No. of Recommendations: 1
steve203 writes,

CBS "news" had a piece on tonight about a guy who is still working at 80. He has an 8th grade education, but he is an experienced machinist. Worked at McDonnell Douglas for 29 years. Then the plant closed, one year before he qualified for a full pension. For the last 9 years, he has been a greeter at WalMart.


Good news story.

I have a similar pension story with the opposite result.

When I left Exxon back in 1985 at age 29, you needed 10 years of service to vest a pension at age 65. I had like 5 years and 2 months

As it happened, shortly before I left, the CEO decided to raid the pension fund and take out several billion dollars of "overfunding" for "other corporate purposes" (and no doubt increasing executive compensation and bonuses.)

Labor Dept rules require you to vest everyone at 5 years when executives raid a pension plan, so I got a pension of several hundred dollars a month. I'm one of the lucky few who have profited from CEO chicanery. <LOL>

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