I’m concerned that if/when the company goes under, the same kind of screwing over of employees that happened with Sears Canada will happen down here. Is my fear unfounded?
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This is why you don't have to worry about your Sears pension, when the company folds (too bad Canada doesn't have this):
https://www.pbgc.gov/
No, in case you didn't know, in the US, the federal government will step in to insure all workers retain their retirement- something the US has over Canada! It won't be the full amount, but it'll be a portion of it, Canadians are out everything!
This was a response regarding Retiree Benefits:
The Debtors had to make a business decision regarding the treatment of the Sears Retiree Group Life Insurance Plan (the “Retiree Plan”).
Given the Debtors’ limited cash resources and the fact that the Plan provides for all of the Debtors’ assets to be transferred to a liquidating trust on the effective date, the Debtors determined that they cannot maintain the Retiree Plan, nor pay the premiums associated with the underlying insurance policies.
Docket 4635
Yes severance is not going to happen at the rate of the closures....anyone affected should email Elizabeth Warren whether you like her or not she is on your side about this issue and has clout it can't hurt.
The pensions are guaranteed, up to a certain dollar value. The 401ks are held by a 3rd party. The health insurance will terminate immediately. There will be no severance. Unemployment will be paid by the state, at low capped levels. No surprises.
Yup same thing with protection plans too, that 3rd party blah blah A&E services has you covered no matter what is B.S. everyone that has anything invested from Sears will be screwed over. Who in their right mind would take on all that when Sears ceases to exist because they do own it and have already took all the profits from it, there is no funds set aside to help anyone that has done business with sears.