Former Xerox employees facing retirement benefit cutbacks

[Northeast Agent]

Former Xerox employees facing retirement benefit cutbacks

Thousands of retired Xerox employees face the loss of their company supported retirement health care benefits as of the end of the year after a notice from the company to its former workers.

“We are in the process of returning our iconic company to the forefront as a leading technology company,” the letter begins. But it then advises “In order to succeed, we must make some difficult but necessary decisions.”

Where to find these folks???

 

[somarco]

You won't find them. They will find you.

Many large companies jettisoned their retiree health plan and offered an HRA as a replacement. No specifics in the link unless I missed it.

Quite a few big companies paid well and had good benefits while you worked but much was backend loaded in stock options. Xerox stock topped out around $150 in 1998. Today it is around $25.

Sears employees in a similar boat except Xerox isn't filing BK. Sears topped out at $130 in 2007, today worth $0.40

Loss of retiree health is one thing. Seeing your net worth decline because it is tied up in company stock is a much larger concern.

I have some ATT retirees who found me because of articles I posted on the web.

As Employers Drop Coverage, Retirees Turn to Private Exchanges

 

[Northeast Agent]

Thanks, Somarco. I was hoping maybe to find "pockets" of former Xerox retirees spread out across the country near former worksites.

I attended college out-of-state in NC and was amazed at all the "Yankee" transplants in the Raleigh-Durham there in the '90s. They moved from PA/NJ/NY for work then stayed after for retirement due to a milder climate, lower taxes, housing, etc.

 

[somarco]

ATT had several forums that addressed their situation. That was where I discovered retirees had to buy at least ONE product via the private exchange. Wasn't easy to find. Just came upon it by accident.

You can bet there will be a number of Xerox retirees that won't be happy about this. They will be posting on social media including possibly places on FB. Crashing the party won't be easy. That's why I said they would have to find you, not the other way around.

These groups usually are quick to spread the word if someone comes along with street cred.

You may attract some inquiries from this thread. Sam and company do an incredible job of getting topics to show up in Google searches.

Good luck!

 

[LostDollar]

You may attract some inquiries from this thread. Sam and company do an incredible job of getting topics to show up in Google searches.

THat's amazing. " xerox benefits cutback " brings it up number 2.

 

[Northeast Agent]

Retired Buffalo News employees could lose health insurance

Looks like another one is about to bite the dust... This time, retired mailers with the Buffalo News. And the company is owned by Warren Buffet, to boot!

"When you propose something right away you're acknowledging that we're negotiating, and to unilaterally, the next day send a letter out to people. You're talking about one of the richest men in the world attacking people who are completely defenseless."