2 tier pension
1005 member

Grimsby, Canada

#1 Oct 17, 2010
i'd like to share my concerns about a 2 tier pension. US STEEL is offering new hires my 1st concern is what happens to anyone who's on the current pension and i assume thats anyone with their 3 months or more are they gonna stay on the old pension or end up with a blended pension of the old and new,2nd concern is why do the want the change because when the bought the place they stated they where fine with the current pension in that the where contributing to there own pension funds in the states [700,mil.per yr.], i feel concerned that their trying to reduce their pension obligations here to me it easier for them to crater the place,,, i'd like to keep it the way it is but after seeing what happened at the lake, inco & algoma we may have to suck it up anyway, maybe our only hope is if they are forced to sell,..
The Real LEW 8782

Warwick, RI

#2 Oct 17, 2010
The way Fergie explained the pension change to us when the union presented the contract was that if you were an active employee prior to the layoff/illegal lockout you were in the old plan even if you had a week service. If you are hired after the date of ratification you are in the new contribution plan. There is no mix between new and old. Also from what I understand people with few years of service were not given a choice to stay in the old defined plan or switch to the new contribution plan. That's how I understood it and if they are offering the same thing to you guys then that's how it will work. Being a young buck with only 3 years service I would rather be in the new contribution plan because I have lots of time to build it up and with the lack of job security here, I can take the money with me to a new company. I have a feeling they won't keep LEW open long enough for me to see a defined pension payment. Good luck 1005.
steelman

Waterloo, Canada

#3 Oct 17, 2010
10 years or less ur on the 2 teir 10 years and more ur on the old plan
The Real LEW 8782

Waterloo, Canada

#4 Oct 17, 2010
steelman wrote:
10 years or less ur on the 2 teir 10 years and more ur on the old plan
I have 3 years and I am on the old plan. The new plan is for new hires.
The Real LEW 8782

Waterloo, Canada

#5 Oct 17, 2010
Is the 10 year or less is what's being offered to 1005?
1005 member

Grimsby, Canada

#6 Oct 17, 2010
thanks 4 the constructive post brothers/sisters, i hope we can keep our opinion honest here. but as a small local in a big company we need to be suppotive of OUR union, because useless steal are out to pay us all less so they make more. anyhow thanx for the honest posts
Lombardo

Hamilton, Canada

#7 Oct 21, 2010
1005 member wrote:
thanks 4 the constructive post brothers/sisters, i hope we can keep our opinion honest here. but as a small local in a big company we need to be suppotive of OUR union, because useless steal are out to pay us all less so they make more. anyhow thanx for the honest posts
You want us to support a union who doesn't give a shit about us. We live in a democratic society so let the membership decide our fate not a select communist few.
1005member

Grimsby, Canada

#8 Oct 21, 2010
Lombardo wrote:
<quoted text>You want us to support a union who doesn't give a shit about us. We live in a democratic society so let the membership decide our fate not a select communist few.
as some who goes to ever meeting i can which is probly 1 out of 3 meetings i cant agree with you,

Since: Dec 09

Hamilton, Canada

#9 Oct 29, 2010
From the new guys I have talked to at 8782 most prefer the defined contribution plan; and I have talked to lots of them. Almost all for the same reason as Real 8782. My $0.02 worth.

Spam away

Since: Dec 09

Hamilton, Canada

#10 Oct 29, 2010
Lombardo wrote:
<quoted text>You want us to support a union who doesn't give a shit about us. We live in a democratic society so let the membership decide our fate not a select communist few.
You are talking local union, he was talking USW, the big picture.

Since: Nov 10

Dundas, Canada

#11 Nov 21, 2010
the defined benefit plan of course will be in trouble beginning in 2015 when useless steel stops contributing to lew and hamilton works pension funds as agreed to when signed documents with federal govt. useless will wind up pension plan in 2015 and give it to the union. a contribution plan is not all bad if the stock market is good, however unlike dofasco there is no profit sharing plan at useless. so young guy starts at useless, gets married has few kids and needs his declining pay check for mortgage,car payments,furniture,insurance,k ids activities,credit card etc.etc. and with any remaining part of his paycheck he can contribute to a useless contribution plan pension?? guy will need to save about minimum 700,000 dollars to have a decent pension......yeay i think thats going to work as long as the guy does not get divorced,child support,injured,laid off,locked out. wait until the divorce lawyers dig their claws in you can kiss your pension and home goodbye

Since: Nov 10

Dundas, Canada

#12 Nov 22, 2010
8782 Picketer wrote:
From the new guys I have talked to at 8782 most prefer the defined contribution plan; and I have talked to lots of them. Almost all for the same reason as Real 8782. My $0.02 worth.
Spam away
absolutely the contribution pension plan cam be very profitable. unfortunately useless steel does not have much of a profit sharing plan, well they do, its just not for you. so active workers after they have paid for mortgage,car ,kids university,holidays if any,taxes,etc.etc.etc.etc. will save half a million dollars for their pension. well i am a single guy and saving half a million is a joke!!! most of the time i could only cover my bar tab, and i worked a lot of ot!!! i was told useless was going to give active 25 hundred dollars a yr. for their pension. WHAT THATS A JOKE!! then they are going to give actives two fifty per hr. for every hour worked. so if your on strike,locked out, injured, light duties,holidays?,laid off then you get nothing towards your pensions. wow. if you vote for this offer you better hope you live to be eighty and still poppin lids in the coke ovens!!! you can be sure your superviors will long be retired..........useless steel offer may sound ok now but they will be looking to replace you with a contribution pension worker real soon after you vote yes........

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