Jump to content
  • Custom Search


Sign in to follow this  
pmooret

Retirement LIB

Recommended Posts

Does anybody know the last time we got an increase in our retirement's Life Income Benefit?  Decker? Anyone?  Two, three contracts ago?  How many?

 

Share this post


Link to post
Share on other sites

I think you are correct Dark. It maybe the contract before but not after 2003. Every year we went without an increase in our base rates that was the untold savings for the company in more ways than one. Those years without increases not only saved the company on current wages but way down the road a savings in reduced or stagnant  benefits paid to retiree`s. Then "we" helped the company pay the company's shortages of the contractual agreement on that amount the company pays into the investments for the retirement funds. 

If you are going to use investment money for everything other than its intended fund, what better way to show the fund is being caught up or balanced then to reduce the company`s payouts of the funds benefits and then all but brag the company is catching up the shortage with this payment and that payment. Just like everything else the company reduces benefits to do what? This contract trickery was text book accounting for balancing an obligation with the recipient's helping balance the books. Ahhh reduced cost for the company and good PR. In the mean time someone that took the last incentive to retire did so with no where near a balanced benefit. Same monthly LIB as someone receives 15 years ago annnnd no cost of retires medical benefits to the company. Then out of that same LIB retirees got 15 years ago the retirees get to pay those ever increasing VEBA co pays and no adjustments to the ever increasing cost to live.

Sure a good thing the IUAW has accountants on our side of the table. Don`t they?  

I`m with you Dark, no LIB increase this contract. 

Edited by Decker

Share this post


Link to post
Share on other sites

It seems the company is playing Major League Baseball while the UAW is playing little league.

The company is always looking 3 steps down the road and we are so short sighted and never see it.

Look at the Visteon spin off. The company was able to convinced the UAW it was a win for everyone. In the end the company was able to close 13 parts plants, eliminate 20,000+ UAW ford jobs, bring back a few thousand workers and call it a success. The UAW would have never let Ford close all those plants, so Ford played the Visteon shell, a little slight of hand and they fool everyone. 

Another example is the "pull profit sharing early and call it a contract bonus trick". It's your money, they just give you a no interest loan and call it a signing bonus. We fall for it every time.

How about the performance bonus instead of a raise trick. "It's $3000 right, just as good as a raise" and you get it as soon as you sign. The problem is you don't get the 3% raise which add's up to $10,000's of dollars over a 30 years career. Combine that with another performance instead of raise mid contract and another couple next contract and your looking at a ton of cash. In 30 years we are talking more cash than you could carry home in one of those E250 vans we no longer make.

How about the benefits of going VEBA. All I see is retires get benefit reduction after benefit reduction and increased co-pays with no recourse. Now we can't even complain to the union because they are the ones making the cuts all while collecting a second income as VEBA board members. Overall the VEBA may be better for the membership, but it has been an economic windfall for those who get a second check for being VEBA advising committee board members. 

How about giving up the Cost of Living raises. We agreed to give that up assuming we would get it back when things got better. Last time I spoke to a national negotiating team member they acted like they didn't even remember that was once a benefit.

How about the "we're going to get rid of the two tier system" mantra we heard before the last two contracts. We ended up with 4 or more tiers. How about all the other things we gave up 3 contracts ago. You don't hear them even talk about getting any of those back. 

I guess I should be thankful I still have a job. That's what were going to hear in the fall.

  • Ford Motor revenue for the twelve months ending March 31, 2019 was $158.721B
  • Ford Motor annual revenue for 2018 was $160.338B. ($3.7 billion Profit)
  • Ford Motor annual revenue for 2017 was $156.776B (7.3-billion profit)
  • Ford Motor annual revenue for 2016 was $151.800B ($10.4 billion profit)

 

Share this post


Link to post
Share on other sites

Thanks for answers and questions, that sounds about right.  So many don't understand the structure of our retirement and have no ideal what the Life Income Benefit is but I do know it has fallen behind on raises.  The company always uses the divide and conquer method.  When the two tier system started the next contracts concentrated on their retirement because it wasn't as good as ours.  So over several contracts the 2nd tier has had raises or upgrades to their retirement so that they can catch up to us.  But the way that they are catching up is due to legacy now getting any raises. 

Dayshift,  don't forget when we gave up the cola raises the retirees lost their raise on the contracts that was gained by diverting our first cola to the retirees.  Not only have future retirees not gotten a raise, past retirees haven't gotten a raise either.  

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×