withdrawing funds.
The original family members that owned the company were great. They could have terminated the plan back in 2008 but stated very clearly that they will not do so because they appreciate all the years people worked for their company, and will not renegue on pension responsibilities.
But most of those folks are dead. Now it is their children. Most of which never spent a day working for the company. In fact, never spent a day working anywhere. They have lived off of the earnings of their parents.
They just said fuck you to all of us.