Been hearing some former employees getting lump sum offer. On pension. I have received no offer yet. Any word on offers good or bad?
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If they offer you a lump sum take the money and cash that check as fast as you can.
Got to love these crooks. Laughing all the way to the bank as they screw their employees.
This was from July, but:
"As of May 28, pension plan assets totaled $2.984 billion, with projected benefit obligations of $3.549 billion, for a funding ratio of 84.1%, compared to the funding ratio of 75.8% the company announced as of May 29, 2016. The company said it plans to contribute $13 million to its pension plans in fiscal 2018.
The company also disclosed it made a total of $288 million in lump-sum payments to former employees vested in its salaried pension plan as the result of an offer made to those participants. The company did not disclose the number of former employees who took the offer or were sent the offer."
Is it safe to say that around 10% of CAG pensioners accepted a buyout earlier this year?
I've heard that pensions are now locked at current salary levels. In other words, merit increases/promotions/etc. won't move the needle on future pension payouts.
I'd assume additional buyouts are on the way, potentially even for active employees.
I worked for at Congra M---ord Delaware Poultry plant they closed my pension was a 100% I sent a letter asking about my pension they never told me the true information.
My husband worked for lambweston for 18 years and when we got divorced in 95 he showed he only had 650 dollars in his pension, anyone have any idea why he would have so little money in his pension?
Anyone get their check?
I would hate to think they are adding insult to the original injury. But wait.... It is ConAgra.... Of course they could care less.
I am due the amount of 23,450 and I need it to pay some bills, still have not received it and i think it may have been sent to the wrong address...
I also got a large sum delivered on December 22 - I was very concerned because these type of transactions are always done using FedEx - in a sense I think I was very lucky and I am glad this is over!! Happy new year everyone
Well did not get anything by December 31, anybody in the same boat??
I got mine Christmas Eve just like a friend of mine.
Congratulations. When did you receive the check? I'm still waiting on mine they said late December still nothing
I thank God that my check for quite a very large sum actually arrived. My financial advisor was stunned, shocked and outraged that they didn't FedEx it to me. "What were they thinking?".
I can only imagine ConAgra saying "We mailed it. You didn't get it? Not OUR problem. "
What a group of slime buckets.
I used to work for Hunt-Wesson as many of you and decided to go for the lump sum distribution
I am flabbergasted by the fact that CONAGRA decided to use USPS to deliver the checks to all the thousands of people that may be in this program
USPS mail is lost, missplaced, etc. - there is no guarantee that the checks are going to be delivered accurately to all people
We need to stick together in case we need to take a class action lawsuit against Conagra
I was part of the Dec 2015 layoff and never got a lump sum offer... I'm 63, think it had to do with my being closer to collecting or being in a different state than Omaha? I'm kinda bummed!
Never got lump offer. 56 years old. Getting a little over 1300 per month as long as me or wife alive starting january. Not sure if was correct decision, but since never got lump offer to compare to went for sure thing.
No one has received any Lump Sum checks yet. So they have not been mailed.
So ConAgra goes back to its one consistent universal principle.
Lie and keep on lying as long as possible.
I recieved a lump some payout from ConAgra. Worked in sales from 1992-2004. The payout is for $58,000.
Based on the $450 per month annuity starting at age 65, the offer is acceptable. Rolling over the funds into my exsiting plan is the best option.
Expect that ConAgra will wait until the last possible day in December to make good on the payout.
I called the number they gave on their letter last Friday and they said the checks were to be mailed last Friday (12/16) or Monday (12/19). I still haven't received a check and, even though I knew better, I'm counting on it to pay my property taxes.
I think it is anyone who has not taken a monthly pension to date but no longer works for ConAgra. In other words they are trying to reduce or eliminate any future pension fund allocations against their budget.
No checks. Bet they cut the checks on December 30.
Make a few bucks on the interest alone.
Your basic average scumbag crapweasles.
Take the money and run away from Seanagra as fast as you can.
I worked for ConAgra from '95 to '05 we got sold to Pilgrims in '94.. I got a letter offering a 15k buyout. We decided to cashout; and I did get another letter saying everything was correct.. I have yet to receive the check.. anyone received their check yet?
Do we have any idea which employees they decided to offer lump sums? Some combination of age + years of service, I assume?
The official response for Lump Sum Pension Check arrival is " Sometime in December".
These vultures will cut the check at the last possible minute so that they can earn interest on the money.
How much do you want to bet the checks arrive on Friday December 30th?
No Holiday lunch. Not even coupons. Again
It's nothing personal. It is just business.
What a bunch of dispicable human beings.
I took the offer...still waiting for my check though. As is usually the case with anything ConAgra related, the phone number they gave you for questions can't actually give you any information, like when the checks were mailed, where they are coming from, etc. Can't wait to be finally free of that horrible institution!
I was at Hunt-Wesson (Fullerton, CA) from '85-'94. I quit before they laid me off due to the ConAgra buyout. I received the offer which totaled a little over $13k.
I am taking part cash and the majority I'm rolling into a Roth IRA.
additional info for Pension Assistance Project.
From the Pension Rights Center Web Page
The U.S. Administration on Aging's Pension Counseling and Information Program currently serves 30 states. Free legal assistance is available to individuals experiencing a problem with their pension, profit sharing or retirement savings plans. For more detailed information about what the projects do, check out the brochure about the program and watch our video.
Contact one of the pension counseling projects below if you, your company, or your pension plan are located within a project's service area. Assistance is provided free of charge.
Not located within a service area? You may be able to find help with your questions by visiting PensionHelp America.
ILLINOIS PENSION ASSISTANCE PROJECT
Illinois Pension Assistance Project
MID-AMERICA PENSION RIGHTS PROJECT
Michigan Pension Rights Office
Serving Indiana, Michigan, and Tennessee
Ohio Pension Rights Office
Serving Kentucky, Ohio, and Pennsylvania
MID-ATLANTIC PENSION COUNSELING PROJECT
New York Pension Rights Office
Serving New Jersey and New York
NEW ENGLAND PENSION ASSISTANCE PROJECT
New England Pension Assistance Project
Serving Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont
SOUTH CENTRAL PENSION RIGHTS PROJECT
Texas Pension Rights Office
Serving Arkansas, Louisiana, Missouri, New Mexico, Oklahoma, and Texas
UPPER MIDWEST PENSION RIGHTS PROJECT
Minnesota Pension Rights Office
Serving Iowa, Minnesota, North Dakota, South Dakota, and Wisconsin
WESTERN STATES PENSION ASSISTANCE PROJECT
California Pension Rights Office
Serving Arizona, California, Hawaii, and Nevada
There is a group who might be able to help on this CAG Pension situation? Google the Pension Assistance Project. This small group of lawyers is funded by the US Department of Aging and other groups/individuals. They are not funded generously, but from my experience can competently assist with pension questions. They have offices in many areas of the US. I used the Western States Pension Assistance Project office for assistance on a previous employer that had calculated info for me incorrectly. All they did for me was pro bono assistance. The Wall Street Journal wrote about this group and what they do about 10-15 years ago.
Thanks for the extra information, everyone. Please share whatever you can and do send me a copy of your paperwork. Again I do not need your name (but would love to talk with someone facing a decision; I just don't need to put your name in the paper.)
1314 Douglas St. Omaha, NE 68102
So basically SeanAgra can, at any time, can close the pension plan and force retired employees to accept what is offered to them. If someone had the time to read massive documentation for the Pension Plan they would find cute and clever legal language that says, in affect, SEANAGRA can do what it damn well pleases at any time.
So throw employees with massive years of experience to the curb, screw them regarding their pensions and then laugh all the way to the bank is the new "Conagra Way".
Risk reducing strategies
Barbara. Let us know if you got a copy.
Yes. It is called a mandatory cash out. Eventually ConAgra is going to force this one you anyway.
Look it up.
Do you think Sean who openly lied to everyone is not going to lie to you now?
My friends who now live in California tell me that Southern California Edison did a number on their people to get rid of pension payments. Just like ConAgra is doing now. Perfectly legal. Your pension is basically a annuity that is purchased on your behalf from an insurance company. ConAgra gives a certain amount of money to the insurance company. The insurance company invests it and hopes you die before you have used up all the money they got for you. The trick here is that ConAgra actually pays less for lump sum than the annuity. But the lump sum is all yours and your heirs. If you are offered lump sum. Take it now. Take it and run away as fast you can. ConAgra is going to screw anyone that does not and waits to collect their pension later. Just like Southern California Edison did.
I believe the pension is insured, if you don't take buyout money should be there in the future. The buyout was only about 25% of what you would get if you waited until 65.
Hi everyone, This is Barbara Soderlin at the Omaha World-Herald. I would like to learn more about these pension buyouts -- can some of you please send me a copy of the letter you received from the company? (I will not use your name -- just want to see the language of the letter.) or 1314 Douglas Street, Suite 700, Omaha, 68102. Thanks! Or call
I heard the same thing this week from a former employee. This was a way-back former employee. Left ConAgra in the 90's. This person got a letter offering a lump sum pension. Did not say how much the offer was. This person had only been with ConAgra (then Hunt Wesson) for 5-7 years when they left the company
My financial advisor has seen this all before. ConAgra is in the process of getting the payments to the pension fund off their books. The people who has already chosen the monthly pension payment are stuck with that option. The first group of lump sum people get a pretty good deal. Down the line ConAgra will force the remaining pension eligible people to take lump sum. They will get screwed and ConAgra closes the fund. Of course laughing all the way to the bank with any remaining funds. Got to love Sean and his scumbag senior management staff.