Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

General Discussion

Yo_Mama_Been_Loggin

(108,170 posts) Mon Dec 10, 2012, 08:25 PM Dec 2012

Verizon retirees lose bid to block pension transfer

Another case of the 2% screwing everyone else.

A legal effort to block Verizon's (NYSE: VZ) plan to convert pension obligations to an annuity, saying it would cause harm to retirees, was denied by a Texas court on Friday.

In a lawsuit filed on Nov. 27 by two Verizon retirees, William Lee and Joanne McPartlin, along with Plan Beneficiaries of the Verizon Management Pension Plan, said the conversion to an annuity would eliminate federal law protections. These protections include those provided by the Pension Benefit Guaranty Corporation (PBGC) and Employee Retirement Income Security Act (ERISA) protections. Verizon's Management Pension Plan currently has about 100,000 participants.

http://www.fiercetelecom.com/story/verizon-retirees-lose-bid-block-pension-transfer/2012-12-10#ixzz2EhMNnrCO

3 replies

= new reply since forum marked as read

Highlight:

Verizon retirees lose bid to block pension transfer (Original Post) Yo_Mama_Been_Loggin Dec 2012 OP

Remember when Carlin said this would happen? dixiegrrrrl Dec 2012 #1

Believe me, you want PBGC protection. trof Dec 2012 #2

mellon is trying to do this to me. not interested hollysmom Dec 2012 #3

dixiegrrrrl

(60,010 posts)

1. Remember when Carlin said this would happen?

Reply to Yo_Mama_Been_Loggin (Original post)

Mon Dec 10, 2012, 08:34 PM

Dec 2012

I hope they pursue the suit all the way to the Supreme Court, where, either
they will win
or
workers will take close note of the Court's agreement that pensons can be stolen.

trof

(54,256 posts)

2. Believe me, you want PBGC protection.

Reply to Yo_Mama_Been_Loggin (Original post)

Mon Dec 10, 2012, 08:38 PM

Dec 2012

That's who pays mine now since TWA went bankrupt.

hollysmom

(5,946 posts)

3. mellon is trying to do this to me. not interested

Reply to Yo_Mama_Been_Loggin (Original post)

Mon Dec 10, 2012, 08:40 PM

Dec 2012

Reply to this discussion