Catatonic
Nine Lives
Just when I thought it was safe to retire.
GE, IBM Ending Retiree Health Plans in Historic Shift - Bloomberg
GE, IBM Ending Retiree Health Plans in Historic Shift - Bloomberg
Gulp! Just when I thought it was safe to retire.
- Thread starter Catatonic
- Start date
tourists24
Well-Known Member
wow.... you've hit the jackpot.... it says you will be able to "select from a menu of private plans".....
TxRoadDawg
Well-Known Member
remind me again why there is any reason to go management instead of staying hourly and driving?
ActionJaxson
Well-Known Member
What may the future have instored for us ...ACA
What Obamacare Means for Corporate Retiree Insurance Coverage | TIME.com
What Obamacare Means for Corporate Retiree Insurance Coverage | TIME.com
tourists24
Well-Known Member
there is no reason.... and UPS doesn't want pkg drivers to become supervisors anymore....
Catatonic
Nine Lives
In truth, corporate America was already looking for ways to trim health-insurance costs, particularly for retirees, long before Obamacare came along. The benefit decisions announced by IBM and Time Warner have little direct relationship with the health care law and will not, as some have suggested, leave retirees without any insurance.
These companies shouldn't be allowed to take away from retires! Unless they are in bankruptcy!
I love to join in these debates where I can add FACTS.
Here is what you need to know / be aware of in regards to the mgmt retirement healthcare. Page 68 - 75 of the 2012 annual report has all the meat and potatoes!
"We also sponsor postretirement medical plans in the U.S. that provide health care benefits to our retirees who meet certain eligibility requirements and who are not otherwise covered by multiemployer plans. Generally, this includes employees with at least 10 years of service who have reached age 55 and employees who are eligible for postretirement medical benefits from a Company-sponsored plan pursuant to collective bargaining agreements. We have the right to modify or terminate certain of these plans. These benefits have been provided to certain retirees on a noncontributory basis; however, in many cases, retirees are required to contribute all or a portion of the total cost of the coverage.". (p68)
Key words- we have the right to modify or terminate..... Of course we (mgmt) know that only applies to the non-union plans.
Bottom of page 70 - projected obligations - $4.4 billion, current asset (reserve) $460 million. AGH!!! A little short!
Top of page 70 "Health care cost trends are used to project future postretirement benefits payable from our plans. For year-end 2012 U.S. plan obligations, future postretirement medical benefit costs were forecasted assuming an initial annual increase of 7.5%, decreasing to 5.0% by the year 2018 and with consistent annual increases at those ultimate levels thereafter."
Really! In what world will health care costs increase by 5%? It also states in the next paragraph that each 1% above 5%, will add $58 million in expenses.
The expected cash flows, (expenses) on page 75 are staggering, both for the health and welfare plans - but even more so for the pension plan. Without a significant improvement in the economy/ net income to fund these plans, or a significant improvement in the discount rate (investment interest rates), the plans will collapse on themselves...... Thus - the company will "enhance" managements benefits once again.
Save your money. Get out of debt. Keep,doing your job and keep your head down. Load up your health care savings account to the max every year. Plan on working (somewhere) until you are around 60. With life expectancy where it is at, 60 is still "early."
UnconTROLLed
perfection
For a "normal" person or a UPS'er?
Catatonic
Nine Lives
There both about the same. Management and Teamster.
oldngray
nowhere special
normally abnormal?
kingOFchester
Well-Known Member
Another step towards single payer.
UnconTROLLed
perfection
I would guess the avg. life expectancy for a UPS'er who spends their life in operations, either management or hourly, to be at least somewhat if not greatly reduced.
OT, I know.
Catatonic
Nine Lives
Sore backs and worn outs knees don't kill you.
I would have thought management would be a lower life expectancy from all the stress but it wasn't.
This was from about 5 years ago.
UPSers are right in with the general population and no real difference if management or hourly.
UnconTROLLed
perfection
Stress, anxiety, heart disease, stroke, and etc. do kill. And I can almost promise you those #'s are much higher within a 24/7 global co., relative to the norm.
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