Jaah Posted October 31, 2009 Share Posted October 31, 2009 Just came from the ratification meeting and vote. I am sad, angry and depressed. I feel like a dog who has been kicked so many times it just lies their whimpering. I would be surprised if this is voted down. :unsure: Quote Link to comment Share on other sites More sharing options...
shoemaker Posted October 31, 2009 Share Posted October 31, 2009 Just came from the ratification meeting and vote. I am sad, angry and depressed. I feel like a dog who has been kicked so many times it just lies their whimpering. I would be surprised if this is voted down. :unsure: Sorry to read that. I can understand your pain. Be strong and try to be positive. Quote Link to comment Share on other sites More sharing options...
iluvnascar Posted October 31, 2009 Share Posted October 31, 2009 Re the STEP (Special Termination of Employment) applicable to those who are NOT retirement eligible and who have 8 or more years of service.... I understand that there is a cash payment and a vehicle voucher......but will such employees also receive the accrued value of their Ford Pension Plan and be able to transfer it to a special Locked-In RRSP? Quote Link to comment Share on other sites More sharing options...
justnthrmushroom Posted October 31, 2009 Share Posted October 31, 2009 Re the STEP (Special Termination of Employment) applicable to those who are NOT retirement eligible and who have 8 or more years of service.... I understand that there is a cash payment and a vehicle voucher......but will such employees also receive the accrued value of their Ford Pension Plan and be able to transfer it to a special Locked-In RRSP? Apparently you will have the option to leave the accrued value with Ford or take it with you. Quite frankly I am personally concerned about leaving it with Ford. Dearborns plan for Ford Canada seem cloudy at best with the dollar being inflated. Quote Link to comment Share on other sites More sharing options...
iluvnascar Posted October 31, 2009 Share Posted October 31, 2009 Apparently you will have the option to leave the accrued value with Ford or take it with you. Quite frankly I am personally concerned about leaving it with Ford. Dearborns plan for Ford Canada seem cloudy at best with the dollar being inflated. I'm glad that the employees will still receive their earned pension credits.....I was concerned that the STEP payment would include any and all financial obligations of Ford including the accrued pension. With reference to pension safety, it seems to me that by the time it happens in two years, the Government will have some knind of pension protection in place. If not.....you may be right that it might be best to transfer it to a locked-in self-administered RRSP.....although not everyone is equipped to manage such an important piece of cash Quote Link to comment Share on other sites More sharing options...
guilt trip Posted October 31, 2009 Share Posted October 31, 2009 I'm glad that the employees will still receive their earned pension credits.....I was concerned that the STEP payment would include any and all financial obligations of Ford including the accrued pension. With reference to pension safety, it seems to me that by the time it happens in two years, the Government will have some knind of pension protection in place. If not.....you may be right that it might be best to transfer it to a locked-in self-administered RRSP.....although not everyone is equipped to manage such an important piece of cash I personally think you're better off taking care of it yourself. You need to talk to people that know where to hide/invest money so you don't get dinged on taxes. My neighbour who works for the gov't said it is possible to do it. Quote Link to comment Share on other sites More sharing options...
iluvnascar Posted October 31, 2009 Share Posted October 31, 2009 I personally think you're better off taking care of it yourself. You need to talk to people that know where to hide/invest money so you don't get dinged on taxes. My neighbour who works for the gov't said it is possible to do it. If you hear of a way to hide the STEP, I'd love to hear about it. I know that the pension can be transferred to a special locked-in Self-Directed RSP (or left with Ford). But the $130,000 (including the car voucher) is exposed except for the amount that can be transferred to an RRSP. But if you have been contributing to your RRSP on a regular basis, you may not be able to transfer anything significant. And if you get the money in late 2011, you will be in a high tax bracket and the marginal tax will likely be in the 45% range. Ken Lewenza should have negotiated payment of severance in 2012 (at the employee's option). that would save a whole lot of tax. Meanwhile, our politcos could solve the problem but they won't...they don't give a hoot about auto workers. Quote Link to comment Share on other sites More sharing options...
STAPGUY23 Posted October 31, 2009 Share Posted October 31, 2009 didn't they offer ford money to invest in canada ? Quote Link to comment Share on other sites More sharing options...
stap1520 Posted October 31, 2009 Share Posted October 31, 2009 (edited) I dont give a shit what anybody thinks or says but this contract sucks ! It is bullshit why are we going to open up an existing contract for this?? the caw talks about pattern bargaining but where is the pattern? only on certain issues i guess... gm and crysler got $130000 and a car voucher and a full pension after 25 years but at stap if we have 25 years of service we have to decide between taking step buyout or our pension. i voted NO we should re bargain and set this closure agreement up properly 25 and out full pension people with 15 years service and who are 50 get a better package than people with 25 years and who are under 50 ...what bullshit who cares how old you are? I thought union was all about seniority and pattern bargaining? Edited October 31, 2009 by stap1520 Quote Link to comment Share on other sites More sharing options...
GuyfromSTAP Posted October 31, 2009 Share Posted October 31, 2009 I dont give a shit what anybody thinks or says but this contract sucks ! It is bullshit why are we going to open up an existing contract for this??the caw talks about pattern bargaining but where is the pattern? only on certain issues i guess... gm and crysler got $130000 and a car voucher and a full pension after 25 years but at stap if we have 25 years of service we have to decide between taking step buyout or our pension. i voted NO we should re bargain and set this closure agreement up properly 25 and out full pension people with 15 years service and who are 50 get a better package than people with 25 years and who are under 50 ...what bullshit who cares how old you are? I thought union was all about seniority and pattern bargaining? Couldn't agree more Stap...it's our fault we were hired young?Fail to see why a person with less time in would get better options. Quote Link to comment Share on other sites More sharing options...
Cocheese Posted October 31, 2009 Share Posted October 31, 2009 didn't they offer ford money to invest in canada? The CAW claims they were, but I have yet to hear a Government Official or a Ford rep confirm it (not like anyone from those three can be trusted). Besides, offering money is just one thing. Stipulating how that money is spent, or when it is to be paid back, in what time frame, with what interest is another. Quote Link to comment Share on other sites More sharing options...
Stap guy Posted October 31, 2009 Share Posted October 31, 2009 I have never been embarassed to be a CAW member until today. But don't worry though, fluenza is feeling our pain. F.U. you bastard!! Quote Link to comment Share on other sites More sharing options...
guilt trip Posted November 1, 2009 Share Posted November 1, 2009 If you hear of a way to hide the STEP, I'd love to hear about it. I know that the pension can be transferred to a special locked-in Self-Directed RSP (or left with Ford). But the $130,000 (including the car voucher) is exposed except for the amount that can be transferred to an RRSP. But if you have been contributing to your RRSP on a regular basis, you may not be able to transfer anything significant. And if you get the money in late 2011, you will be in a high tax bracket and the marginal tax will likely be in the 45% range. Ken Lewenza should have negotiated payment of severance in 2012 (at the employee's option). that would save a whole lot of tax. Meanwhile, our politcos could solve the problem but they won't...they don't give a hoot about auto workers. Don't forget if you have a spouse, kids, you can also do rrsp's for them. There's other things to that I don't remember at the moment. My neighbour is the wiz when it comes to this shit. He works for the gov't. I'm pretty sure that there'll be a seminar, or some form of schooling for those in this situation. Best thing to do is educate yourself so that most of that money goes where it belongs...to you. Quote Link to comment Share on other sites More sharing options...
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