With record profits, this company freezes pension plan for current employees....How can we fight back.....the employees are sucking this up...while the executives are laughing all the way to the bank...
"Sanofi - Freezes Pension Plan in US 20-Feb-12 08:02 pm With record profits, this company freezes pension plan for current employees....How can we fight back.....the employees are sucking this up...while the executives are laughing all the way to the bank..." ................................................. Instead of reporting what you believe to be gloom and doom, why don't you attach a link so others can read the same piece and make their own interpretation?
BTW, this news is somewhat dated. I first heard about 3/31.
I'm a current employee. Sanofi was one of the last companies to still provide a generous pension. They also provide a 150% match on your 6% employee 401 contribution. That's a whopping 9%. If you think having the promise of a pension is better than a generous 401k, you should talk to airline employees and other companies that have filed a Chapter 11. They get a small portion of what was promised. A 401k is titled in your name from day one.
Sanofi has been bloated for years. Had they not kept dead weight on board for the past decade maybe shareholders would have received some decent return and there wouldn't be a need to clean house now. Management has been poor because they have failed to bring shareholders any return, not because they gutted the pension.
I'm on my way out of the company anyway. But facts are facts. Vierbacher is an accountant (look at his bio). He understands that pension obligations bring down companies and he took action, for better or worse.