The following is from a recent letter to the editor of the local newspaper. It appears as published, except for the omission of one short paragraph which is relatively extraneous, and of the name of the old established, large company which employed the retiree :

I am a veteran of the Korean and Vietnam wars, and I retired from [company name] in 1994 for a small pension plus health benefits.
We fought for those benefits for years. [Company] took away my health benefits in January, saying they could not afford it anymore.
The retired CEO of 10 years received $9 million plus a million shares of stock. The new CEO starts at $747,000 per year and 1.1 million shares of stock, in addition to a big bonus.
As a veteran and devoted employee of the company for 40 years, I deserve my promised benefits.

The moral (if that’s the right word) of the story? Any loyal employee who thinks this kind of stuff only happens on Wall Street had better think again, not put too much stock in corporate promises, and sock away a few million spare dollars just in case you don’t work your way up to CEO before you retire.





4 comments on “PROMISES, PROMISES

  1. arekhill1 says:

    What kind of un-American nonsense is this? We live in the land of equality, and the CEO who takes away your pension deserves to make every bit as much as the banker who made your IRA evaporate.


  2. mistermuse says:

    I’ve re-read the letter to the editor with fresh eyes, and it appears that the company took away “only” the retiree’s health benefits, not also his small pension (which is probably more legally binding on the company than health benefits, but I have little doubt the company wouldn’t try to rescind his income as well, if it comes down to a choice between that and the executives getting theirs).

    That said, how can anyone justify taking away promised health care benefits of an elderly retiree who faithfully served his company and his country longer (probably a lot longer) than that multi-millionaire CEO?


  3. Don Frankel says:

    You’ll have a pension and health care for the rest of your life. We can add that to check’s in the mail, you can’t get pregnant in this position and I won’t… we’ll stop that right here as this is a family channel. Funny though they told us the same thing when we got hired by NYC. I mean the pension and health care thing.


    • mistermuse says:

      Don, in the government/corporate world, it seems that all such things are filed under CIRCUMSTANCES ALTER CASES, rather than under BINDING PROMISES – MAKE THEM HAPPEN.


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