XPO | How did we get this way?

[NorthTXcon-way]

The "old timers", who hired in with Con-Way, had the pension to look forward to, were planning on that being there for them when they reached the end of their working years.......we all know what happened there......what if, those of you who are now counting on your 401k's, or IRA's, or Roth's, or whatever you think is going to be there for you, when you get 4 or 5 yrs away from the end, that disappears? You say it can't happen, it is mine I put it there, it has to be there, "THEY PROMISED THEY WOULD NEVER CHANGE IT"....?????? They promised them, that the pension would be there....Is it???? They promise now, that SS will be there.....will it be??? They promise that your 401K, Roth, or what ever instrument you think is going to be "yours" because they said so, will be there for you and your family.....will it be, do you really think so????? Really????? so did they, the ones who had been promised the SS, or the pension......they really, really believed it would be there too......What do you think?

Your Conway Pension is still there. They didn't take anything away from you. They just stopped putting money into it. What you had is still there. It's just not growing. I would rather it still be growing myself, but it is what it is and we now have to put $$ in the 401K, for which they give a hefty match and quarterly deposit. You do understand the way it works don't you?

 

[longtimeltl]

No matter what, I will be self-sufficient. SS will be broke by time I'm 40. Pensions are a thing of the past. I am a responsible person who is only 27. I will take care of myself. I have options people did not have 10 or 15 years ago at my age. I will take full advantage of them and I will have no sympathy for those my age who do not. But, I feel I should not pay into something I will never see. Not my problem. Too often you pay the price for being responsible. Enough already..

First of all, not everybody is as savvy as you. Lots of people have no clue as to how to plan for retirement. This includes many people who work their butts off 55 to 70 hours per week for one third what we make. it also includes some of us who make a good wage.
You should feel some empanthy for them.
Second of all, I quote you " I will be self sufficient "
Lets say that you, or one of your loved ones has a serious debillitating disease or sickness.
( I truly hope this does not come to pass )
When your insurance says, NO MORE, but the Government says they will pay the bill, will you say " No Thank You " ? I don't think so!!!
Get off your high horse and remember that we are all HUMANS and as such subject to making bad choices.
The real difference between HUMANS is, the ones that only care about themselves, and the ones who care about others!!
I do not enjoy paying for welfare, Aid to dependent children, etc. etc., but I realize that this is the way life is!
I am really just glad that throughout my working years, I have been able to help to pay for these programs, and never had a need to use them.
Think of our fellow HUMANS as Brothers, and realize that they are not all perfect! :smilie_132:

 

[Lawofone]

Your Conway Pension is still there. They didn't take anything away from you. They just stopped putting money into it. What you had is still there. It's just not growing. I would rather it still be growing myself, but it is what it is and we now have to put $$ in the 401K, for which they give a hefty match and quarterly deposit. You do understand the way it works don't you?

Your CON-way pension is still there yes, but at a reduced rate, why, because the powers to be played the hedge fund and lost quiet a bit, and that is why there are many plans for the pension. Instead of putting funds into the pension, they made a plan to match the funds. As for the 401, do you know that they can take back the funds that they put in for a select number of years. Check the SEC rules about how this works. Please do not forget that there is a man that sets on the board, that is well versed into how to get the company into bankruptcy, and hand over the funds to the PBGC. I by no means am saying that this is what is going to happen. It is every man for himself. Plan for the future, and I hope everyone the best.

 

[imported_roadrage]

Your CON-way pension is still there yes, but at a reduced rate, why, because the powers to be played the hedge fund and lost quiet a bit, and that is why there are many plans for the pension. Instead of putting funds into the pension, they made a plan to match the funds. As for the 401, do you know that they can take back the funds that they put in for a select number of years. Check the SEC rules about how this works. Please do not forget that there is a man that sets on the board, that is well versed into how to get the company into bankruptcy, and hand over the funds to the PBGC. I by no means am saying that this is what is going to happen. It is every man for himself. Plan for the future, and I hope everyone the best.

Great post law Can not stress this enough. If you want something done right do it yourself.

 

[TiredDvrsWife]

Would this be true, the taking money back, if you retire and roll the plan into something else? Or if you change their stock in your portfolio into stock in other companies?

Your CON-way pension is still there yes, but at a reduced rate, why, because the powers to be played the hedge fund and lost quiet a bit, and that is why there are many plans for the pension. Instead of putting funds into the pension, they made a plan to match the funds. As for the 401, do you know that they can take back the funds that they put in for a select number of years. Check the SEC rules about how this works. Please do not forget that there is a man that sets on the board, that is well versed into how to get the company into bankruptcy, and hand over the funds to the PBGC. I by no means am saying that this is what is going to happen. It is every man for himself. Plan for the future, and I hope everyone the best.