So the compromise in court was to extend benefits to retirees for 2 months instead of cutting them off completely immediately? That will surely reduce their pension obligation in Canada. I wonder if there will be a similar scenario in the U.S. shortly.
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Blame american corporate culture, they are dragging us down.
That is so wrong!
KARMA will seek her victims at the most unevpected times
Feel so bad for all those dedicated people who were loyal employees only to get this kind of treatment.
Just wrong
I was in Plan 2. Store closed in March 2017. My severance was for only 8 weeks=4 paychecks. Before my severance was up, I had in all of my paperwork to get my pension. Turned 55 in June, last paycheck was June 9th, Lump Sum Pension came on June 30th. My pension was not much, but at least I got it. God Bless, All Sears & Kmart Associates.
Canada may be just the warm up act. It looks like they just yanked their pensions. The Canadian government does not seem to want to get involved. :( I hope it will play out differently for the US.
The US pension is underfunded. There are assets set aside to help a-- funding in the event of BK or other circumstances . There could be a haircut on the pension payouts but not a complete elimination