nutz4fish wrote:
Bob, I worked for a great company for 47 years. They merged with another company, but it worked out pretty well for the employees. First, the new management team eliminated pensions for new employees, but grandfathered in the existing ones. They kept the 401k plan the same for them, but substantially increased their match and maximum allowable $'s able to be contributed for the new employees.
Also added an improved medical disability plan for all, and included previously nonexistent dental benefits.
I guess they wanted to reduce legacy costs but still be able to attract quality new employees.
No pay cuts for existing employees and modest yearly increases remained in place for 3 years. Vacation benefits were not cut, but new folks will have a reduction. ( I had 5 weeks vacation when I retired, that was the maximum then ).
The folks I keep in touch with still working there expected a much worse situation, so they're pleased.
Bob, I worked for a great company for 47 years. Th... (
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There are good companies out there but there are more not so good companies also. Glad it worked out for you.