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Post by driveshaftgrunt on Oct 17, 2011 18:28:16 GMT -5
Please, someone, correct me if I'm wrong on this:
The official explanation about the retirees not getting their "bonus" was that federal law prohibits bonus payouts if a pension is under 80% funded.
I was told by a retiree today that the pension fund is in the low 60% fund level due to all the recent retirements. Federal law will again compel Ford to bring the funding level up....
The bonuses for retirees, if the above is true, isn't a contract issue per se. Now I suppose this could have and maybe should have been adressed in the contract, but perhaps it isn't a contractual issue.
Regardless, the statement that the contract "took away" the bonuses isn't entirely correct......
What should scare the bejeebus out of us is the pension funding, but federal law will take care of that. Then again, there are members of Congress looking to weaken these kind of pension funding laws..........you know, Republicans......
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Post by ktpbob on Oct 17, 2011 19:42:33 GMT -5
At the meeting Sat a retiree stood at the mic asking Scott about the pension fund. the retiree said just 2 or 3 years ago the fund was funded over 100%. He said its now at 58%. Scott told him he thinks its at about 67%. The retiree said "well it just went up 9% while I was standing here!" That got a big laugh from everyone.
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Post by justmefornow on Oct 17, 2011 20:04:59 GMT -5
Does that not tell you something? Right hand doesn't know what he left one is doing!
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Post by ktpgal89 on Oct 17, 2011 20:13:41 GMT -5
Does that not tell you something? Right hand doesn't know what he left one is doing! and these people are in control of our future!!!!
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Post by ScottR@KTP on Oct 18, 2011 4:29:19 GMT -5
It's quite obvious, none of them care about the retirees or the senior employee...it is officially all about getting more dues paying members and helping the companies become more profitable since they took stock as payment to VEBA. How can you negotiate against a company you own part of? We have officially been sold out!
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Post by marcus on Oct 18, 2011 8:23:46 GMT -5
Great post Scott.
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Post by theycandothat93 on Oct 18, 2011 14:01:35 GMT -5
I believe the UAW has lost to much ground and will never regain the status we once had. Taking yet again from the ones that got us here. I tried retiree's with my NO vote, gonna fall short im afraid. SAD!
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Post by driveshaftgrunt on Oct 18, 2011 20:11:54 GMT -5
I still would like a clarification about what the law says.
The funding of the pension might be much more a matter of "law", and much less a matter of negotiation.......
There is a certain amount of time, I believe, that the LAW says FoMoCo has to get the pension level up to 80%.......
Again, I could be wrong.
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