B.S.... They sent us material every year telling us what we'd get if we put in the time. Who works toward a goal like that knowing the company could change it at any time? They also have a long range planning dept and knew while they were sending us the glossy material that they were going to end it. Furthermore they gave us a "choice" whether to stay in the traditional plan or go into the new plan. Yeah, what a choice. Those that voluntarily went into the portable pension were screwed out of the 4% extra annual "catch-up" credits that the rest of us got for 5 years.
They were telling newhires 7 to 8 years to top out all over the country and I knew a newhire in 2012 who was told that. Tell me, do you think it's ok for someone to work hard for 10, 15 or more years next to someone making $5-$6hr more and never make up any ground against them? Loyal employees having to live paycheck to paycheck through their most productive years, not only taking home much less, but getting less in 401k contributions, portable pension contributions, sick day bonuses, etc? Furthermore if a corporate policy clearly says that a former employee can be rehired at his previous percentage of range in areas where they're having trouble finding a qualified applicant and they say no you can't then do you find that honest? HR told me too bad, I had already signed the offer letter. THIS COMPANY USES AND ABUSES, ALL FOR BIGGER PROFITS TO ENRICH IT's EXEC's, AND DOESN'T GIVE A DAMN IF WE DON'T LIKE IT.
