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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Boeing: To Stop Pensions on 68,000 People
Posted by:
Debbie Downer Democrat XXX
()
Date: March 07, 2014 12:20AM
Boeing is stopping pensions for 68,000 of their non-union employees. The purpose of this effort was to reduce the financial demands were being placed on the fund. The pension benefits will cease at the end of 2015. Boeing will then take those who were receiving pensions and direct them to a 401K.
Kind of unfortunate to get at a place in retirement and then realize you pension will be cut in half because the pension is being reallocated.
Kind of unfortunate to get at a place in retirement and then realize you pension will be cut in half because the pension is being reallocated.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
Boomer Doomer
()
Date: March 07, 2014 12:28AM
All pensions are done soon. They're just unaffordable. Especially some of the more generous one. It was different back when the numbers were imaginary and you weren't actually having to pay for many of them but now the bills are coming due en mass.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
MyRA or the HiRA
()
Date: March 07, 2014 09:30AM
Hopefully then Barack will have finished creating the MyRA and these people can move their money into it and be forced to buy federal government debt as their retirement funding.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
Sometimes, It's Good To Be Union
()
Date: March 07, 2014 10:37AM
My brother builds (Boeing) Chinooks outside Philly.
He's a Teamster though, so this news doesn't affect him.
He's a Teamster though, so this news doesn't affect him.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
Ugh the giant caveman
()
Date: March 07, 2014 11:23AM
Companies have been dipping into retirement funds for years.
limits corporate costs upfront
Posted by:
eLester
()
Date: March 08, 2014 01:45PM
Unionized machinists in St. Louis and Seattle agreed to a similar deal in recent contracts with Boeing.
Under a pension freeze, employees keep the benefits they’ve earned so far. But they get no more credit for years of service or future pay raises. As a result, checks at retirement will be smaller for most workers.
Employees will get an extra 9 percent of their pay added to their 401(k) accounts in 2016, 8 percent the next year and 7 percent in 2018. Then the extra contribution drops to 3 to 5 percent per year.
Under a pension freeze, employees keep the benefits they’ve earned so far. But they get no more credit for years of service or future pay raises. As a result, checks at retirement will be smaller for most workers.
Employees will get an extra 9 percent of their pay added to their 401(k) accounts in 2016, 8 percent the next year and 7 percent in 2018. Then the extra contribution drops to 3 to 5 percent per year.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
Debbie Downer Democrat XXX
()
Date: March 08, 2014 03:29PM
Ugh the giant caveman Wrote:
-------------------------------------------------------
> Companies have been dipping into retirement funds
> for years.
Correct. When Maryland Gov. O'Malley took office, they set up a contribution rate of $300 million each year to fund the public employees (union) retirement plan. Now, Gov. O'Malley wants to cut those yearly contributions back by $100 million each year so he can take the money and balance the Maryland state budget.
I hate to see people lose their jobs in this situation with Boeing, but when you look at something like Gov. O'Malley has proposed there's a bit of irony there. The same union folks who probably voted for the guy are now getting burned by him. It will be interesting to watch this unfold in Maryland.
-------------------------------------------------------
> Companies have been dipping into retirement funds
> for years.
Correct. When Maryland Gov. O'Malley took office, they set up a contribution rate of $300 million each year to fund the public employees (union) retirement plan. Now, Gov. O'Malley wants to cut those yearly contributions back by $100 million each year so he can take the money and balance the Maryland state budget.
I hate to see people lose their jobs in this situation with Boeing, but when you look at something like Gov. O'Malley has proposed there's a bit of irony there. The same union folks who probably voted for the guy are now getting burned by him. It will be interesting to watch this unfold in Maryland.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
LykJy
()
Date: March 08, 2014 03:57PM
boeing is opening a new plant
seattle and carolina are fighting over it
sales are doing well against (well abus anyhow)
why are you saying they are loosing ?
-----------------------
is this an ad placed by the guy profitting off of claiming there are no funds ?
seattle and carolina are fighting over it
sales are doing well against (well abus anyhow)
why are you saying they are loosing ?
-----------------------
is this an ad placed by the guy profitting off of claiming there are no funds ?
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
Liberal Logic 005
()
Date: March 08, 2014 04:25PM
Debbie Downer Democrat XXX Wrote:
-------------------------------------------------------
> I hate to see people lose their jobs in this
> situation with Boeing, but when you look at
> something like Gov. O'Malley has proposed there's
> a bit of irony there. The same union folks who
> probably voted for the guy are now getting burned
> by him. It will be interesting to watch this
> unfold in Maryland.
Like all the people that voted for Deblazio complaining that he wants to shut down their charter schools. Terrible idea but you get what you vote for. Then again its probably a ploy for Cuomo to come in as the hero before his presidential run, but he does need to leave NY now for adopting a conservative idea after saying NY wont tolerate conservatives.
-------------------------------------------------------
> I hate to see people lose their jobs in this
> situation with Boeing, but when you look at
> something like Gov. O'Malley has proposed there's
> a bit of irony there. The same union folks who
> probably voted for the guy are now getting burned
> by him. It will be interesting to watch this
> unfold in Maryland.
Like all the people that voted for Deblazio complaining that he wants to shut down their charter schools. Terrible idea but you get what you vote for. Then again its probably a ploy for Cuomo to come in as the hero before his presidential run, but he does need to leave NY now for adopting a conservative idea after saying NY wont tolerate conservatives.
Re: Boeing: To Stop Pensions on 68,000 People
Posted by:
vGyep
()
Date: March 08, 2014 07:49PM
ewwww. you know that's going straight to detroit for keeping women in apartments who pay rent by bending over right?
"obama cuts and slashed military positions". next day news. "obama sends huge ammount of cash - though he has no legitimate permission to do so as a president - to Detroit to pad his brother's pockets "
--------------------------
my ass this "news"
they will advertise it's gone and can't be gotten back. they will bully most people into thinking they can't get it
they'll be sued by most people with any brains
i hope those bastards go to jail just for saying it's gone
well for the most part. seatlle, ie bill gates, steals like crap. so if they wrote down i'm helping paying $1,000,000 per asshole consultant i hope they go to prison for writing it in the books "they were owed it"
"obama cuts and slashed military positions". next day news. "obama sends huge ammount of cash - though he has no legitimate permission to do so as a president - to Detroit to pad his brother's pockets "
--------------------------
my ass this "news"
they will advertise it's gone and can't be gotten back. they will bully most people into thinking they can't get it
they'll be sued by most people with any brains
i hope those bastards go to jail just for saying it's gone
well for the most part. seatlle, ie bill gates, steals like crap. so if they wrote down i'm helping paying $1,000,000 per asshole consultant i hope they go to prison for writing it in the books "they were owed it"