Thread regarding Transocean Inc. layoffs

Is Transocean Retirement to be Cut?

I am a retiree of Transocean (RIG) receiving a modest (under $1000 per month) pension. We recently received a confusing letter stating that while RIG was not contemplating CURRENTLY terminating it’s pension, it would have to let pensioners know if it were to do so in the future. I cannot find an answer to these simple Questions: 1) in the USA is RIG allowed under the law to unilaterally amend the pension rights of those already retired? 2) Regardless of the answer to 1), is there scuttlebut that RIG is contemplating such a move?

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Post ID: @OP+16qUo6am

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Believe pension may survive in some form Ch 11, likely be lost in Ch 7

Post ID: @6xcd+16qUo6am

A Chapter 11 (reorganization) usually means that the company continues in business under the court's protection while attempting to reorganize its financial affairs. A Chapter 11 bankruptcy may or may not affect your pension or health plan. “Therefore, in the case of Transocean and their enormous debt liabilities, it is likely your pension and or health plans will be terminated.”

Post ID: @4lfs+16qUo6am

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