Thank Goodness for the Union

Martin Schiller mart555 at
Mon Aug 30 15:48:48 PDT 1999

Tom Lehman said on 8/30/99 2:45 PM

>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.

Yeah, god forbid that the managers and the workers ended up in the same boat.


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