Pension changes
Terry 25 years ago I was told that we could retire after 30 years in my pension. It did not matter the age. As long as you had 30 years in. With five years to go they have now changed it. And now cannot retire until I’m 65. I just now added 11 years to my working life. How is this legal? For the last 25 years I was told I could retire at 54. I am part of the international Aerospace and machinist Union. how is this legal? Is there any action I can take against them legally?
Terry Says
Union or “multi-employer”pension plans have been under great financial stress. In fact, there were such great concerns about solvency that in 2014 a new law was passed allowing stressed pension plan to make adjustments. I’m not sure if this qualifies, or if your plan was considered”severely underfunded.” You can read about this legislation here.
Don’t waste your time thinking about suing. I guarantee you that — though unfair and unpleasant — they had good legal counsel before making this change. So it is surely legal.
But just because I was curious I put in a call to your pension office and am waiting for a callback. If I get any more info, I will update this post and send you a note.
