Former Brand x steel company managers will not be able to collect on their pension benefit until 65 years of age rather than 62 years of age.
For example, if you are a 48 year old manager with 25 years of service when your benefit level was frozen you will only be able to collect at the frozen level of benefit when you are 65 years old.
A former Brand x manager with 11 years of service was offered an $11,000 dollar buy-out by the new merged management! If he quits he can vest until he is 65 years old and then accept his frozen 11 year benefit level or take the $11,000 dollars now. The manager is in his mid-30's.
Union yes,
Tom Lehman