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UPS Partners
Management Retirement at 59
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<blockquote data-quote="jeepguy63" data-source="post: 1188580" data-attributes="member: 4863"><p>Im not a lawyer and I don't play one on tv. But, after two law classes at the grad level, and after reading on the subject, here is my two cents. </p><p></p><p>The continental can company screwed nonunion folks over just months prior to their eligibility for retirement benefits. They got sued and there was some kind of settlement. I believe the ERISA laws were written as a result of the "lack of laws protecting employees" as exposed by the continental can situation.</p><p></p><p>More recently, cases involving Verizon and IBM went all the way to the supreme court. Both companies won their case.</p><p></p><p>All that said- here is what ERISA says. A company can do anything it wants to its existing retirement benefits plans....AS LONG AS THE CHANGE TO THE PLAN IMPACTES EVERY PARTICIPANT IN THE PLAN IN THE SAME WAY. </p><p></p><p>So, Verizon eliminated their pension plans, paid every existing employee the net present value of their existing benefit, and changed their future plan to a 401k contribution only. No mor pension. The scotus upheld the change since it impacted every employee in the same way. Same deal at IBM. </p><p></p><p>So your question....can they do XXXX......? They can do anything they want.....as long as every participant in the plan is affected in the exact same way. </p><p></p><p>Hope it helps.....I am not a lawyer or a law student...... I just read.</p></blockquote><p></p>
[QUOTE="jeepguy63, post: 1188580, member: 4863"] Im not a lawyer and I don't play one on tv. But, after two law classes at the grad level, and after reading on the subject, here is my two cents. The continental can company screwed nonunion folks over just months prior to their eligibility for retirement benefits. They got sued and there was some kind of settlement. I believe the ERISA laws were written as a result of the "lack of laws protecting employees" as exposed by the continental can situation. More recently, cases involving Verizon and IBM went all the way to the supreme court. Both companies won their case. All that said- here is what ERISA says. A company can do anything it wants to its existing retirement benefits plans....AS LONG AS THE CHANGE TO THE PLAN IMPACTES EVERY PARTICIPANT IN THE PLAN IN THE SAME WAY. So, Verizon eliminated their pension plans, paid every existing employee the net present value of their existing benefit, and changed their future plan to a 401k contribution only. No mor pension. The scotus upheld the change since it impacted every employee in the same way. Same deal at IBM. So your question....can they do XXXX......? They can do anything they want.....as long as every participant in the plan is affected in the exact same way. Hope it helps.....I am not a lawyer or a law student...... I just read. [/QUOTE]
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