My dad works for you for 27 years, sticks it out through the lay offs and everything, and you reward him by cutting his pension? Oh but only for US employees because it's ILLEGAL in Canda and Europe to do what you're doing to him. But you're going to add 1.4% to his 401k so it's all ok Here's a big FUCK YOU VERY MUCH, NORTEL!!

6/30/2006 10:59:20 AM

telecom market sucks.

be glad he still has a job.

6/30/2006 11:01:54 AM

Quote :

"be glad he still has a job."

6/30/2006 11:02:49 AM

yeah, not a big fan of nortel

i'm holding onto my nortel stock for the hope that maybe they can start making some money

6/30/2006 11:03:12 AM

Be thankful he has a pension.

6/30/2006 11:04:18 AM

He should have been an executive. He'd have just gotten another wheelbarrel full of cash at the expense of the working man.

6/30/2006 11:06:15 AM

Quote :

"While Nortel aims to reduce its pension costs, chief executive Mike Zafirovski was given a "lifetime annual pension" of US$500,000 when he was hired last October. This pension does not include other benefits he will receive under Nortel's regular pension plans."

6/30/2006 11:17:39 AM

hopefully he was smart enough to not rely on his pension plan - this is becoming more and more common nowadays

6/30/2006 11:18:52 AM

my friend's mom was laid off from IBM twice...the first time in the late nineties, and again about a year ago when she was re-hired on a contract level or something and they paid her by each case she took care of...or something.

My dad was in the Army for 30 years before he retired, and has been working at the VA in Durham for 13 years, and those fuckers were going to "eliminate his position" and not give him any benefits or anything. Luckily they decided against it.

I hope things get better with your dad!

6/30/2006 11:36:20 AM

its your dads problem why are you whining?

6/30/2006 11:36:21 AM

IBM and Nortel suck as companies anyway...they don't care about employees.

6/30/2006 11:37:41 AM

^^ christ man, your pops not love you or something?

6/30/2006 11:42:01 AM

^^ Could not be said any better.

[Edited on June 30, 2006 at 11:42 AM. Reason : .]

6/30/2006 11:42:29 AM

my pops raised me to handle my shit.

i dont worry bout his, he dont worry bout mine.

6/30/2006 11:48:03 AM

I'm not handeling my dad's problems by a damn sight, I'm just pissed off and since I'm at work, TWW is the only place I can vent

Would you not be pissed about it too, if it were your dad?

6/30/2006 11:53:22 AM

pension? whazzat?

6/30/2006 12:42:21 PM

Around 2000, we had a running joke at the office that Nortel had laid off so many people that there were no more people left to lay off during subsequent rounds of layoffs, so they had to lay off people at other companies instead.

6/30/2006 12:43:58 PM

im glad i didnt take my Nortel job offer.

6/30/2006 12:54:18 PM

^^Aha, I can see that now...

"Nortel announced today that within the next six months they will lay off 1,250 employees...at Cisco"

6/30/2006 2:03:05 PM

My Dad worked there 25 years. He "retired" in '99-2000 right before the bubble burst. Got lucky was was able to sell everything before that happened. If it wasn't for them asking him to retire early he'd still be working. So unknowingly they did him a favor.

6/30/2006 2:55:49 PM

eh calibrating all nortels equipment keeps me busy at least

6/30/2006 4:25:16 PM

Sort of your dad's fault for sticking around.

Nortel has been bad news bears for the last 6 years.

6/30/2006 5:20:58 PM

i'm relying on 401k & roth ira

pension is a bonus-- i'm expecting it but not planning my retirement around it

and social security is a big LOL

every time i look at that shit being taken out of my check, i think of the old people i am helping

i consider it more of a 'donation' to charity bc the old people need it

6/30/2006 6:09:48 PM

Quote :

"i'm relying on 401k & roth ira"

As long as you realize the market won't perform as it has in the past.

6/30/2006 6:30:03 PM

^you can't say that with any certainty

6/30/2006 6:45:36 PM

who knows, G. but yeah NORTEL fucked alot of people, I remember working in the park when alot of that stuff was happening. I was like 21 and fresh out of the Army so I didn't get affected too much. but for the future I plan on having most of my holdings in real estate. and as soon as I get a new job I'm getting a Roth IRA and investing in jewelry, mostly rolex's and diamonds.

6/30/2006 7:12:20 PM

hahaha not nearly as bad as USAirways does

Its been a long time since a non-union employee retired

6/30/2006 7:31:18 PM

Quote :

"every time i look at that shit being taken out of my check, i think of the old people i am helping"

I never really though about it that way - but now it puts a nice spin on things

7/1/2006 11:52:01 AM

fuck that, they were around when social security was INVENTED - they of all people should know that it wasn't meant as a sole source of income.

7/1/2006 9:13:02 PM

^except that's not what they were told by the gov't at the time

7/2/2006 8:01:36 AM

prove it?

7/2/2006 1:32:33 PM

Nortel was a sucky company 6 years ago. Writing on the wall.

7/2/2006 1:57:14 PM

^^^ it was intended to supplement other means of support

7/2/2006 2:08:32 PM

this thread has turned into a Soap Boxish thread.....

7/2/2006 7:57:08 PM

Narrow-minded.

Nortel's doing what it needs to do....well, what it should have done...some time ago. It's a smart business move with an unfortunate impact.

7/3/2006 10:56:23 AM

What Nortel should have done some time ago is flatten their management structure. Had they reorganized their business units instead of sticking to an 'old-world' business model, they would have been able to compete.

Then again their products and support for said products are pure shit, so i doubt much would have helped anyway. We (Cisco) don't even consider them a worthwhile threat as a competitor anymore.

7/3/2006 11:00:16 AM

My dad did tell me this weekend they're cutting 250 middle managers....finally maybe they will get a little more flat


Oh, and my dad wrote a scathing letter to one of the EVPs...it was awesome

7/3/2006 11:18:14 AM

I'm sure the EVP will read it.

Promise.

7/3/2006 11:41:28 AM

well i bet so since the EVP specifically asked my dad to give him feedback on the new pension plans

asshole.

7/3/2006 11:42:48 AM

I used to work for Nortel. They don't care. They do something like this every couple of years.

7/3/2006 11:58:05 AM

Yeah I know...I wish my dad had got out while the getting was good and gone to work for Cisco

7/3/2006 12:28:45 PM

This will teach you a lesson about working hard for the company's profit

7/3/2006 2:45:49 PM

Sorry to hear that about your dad

Bottom line, companies are in business to profit, regardless of how much they say they care about their employees. They'll do what they have to do to become/stay profitable. (Yes, seems like a "no shit" statement, but people lose sight of that a lot.)

7/3/2006 5:45:05 PM