There is a big chance that I’m just being confused and the answer is simple, but I’m not sure whether this situation will cause me problems. As far as I managed to understand the situation the Sears as we know it will be liquidated and a new company will be formed with the same name or whatever. I reach my pension in a couple of months and, If I'm lucky not to be cut in the meantime, what if, at that time, the new company isn’t formed yet. What kind of issues am I facing regarding my pension?
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I went to the PBGC site and then it asked if I wanted to take the survey. I replied yes and then it asked if I wanted them to call me if I had any questions. I replied yes to that also. I will ask about the likelihood that the annuity amount will change. Of course I am not naive enough to believe that anything I am told will be 100 percent accurate but it's better than making baseless assumptions. When I get the answer from them I will post it for all to see.
PBGC will administer the pension if all goes right .
Amount may vary, but there's at least one poster on this board who will swear up and down that the amount won't change , and is guaranteed up to big bucks . Sure they will.
Poor guy was probably in management and got s-canned . Wasted a good part of his life supervising at a stagnant retailer instead of putting his talents to use divvying out McFlurrys at a drive thru window .
Regarding PGBC, Sears can still reject their offer to assume the pension. I doubt it will happen unless they try and force Eddie to liquidate.
More than likely just follow the GM route, Eddie’s offer is accepted due to time constraints, PBGC takes over any other legal matters are worked out going forward from there,
PBGC is taking over the pensions your gonna get it, BUT..... be aware the PBGC, if push comes to shove, COULD REDUCE BENEFITS IF NEED BE AT ANYTIME IN THE FUTURE - they only guarantee you're going to GET the pension, they DON'T guarantee the amount will NEVER CHANGE
https://www.pbgc.gov/Sears-QA