My thoughts on the detriot big 3

[Flipx99 5,000+ posts]

How many years did he have in? My dad retired from Ford's with 30 years and is getting $2800 from Ford till he turns 62 and draws social security.

Does it go to zero when he turns 62 or does he still get something. With Federal employees, the answer depends on when you where hired.

 

[Lugnutz 10+ year member]

Same thing has happened in virtually every other industry. My father's company had to make the choice of losing the job or losing the pension. They threatened to move to Mexico or some shit if they didn't give up their pensions.

So after 30 years when he was retired they decided to take away his pension? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

 

[GreenBook 10+ year member]

How many years did he have in? My dad retired from Ford's with 30 years and is getting $2800 from Ford till he turns 62 and draws social security.

I believe he had 32 years in, not 100% on that. Thing is he was non-union and did crap in engineering or whatnot at a desk at CtC. They tried relocating him within chrysler as a shift manager at i believe the warren assembly; but he gave it up after a month or 2 of taking sh!t from his superiors for not being able to keep his crew inline. I don't wanna even go there on the stories he was b!tching bout.

 

[Lugnutz 10+ year member]

Does it go to zero when he turns 62 or does he still get something. With Federal employees, the answer depends on when you where hired.

There is a formula when they do years of service. I said he will get about $1100-1400 a month from Ford or supposedly VEBA.

 

[Flipx99 5,000+ posts]

So after 30 years when he was retired they decided to take away his pension? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

The people who worked there that where already retired lost their pension. Those who continued to work no longer get a pension upon retirement. It was a union agreement. He still works there, but he doesn't get to retire until he turns 60something to collect social security. He was there 30 years 5 or so years ago.

 

[Lugnutz 10+ year member]

I believe he had 32 years in, not 100% on that. Thing is he was non-union and did crap in engineering or whatnot at a desk at CtC. They tried relocating him within chrysler as a shift manager at i believe the warren assembly; but he gave it up after a month or 2 of taking sh!t from his superiors for not being able to keep his crew inline. I don't wanna even go there on the stories he was b!tching bout.

I thought the buyouts were only for the union workers? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

 

[duece212 5,000+ posts]

The people who worked there that where already retired lost their pension. Those who continued to work no longer get a pension upon retirement. It was a union agreement. He still works there, but he doesn't get to retire until he turns 60something to collect social security. He was there 30 years 5 or so years ago.

Holy crap, didn't think that was possible //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

That sucks

 

[Flipx99 5,000+ posts]

Do "promised" pensions still get funded if the company goes bankrupt? Or do only people currently receive benefits guarenteed?

 

[Forrest Gump 10+ year member]

what are you talking about the lions dominate

......

 

[Flipx99 5,000+ posts]

Holy crap, didn't think that was possible //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif
That sucks

They where covered under a union policy. The union rengotiated the contracts. The company is not American, so I am unsure if it plays by the same rules.

 

[GreenBook 10+ year member]

I thought the buyouts were only for the union workers? //content.invisioncic.com/y282845/emoticons/confused.gif.e820e0216602db4765798ac39d28caa9.gif

no, white collar had offers too. Less of them took them though.

 

[Lugnutz 10+ year member]

Do "promised" pensions still get funded if the company goes bankrupt? Or do only people currently receive benefits guarenteed?

I believe only the current retirees will still get their pensions if they go under.

 

[duece212 5,000+ posts]

Do "promised" pensions still get funded if the company goes bankrupt? Or do only people currently receive benefits guarenteed?

Guess it depends if they are gov backed by Pension Benefit Guaranty Corp. Not sure if all pension plans are insured/backed by the PBGC.

 

[Flipx99 5,000+ posts]

Guess it depends if they are gov backed by Pension Benefit Guaranty Corp. Not sure if all pension plans are insured/backed by the PBGC.

I am pretty sure they are all. From my understanding, it is a forced insurance, similar to what a bank pays to the FDIC. Like I said, I don't know who all it insures.

 

[duece212 5,000+ posts]

Guess if the big 3 go bankrupt it won't be tax dollars that pay retiree's pensions...learn something new every day:

PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.