Skynet-Recovery Page-FAQ-Benefits ?

Taipan

Advanced
Aug 20, 2002
132
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I happened to be looking at the recovery page today at work when I came upon something that we thought was shocking ,it said that the companys idea about freezing retirement was alot different than what was explained to us.Here is what it says if the ERP plan begins on Jan1,2003 and goes thru Jan 1 2009 (which at the time they wanted 6 years now its 5.5)that you would get no credit towards your retirement for those 6 years , say I have 14 yrs now that would freeze on 1 Jan 2003 till 1 Jan 2009 then I would begin my 15 year of service with the company as far as retirment is concerned.My question is do any of you read it the same way and what are your comments about it? I assume this would go for all work groups or everyone invovled in the ERP if it was to be in the final version of the ERP?
 

atabuy

Senior
Oct 13, 2002
419
0
[blockquote]
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On 10/26/2002 1:50:05 AM Taipan wrote:

I happened to be looking at the recovery page today at work when I came upon something that we thought was shocking ,it said that the companys idea about freezing retirement was alot different than what was explained to us.Here is what it says if the ERP plan begins on Jan1,2003 and goes thru Jan 1 2009 (which at the time they wanted 6 years now its 5.5)that you would get no credit towards your retirement for those 6 years , say I have 14 yrs now that would freeze on 1 Jan 2003 till 1 Jan 2009 then I would begin my 15 year of service with the company as far as retirment is concerned.My question is do any of you read it the same way and what are your comments about it? I assume this would go for all work groups or everyone invovled in the ERP if it was to be in the final version of the ERP?
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[/blockquote]
Taipan,
I think they listed options the employees could explore instead of giving back money.
The list of options were to reduce out of pocket expense.
Not really written out too well and I would think these options, such as 5 weeks vacation max, paying 20% of medical, one I time/Sick leave bank, and changing retirement benefits would have to be looked at very carefully.
That's how I read it. Hope this helps.
 

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