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When Will It Happen Here?


Chrysler freezes pension plan for 8,000 employees

WASHINGTON Chrysler Group LLC said Friday that it is freezing the pensions of roughly 8,000 U.S. salaried employees at the end of the year.


The U.S. automaker said it is making the move to stay in line with industry trends and to comply with IRS regulations.


The Auburn Hills, Mich.-based company declined to detail the specifics of the IRS issue, but said it is currently in compliance. Company spokeswoman Shawn Morgan said the compliance matter is not related to underfunding of the pension.


U.S. companies in general have moved away from traditional, or “defined benefit” pensions due to the cost. General Motors (GM) made a similar move last year when it froze traditional pension benefits for 19,000 salaried workers hired before 2001. Such pensions guarantee a specific payment to retirees.


Chrysler said that all of its affected employees will be shifted to a defined contribution plan. It also lowered the age at which employees can begin claiming all of their retirement savings to 58 from 62.


The company closed its pension plans to new participants at the start of 2004. The freeze does not affect those hired from that point forward or those who have already left the company or retired. All of the benefits accrued through Dec. 31 will remain in place, and employees will not lose what they have earned to that point.


Chrysler, majority owned by Italian company Fiat, has 65,500 employees worldwide


© 2013 The Associated Press.

Something to think about……

What’s In a Name? What Labor Doesn’t Know About Labor… Now You Do
 

Amazon Looks at the Grocery Business

     Everyone knows how Amazon has shaken up the Dot Com world with their way of selling everything online. Now Amazon is looking at going into the grocery business affecting a number of industries not only including the major grocery chains, big box stores, and all of their associated warehousing and delivery systems, but also UPS and FedEx. They plan to develop their own delivery system in the regions where they implement the grocery system.
     Here’s the skinny.

Why Didn’t I Think of That


If God wanted us to vote, he would have given us candidates.  ~Jay Leno~



The problem with political jokes is they get elected.  ~Henry Cate, VII~



We hang the petty thieves and appoint the great ones to public office  ~Aesop~



Politicians are the same all over. They promise to build a bridge even where there is no river.  ~Nikita Khrushchev~



When I was a boy I was told that anybody could become President; I’m beginning to believe it.  ~Clarence Darrow~



Why pay money to have your family tree traced; go into politics and your opponents will do it for you. ~Author unknown



Politicians are people who, when they see light at the end of the tunnel, go out and buy some more tunnel. ~John Quinton



Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer



I offer my opponents a bargain: if they will stop telling lies about us, I will stop telling the truthabout them. ~Adlai Stevenson, campaign speech, 1952



A politician is a fellow who will lay down your life for his country. ~ Tex Guinan~



I have come to the conclusion that politics is too serious a matter to be left to the politicians. ~Charles de Gaulle



Instead of giving a politician the keys to the city, it might be better to change the locks. ~Doug Larson



There ought to be one day — just one — when there is open season on senators. ~Will Rogers