A recent steel industry merger resulted in the management of one of the steel companies involved in the merger having their pension benefits frozen. So let's say you had 25 years of service with brand x steel company and were 48 years old your pension would be frozen at that level of benefit. You cannot collect that benefit until you are 62 years old. The new company is only offering the existing managers 401K's with a 1 and 1/2% matching contribution.
All I can say is thank God for the Union.
Tom Lehman