canaryinthemine
Retirement....The Job I Was Born To Have!
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I don't think it will be a unilateral withdrawal but a contractual payment withdrawal. Think YRC,; did YRC not contractually withhold pension payments for over 5 years? Then return to pay only 25% of the original contractual payment? This is just my educated guess.
Yes, .......that could work.....if it hadn’t been tried already with disastrous results.....
And if the rank-and-file vote and approve it.
You could possibly sell it to the employees,......if there were no prior examples(YRC...).
But I think approval of pension payment cuts would go over like the proverbial lead balloon. I think the rank-and-file would approve another pay cut first, before a pension cut that only favors corporate bottom line.
The company would have to make the case they were destitute,.......on their last legs.......ready for bankruptcy.........shedding corporate jobs like deer ticks........selling property and equipment.......
And I still don’t think guys would vote on a pension reduction plan.....especially after the YRC example....where upper management barely contained their amused disdain after they bullied their employees to vote for a pension cut.
Several contracts ago,...I had this conversation with an upper management guy, who was crying volimuous crocodile tears over the “terrible cost” of the pension,.....and how much better off I’d be with a defined-contribution 401(k)........and that the company “might have to close....”
I said: “ Close it......I’ve got a CDL,.....If I can’t find another MEPF contributor,.......I’ll be working long before he will be, as truck drivers are in much higher demand than company flacks......”
Strangely,.......he acted offended.........