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That is correct both Union and Non-Union employees lost it all.
You are mistaken.
While they lost their jobs, none of the former 8000 employees who were vested lost their pension.
The Pension Benefit Guarantee Corp guarantees private pensions and has broad powers to0 negotiate and reduce multi-employer pensions. It impacted a few hundred former employees, not thousands. The new owners assumed responsibility for continuing to fund the pensions of former employees.
Workers will receive the monetary bonus in the form of $750 in cash and a $500 contribution to their 401k.
Starbucks, Disney, Home Depot, JP Morgan Chase and others have announced wage raises, one-time benefits or other bonuses for employees.
UPS and Lowe’s on Thursday also announced changes. Lowe’s will expand benefits for employees and pay out bonuses of up to $1,000. UPS will boost pension funding as part of $12 billion in investments.
How come none of these workers ever got a dime when Obama was President?
The good economic news keeps on coming on the Trump Train.
We met with our accountant yesterday and she said that she went to a class about the new tax laws. The instructor said that those middle class families with an income range of 600k to a million dollars are the biggest beneficiaries of the new tax plan. Our accountant has four children and the tax break for her before was better because now, that tax deduction for minor children disappears when the children reach 16. She will be paying more next year. The good news for us is that the income property taxes are still deductible. The bad news is that we will be spending more in capital gains when we sell the properties.
The bad news for America is that the debt limit will be reached sooner then the anticipated in March. "The debt limit will need to be raised beyond its current level of 20.5 trillion in late March or early April." The New York Times : United States Will Hit Debt Limit Sooner Than Expected Because Of Tax Cuts.
While you might be basking in your twinkies, overall, I think the tax bill is a disaster and not good for our economy in the long run. It's like giving the middle class a sucker while the 1% enjoy lobster.
Twinkie is owned by Hostess Brands and once employed 8,000 people in a variety of subs, most of them, union. It filed for bankruptcy in 2012. The company cited declining sales as consumers moved to healthier snacks.
Eventually, Apollo Global Management acquired the assets for $186 million, in cash and closed the doors. Hostess had a multi-employer pension plan. The PBGC eventually took over some of the pensions and some employees received reduced pension benefits.
Apollo borrowed in excess of a $billion to pay themselves and investors. They also invested heavily in automation.
Hostess Brands now employs about 1000 people and the average wage is about half of what it was before the company folded. The new business provides a 401K instead of a pension.
My husband eats Twinkies. He claims they are now smaller and cost more.
Your husband is correct. Just before the original Hostess closed, they downsized the molds for Twinkies, and yes, the price is up and the taste is down.
Quote:
Originally Posted by Enigma777
Hostess layoffs to be announced next week.
They are actually hiring. No layoffs since the new company took over.
Quote:
Originally Posted by middle-aged mom
I used to be a " Snowball" fan.
The new Snowballs are smaller and taste like crap. Just as well, I don't need to eat junk like this.
I have not seen the return of Suzy Q's.
We have Suzy Q's here in the stores in central KS. I have not bought any, they don't look the same though.
Quote:
Originally Posted by dothetwist
Hostess is one of the largest purveyors of foods that make Americans so obese. Shame on anyone who works for them or buys their products.
One doesn't get obese because of any food that is manufactured, they get obese because they have no self-control, and refuse to take personal responsibility for their actions! They feel entitled to stuff their faces and not have consequences!
Quote:
Originally Posted by BobNJ1960
Hostess rebirth as a fine company, plus this wonderful bonus they offer , are such awesome examples of true American exceptionalism.
They seem to be doing well. I noticed just recently that Long John Silver's here is offering "dessert" as an option, Fried Twinkie, I have heard they are good. It appears their marketing people know what they are doing.
They didn't get a dime under other Republican Presidents either. Your point?
Compared to the windfalls corporations are getting that are permanent, these one time "bonuses" are a pittance, or crumbs, if you prefer.
It is amazing how cheaply the masses can be satisfied, while the elite and giant corporations reap billions PERMANENTLY.
Lol..don’t be surprised. Americans can be bought off with Ding Dongs!
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