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Verizon Communications Inc. Message Board

  • krayze1uknow krayze1uknow Dec 7, 2005 11:09 AM Flag

    Why this way?

    they had a chance to do it the right way

    like

    Lockheed Martin changed its pension plan this fall. Beginning in January, new hires will have a different plan based on contributions, not a set benefit.

    But the existing benefit will remain for current employees.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • In the short term that's certainly the fairest and least disruptive way to do it. Future new employees are not here now to complain about it.

      There are two disadvantages: it's more expensive and eventually the company will have some generational issues to deal with as workers doing the same job will have two different retirement packages.

      • 1 Reply to tuni88
      • I guess that's my main point being "the fairest and least disruptive way to do it."

        I understand your ideas on the disadvantages and agree with you that it is more expensive. For the second point, what if a new employee was told up front during the hiring process that they will not have a pension. I believe it adds a fairness element and counters the issue of different packages.

        I'll add the mci/vz wireless managers have no pension, ... rather than raising them up they dropped 50k managers down because of present and future competitive pressures.

        Now if it let's people keep their jobs and adds to job security along with more performace based incentives that are realistic it may be the lesser of two evils.

    • Greed! Pure simple greed.

 
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