Is there any truth to the rumor that HW is going to buyout or pensions?
11 replies (most recent on top)
Any idea when this pension buyout may happen?
In this case, I hope HON do a Pension Buyout ASAP so we can get the lump sum NOW. And forget about HON altogether.
Companies (such as American Airlines did) can purposely drive themselves into a "soft bankruptcy" by fixing the books as easy as they can do to fake prosperity. When that occurs, the first thing they do is default on the retirement plan obligations, steal the existing funds, then re-do their agreement with the employees to either eliminate it or reduce it drastically. All with the blessing of lawyers and courts.
Then the pension plan is thrown at the American taxpayers through the government pension bail-out fund. Just another theft.
From what I read it is only illegal to buy pensions out from those already receiving payments. Look at the history of other companies. How did they go about doing it? Stop offering a pension, freeze the current pension, then offer a buy out? I's this standard stuff?
Anti trust laws would prevent this from happening to the old pension plan and Honeywell knows it. It is easier to just make us retire or die on the job. A pension lawsuit would really put a fly in the ointment Davy boy to carry out his plans.
Ha, Yes "at this time", Whoops one second has passed,
Honeywell now will eliminate/reduce ALL Plan A pensions, we changed our minds. Classic HR/management bullshit communication.
With a minimum of $8 BILLION filed for pension funds, and a projected $15 BILLION, sitting in the SAME bank account, does anybody really think they are NOT going to try and get that money?
All the communications about the pension plans are verbal, THERE IS NOTHING WRITTEN DOWN, anybody think that is by mistake? New hires do not get a pension, again, anybody think that is not where they want to go?
They already gave us this option a few years back. Most of us elected the old AlliedSignal plan. Honeywell will have a class action law suit on their hands if they try this. I can tell you that Honeyhell is doing everything in their power to get rid of the employees with the old retirement plan. Now that they know our health risk factors it would make sense to keep us overworked/stressed until we just die on the job. I have heard of companies taking life insurance policies out on employees. Pretty easy to predict when you will die given your health risk factor(s) and job function. It is unethical but not illegal.
I could see hon fvcking us all like this. It would eliminate legacy payments to us and they can dump all that real money and convert it all to soon-to-be-worthless company stock! That's brilliant! This way they can lay is all off AND not have to give us any retirement.
My brother's company did it to him, no choice. Pension was replaced with a lump sum contribution to his 401k
UTC did that about 4 years ago and we had an option to accept or not. No big deal at all.
Old rumor, no substance to it....at this time.