I Have Few Details

[Retired1]

My understanding of the frozen pension is the company does not need to add funds in 2004-2005- or 2006. In 2007 they project they would have to add 126 million and 89.8 million in 2008 plus 62.6 million in 2009. Several people do not see it in distress,and at least not now. The PBGC will look it over and decide whether it can be distress terminated or not. In my opinion only, it is probably one of the best funded pensions in the country right now. A person would have to ask how the company arrived at these figures and that is being ask at this time. In the forward looking years if the figures are right i imagine it will be distress terminated but again the PBGC is in the drivers seat on what will happen i think.

 

[WestCoastGuy]

The likes of Jerry Glass and those in CCY who worship the man, will make sure that the bones of current employees AND retirees, will be picked clean. That is his job and he is a master at it. If you think the current employees are taking a bath in their benefits, there will literally be NOTHING left for the retirees. He wil make sure of that. All this with the blessings of Lakefield and BOD.

 

[CynicalResAgent]

Now, please keep in mind I am only calculating the proposed hourly wages and have not taken into consideration sick time,vacation, overtime, etc.

CWA's Chris Fox is quoted in the Pittsburgh papers as saying wage cuts average 12.9%.

I am sick and tired of people misquoting the amount of the paycut.....

I was and should still be making 16.40 plus a .25 customer contact premium, plus my shift premium. and they want me to go down to 12.08 per hour thats more than 12.9 percent.

 

[RowUnderDCA]

While we are on the topic of pensions, I have a couple of questions for those that are more financially savy then I am.

The great Dr. Bronner is the head of RSA and is responsible for the tremendous success of turning around their pension fund. Why can't he do the same for US? Would it be possible for him to freeze (rather then terminate) the existing pension plans and become our investment guru? I am not saying that our pensions could be combined with RSA, but couldn't he take over the investment of the pension fund? Even if it meant a short term reduction of benefits until the fund(s) for all employees were fully funded, wouldn't that be better then terminating the plans?

Again, this is just a question.....not sure if it is possible without an additional cash drain on the company.

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I can't imagine that this could be done without a change in Alabama state law creating the fund and/or serious changes in the governance structure of the fund, but it's an interesting idea.