Frozen Pensions Begin
at General Electric
Man did I make the right call. I recently turned 62 and made the decision to begin collecting social security.
The reason was that a bird in hand is worth two in the bush! By that I mean all pensions, be it government or corporate are vastly underfunded.
I did the math
It would take 8-9 years to make the higher total of money had I waited. Now I think I’ll still be around, but how much purchasing power will the extra have in that many years... if it’s even there!
Well it appears that GE is the first Jenga Block to be pulled. I worked there as one of my first job/careers out of college. So I was entitled to a pension once I made the Social Security initiation. And so it was, but knowing also that GE was/is struggling, I took my pension in a lump sum and it appears to have been the right choice!
News from “Zerohedge”...
“In what looks like a dry run of the looming pension crisis facing corporate America, GE said on Monday that it would freeze pension plan benefits for 20,000 American employees with salaried benefits, WSJ reports. The company also plans to freeze supplementary benefits for roughly 700 employees who became executives before 2011 in an attempt to shave as much as $8 billion off its long-term pension deficit.”
Full Story:
From @Rhythymtrader
“General Electric just froze the pension's of 20,000 employees. Meanwhile, their stock jumped, transfering wealth from their workers directly to shareholders like robinhood in reverse. And to think, this was during a bull market...”
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Posted on eSteem
#Kyusho
Image Credits: ceo-na