Originally Posted by
marcal
I contacted my rep and was told any retirement plan introduced would be IN ADDITION to the 16% DC plan. I'm fine with that as long as it isn't funded by a lower DC contribution(i.e. 9% DC).
Do not change the present day DC negatively at all. It needs to remain intact.
Yeah, Im still a no-go on a DB.
This thing reeks of a Ponzi scheme. The old guys who go through first get their $$$, fast forward 20-30 years and whoops the company is bankrupt, whoops the market is down: you get the lousy variable benefit, whoops there is fraud, whoops there are high fees, whoops they changed the tax laws and it is no longer an advantage; all the while paying a benefit that is less than market returns.
Money earmarked for a DB, even if its additional to DC, is money they could have paid us either straight cash or somewhere else more efficiently in the contract like health insurance premiums, work rules, training pay, etc.
DB is still a huge gamble that even on a good day, pays less than market returns.