In previous years BBT stated to banks that they were courting "In addition to all of our other benefits, we will pay for health insurance for your employees when they have 25 yrs of service and are over 55". Unfortunately many older employees took BBT at their word.
Exactly! This was information that current retirees used when making their decision to retire. How can any employee make inteligent decisions concerning their retirement when they cannot count on their employers to tell the truth?
I have no problem with the bank telling me that if I retire after 1/1/05 they'll no longer pay my health insurance. I know this BEFORE I decide to retire. But changing the rules once the game has started (once I retire)is just plain dishonest. And for a bank that preaches honesty and integrity, I find this hypocritical.
Think you nailed the situation squarely on the head. Any company that promises a benefit to their employees for years of service and then changes the program after years and years of promises leaves some doubt in my opinion as to how above board and open they are.
Bet the top executives will still get their's this year as they have in the past. The company could probably have easily cut the top 10 executives pay enough to cover the insurance benefits promised to their long time employees and retirees.
From what I was told they tried to show how much the insurance costs had risen since 1995 until 2005. They forgot to mention how many more employees they had verus 1995. They have bought a bunch of companies and offered early retirement and other things to decrease employee counts since 1995, but that doesn't count.
I agree entirely with your message. What were they thinking or not thinking when they were buying all these companies, did they not know then the number of people they were bringing in to their benifits program and the effect that would have.Or were they just looking at $ signs and growth in revenue and not being honest with the very people that helped them meet the goals in the early years to survive. Lack of planning or common sense leads to unpopular shooting from the hip. Growth with mergers mean more people and increased revenue. Do the math. This is just another case of their changing attitude toward long term employees, both retired and those still working.