Thank Goodness for the Union

Tom Lehman TLEHMAN at
Mon Aug 30 16:42:02 PDT 1999

Martin, it's just the facts. How would you like to be in their position? Or as one of my pals put it, "life in the new millenium."

Maybe Les, Enrique or one of the other engineers on the list has a comment.

Tom Lehman

Martin Schiller wrote:

> 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.
> Martin

More information about the lbo-talk mailing list