Is it legal for a large company (91,200 employees/ government contractor) to neuter it's retirement program, freezing current accrued benefits and switching from an accrual method based on salary/high 3 to a fixed $300 a year for each year of service? This switch will affect all employees who were grandfathered in under a retirement plan that was already taken away and not offered to anyone hired after 2004. Now, this latest change, is going to apply to all current employees who cant retire before Jan 2014. This basically amounts to all of us being told a lie on what we can expect and plan for; 13yrs for me.
Answer
You would be well adivied (in my opinion) to arrange for a consultation on this issue with an attorney who handles ERISA or other retirement plan issues related to your particular plan and who should be able to advise you, accordingly.
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