Well, it was 20+ years ago, but I was on the Western Pa Freight Committee twice. I was part of the team that negotiated a 9% wage reduction for Preston Trucking Company. We did what was necessary to delay the inevitable. I had to watch as JC 40 lost McClean, Halls, Interstate, Cooper Jarrett, Helms, Ryder, Branch, Mushroom, Penn Yan and I'm sure there were others I don't remember.
I was also on the pension fund board. We had to continually raise benefits because the IRS regulations required us to be underfunded. If we had more assets than liabilities, we lost our non profit status. The same ERISA rules said that earned pension benefits could not be reduced. All 9 trustees and our investment team knew it was a mistake. We knew that in the future those $40,000+ pensions were unsustainable. Here we are. My pension was cut 30% in 2019.