Non-COLA Pension gets 2% Increase

[target2019]

I don't recall reading about an increase to a Non-COLA pension before.

My spouse just received mail about a 2% increase.

Sur-prise, sur-prise, sur-prise!

 

[Texas Proud]

Yea, some states that do not have colas will give an increase every once in awhile... my oldest sister just got one... first in 20 years...

 

[Chuckanut]

A now deceased neighbor retired from a well known oil company in the 1980s. Every year or two they bumped up his pension somewhat. Whether it kept up with inflation I don’t know, but he was happy about it since the company was under no obligation to do so.

 

[Texas Proud]

A now deceased neighbor retired from a well known oil company in the 1980s. Every year or two they bumped up his pension somewhat. Whether it kept up with inflation I don’t know, but he was happy about it since the company was under no obligation to do so.

LOL, I had forgotten about my dad's pension... he qualified for one but the company tried to not give it to him due to their bookkeeping error on when his birthday was... it went to court and he qualified for (IIRC) about $20 per month starting in the late 1960s... they used to up the amount every few years (did not have to) but usually had a minimum amount of $5 to $10... dad passed in 1980 but mom was on it also... they were paying her up till she died in 2019 with the amount just about $100 or so per month..

 

[Koolau]

I don't recall reading about an increase to a Non-COLA pension before.

My spouse just received mail about a 2% increase.

Sur-prise, sur-prise, sur-prise!

My old Megacorp offered a pension without COLA but for many years bumped the pension amount occasionally over the years. Once I retired in 2005, that practice stopped.

Megacorp had already started doing things like ceasing 401(k) match whenever results didn't meet plan or taking away our bonus for a similar "whim." They also tightened the "attendance" policy so that more than 1% absence could stop a raise or promotion. They also changed the vacation accrual policy so that I lost a month's vacation which I had saved. Lots of stuff like that convinced me that "This is no longer your 'Father's' Megacorp."

BUT, the "last laugh" is that Megacorp stock has more than made me whole in the ensuing years. I've made more in stock appreciation since retirement than all my pension payments combined. YMMV

 

[CaptTom]

I had to laugh at the thought of my MegaCorp giving us anything they weren't contractually obligated to give. Maybe even then. Not your father's MegaCorp indeed!

Speaking of which, My father had to fight for a small pension from a company he had left years before he retired. They'd moved their headquarters, got bought out and changed their name, "misplaced" his employment records, and otherwise made it difficult. Keeping good records of his own, and a lot of persistence, got him his due pittance eventually. Every little bit helps.

 

[38Chevy454]

Well 2% beats zero. Probably company is trying to get a little positive PR with retirees due to the higher inflation last few years.

 

[target2019]

Well 2% beats zero. Probably company is trying to get a little positive PR with retirees due to the higher inflation last few years.

I think PR is certainly part of the decision. Those who've been pensioners for 5 years or more got a 5% raise.

But there's more to this I'm sure. In any event, it's more than zero and we'll keep rolling the dice.