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Pensions were originally a recruitment tool. No company had a moral or ethical obligation to offer a pension regardless of an employee's tenure.
If the employment contract indicates a pension, then great. However, no one earns a pension. They just meet the requirements of the agreement.
Yes but you do have both a moral and legal obligation if you signed a contract and then try to renege.
I signed a contract with mega corp stating my wages and benefits which included a pension. Now in 2014 my company got rid of their pensions for any NEW employee but us folks who where there prior to 2014 we most certainly were grandfathered in and have a pension.
who gets a job without an agreement? Not talking about p.t. retail, I don't know any company that willy nilly employees people.
I can't tell you how many people on this forum have told me that I am 'lucky' to have served 20-years in the Navy and gotten a pension.
lol, while we disagree on where to live in retirement, I am whole heartily in your corner on this Sub. My brothers also did 22 years in the Navy and Marines. They are not "LUCKY". what the hay?? they worked for it, earned it.
I think the "lucky to get a pension" means, fortunate to have a job that offered a pension. This is not to say they don't deserve their pension, that they worked for. . Many people here had jobs that did not provide a pension; and will retire on investments/savings and retirement accounts only. No monthly reliable pension check.
Yes but you do have both a moral and legal obligation if you signed a contract and then try to renege.
I signed a contract with mega corp stating my wages and benefits which included a pension. Now in 2014 my company got rid of their pensions for any NEW employee but us folks who where there prior to 2014 we most certainly were grandfathered in and have a pension.
who gets a job without an agreement? Not talking about p.t. retail, I don't know any company that willy nilly employees people.
I get offer letters. They state my base pay. They describe the bonus plan if there is one They state how much vacation time I get. Occasionally, they describe the 401(k) plan. None of that is a contact. I’m an employee at will. They can change my comp and benefits whenever they want. Kill the bonus plan? Sure. Cut my base pay 30%? Sure. March me out the door. Kill any employer contribution to the 401(k) plan.
With what I do, if I demanded an employment contract, I wouldn’t get hired.
I worked many years with a friend who bought the latest in fashions, newest and most expensive cars and a mortgage three-times what she needed. She never saved any money, claiming that it was her daughter's responsibility to take care of her when she retired.
Sickness struck her a few years ago. She had to retire early. Her bills outweighed her meager bank account. The daughter lives her own life in another state. No help there. My friend can't survive on her SS check, yet she refuses to downsize and change her life's habits that include the best of everything. When she hits rock bottom, she's really going to hit rock bottom.
She looked down on me all those years for saving instead of spending my money. But I am sitting comfortably with enough money in the bank to tide me over until I die. She will probably end up on welfare. She'll have only herself to blame.
So, yes, it can be done, but only if you live sensibly throughout your life.
who gets a job without an agreement? Not talking about p.t. retail, I don't know any company that willy nilly employees people.
In my part of the country, anyone below executive level (I'm talking about a W-2 employee, as opposed to a 1099) is highly unlikely to have a written employment contract, unless perhaps they have a union contract. But I would say only a small percentage of employees here have union representation.
Otherwise, the only agreement an employee is likely to be offered is an acknowledgement that they are considered "At-Will".
In my part of the country, anyone below executive level (I'm talking about a W-2 employee, as opposed to a 1099) is highly unlikely to have a written employment contract, unless perhaps they have a union contract. But I would say only a small percentage of employees here have union representation.
Otherwise, the only agreement an employee is likely to be offered is an acknowledgement that they are considered "At-Will".
wow, lol I guess that's why I 'll never make it to executive. I use to get (this has since changed once they got rid of so many benefits)
But I got an offer letter detailing much of what was my compensation (including pension and retiree health). after I verbally accepted the offer, I was sent a contract to sign agreeing to the contract and also a few other things. intellectual property, no bad mouthing the company, if I quit could not work for a competitor, stuff like that. I signed it and every year on my work anniversary I renew.
Yes but you do have both a moral and legal obligation if you signed a contract and then try to renege. I signed a contract with mega corp stating my wages and benefits which included a pension. Now in 2014 my company got rid of their pensions for any NEW employee but us folks who where there prior to 2014 we most certainly were grandfathered in and have a pension.
who gets a job without an agreement? Not talking about p.t. retail, I don't know any company that willy nilly employees people.
I never signed any contract with my employer. There were terms of employment and the fine print always states "subject to change".
Yes I have a pension and was also grandfathered in when the company dropped pensions.
It wasn't luck either..I specifically sought a job in the corporate world with a pension.
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