The world of business

[jebho62]

Seems to me in this economic climate that retention bonuses should not be the order of the day...especially from companies that were supposedly on their knees a few short weeks ago.....BULLSHIT!!!!

After Rescue, Bonuses Still Flow At AIG , The Early Show: Insurance Giant Offers Top Employees "Retention Payments" To Keep Them - CBS News


AIG CEO puts off meeting with critical congressman | Reuters

[TinaS]

Originally Posted by MarcLacroix

The (P)ension (B)enefit (G)uarantee (C)orporation was set up years ago to prevent these kinds of things from happening. Evidently Worldcom ignored it and chose to abandon its employees. But during the dot com meltdown the PBGC got swamped and might not have been able to help anyway.

I started building my retirement funds through Ungermann-Bass back in the mid 80s. Was laid off in 93 and took that 401(k) with me. Moved it to a self directed IRA and then started another 401(k) with Motorola. Moved that one to my IRA when I was retired from Motorola. I've always had the feeling that those monies were too important to leave in employer hands so I always made sure I remained in control of it between jobs.

What happened to you is not unusual in Corporate America. One has to stay well informed about one's employer and be prepared to move quickly when necessary.

Right now I do get some social security. I contributed over the years so they are giving my money back to me. But that could dry up if/when the dollar collapses. I am lucky I suppose to get at least that before the country goes Mad Max.


Marc

Its funny you say this about being in control of your money, but here is what happened to us; we just got bought out by WorldCom and our pensions/401K were being transferred from Putnum Investments to Solomon Smith Barney who is WorldComs Investment firm. Now you know that when they transfer money or shares, you cannot touch your money for 30 days. Well, the fall of WorldCom came right inbetween those thirty days and NO ONE was able to get a hold of any of their investment or 401K's. That included me as well. I was on the floor of my house trying to get a hold of Putnum Investments only for them to not answer the phone as WorldCom stock just diminished by the second. I was literally going into shock! It did not matter anyway about our pensions because we found out later that they had spent our pensions on debts, and never transferred their funds back into our accounts. In other words, they stole from us. I remember this like it was yesterday. So, I was always in control of my money until WorldCom took us over and all hell broke loose.

[jebho62]

I am currently working on getting my pension funds out of a certain ex-patriot Canadian telecom giant who has now been reduced to a penny stock because of the greed of its leadership....

Quiz of the day:
Who am I talking about?

Hint:
Now headquartered at RTP in Raleigh and in Richardson Texas

[martinus]

You know, all that makes me kind of happy that retirement funds and things like that are taken care of by our dearly beloved government, i.e. every month part of my pay-check is deducted automatically and goes towards pensions paid to today's retirees ("contract between the generations").
In theory, the sum of all deductions I pay determines how much money I will get per month when I retire. In reality, due to demographic change less workers have to finance pensions for more retired people - so retirement pays are going to shrink.
Good news: They cannot shrink to zero. Our Supreme Financial Court has ruled that retirement pays may not be nil because that would be expropriation. So I am looking forward to getting 1 EUR per month. Oh well, better than getting f----- by your own company bosses.

[MarcLacroix]

Originally Posted by martinus

You know, all that makes me kind of happy that retirement funds and things like that are taken care of by our dearly beloved government, i.e. every month part of my pay-check is deducted automatically and goes towards pensions paid to today's retirees ("contract between the generations").
In theory, the sum of all deductions I pay determines how much money I will get per month when I retire. In reality, due to demographic change less workers have to finance pensions for more retired people - so retirement pays are going to shrink.
Good news: They cannot shrink to zero. Our Supreme Financial Court has ruled that retirement pays may not be nil because that would be expropriation. So I am looking forward to getting 1 EUR per month. Oh well, better than getting f----- by your own company bosses.

Do not forget that policy and law were created by people and people can change their minds when circumstances change.
Currently I receive income from the U.S. government in the form of social security. There is no guarantee however that this will continue forever. If the government goes broke then there is no money so no more social security. These things can happen... which is why I manage my own retirement monies as a backup.

Marc

[MarcLacroix]

Originally Posted by jebho62

I am currently working on getting my pension funds out of a certain ex-patriot Canadian telecom giant who has now been reduced to a penny stock because of the greed of its leadership....

Quiz of the day:
Who am I talking about?

Hint:
Now headquartered at RTP in Raleigh and in Richardson Texas

I'm guessing Nortel which is currently seeking bankruptcy protection.

If I were in this kind of situation I'd be looking for work elsewhere and take my 401(k) with me or move it to a self directed traditional I.R.A brokerage account.

You are between a rock and a hard place.
I wish you the best of luck;

Marc

[jebho62]

You got it! Fortunately they are a distant memory so the only tie I have with them is my accrued pension funds which I am trying to get out of them so I can put them in a locked in RRSP (Canadian). After that I couldn't care less what happens to that crooked company. Their treatment of employees over the years was less than stellar. As long as the big guys get away with stealing their fortunes thats all that matters isn't it?

Extra! Extra!!! Read all about it!!!!!


here --> Making a timely departure

[MarcLacroix]

Originally Posted by jebho62

You got it! Fortunately they are a distant memory so the only tie I have with them is my accrued pension funds which I am trying to get out of them so I can put them in a locked in RRSP (Canadian). After that I couldn't care less what happens to that crooked company. Their treatment of employees over the years was less than stellar. As long as the big guys get away with stealing their fortunes thats all that matters isn't it?

Extra! Extra!!! Read all about it!!!!!


here --> Making a timely departure

My situation is similar to yours in some ways...
Motorola is also going through tough times in this whacked out economy.
There have been huge layoffs and plant closures. I don't think Mot has much of anything left in the United States except maybe some small offices for management functions.
I moved my 401(k) from Motorola to a Janus I.R.A. years ago so I was able to keep that. And then from Janus I went to Fidelity into a Brokerage I.R.A. The Fidelity thing gives me access to stocks, bonds, mutual funds and etc so I get to decide how and where the money is invested.
I also have a small pension coming from Motorola at age 55.
That I may never see since technically that money is out of my hands.

Marc

[TinaS]

Originally Posted by jebho62

I am currently working on getting my pension funds out of a certain ex-patriot Canadian telecom giant who has now been reduced to a penny stock because of the greed of its leadership....

Quiz of the day:
Who am I talking about?

Hint:
Now headquartered at RTP in Raleigh and in Richardson Texas

Could this be MCI? If so, keep a sharp eye out for these people. I don't trust them either.