You may be right about pensions being out of date and no longer belong in todays business model of companies. However, if you have spent 30+ years at a company and planned on that and it is suddenly gone or severely reduced THAT IS
NOT RIGHT! Or even worse, say you retired a few years ago, you are comfortable with your pension, now you are facing loosing it? A company should not be able to walk away from it. Its employees under the pension program are creditors just like GE
is if they hold the note on a 757. If UAL cannot make good on its pension liabilities, they should be forced to sell off assets to make good on the deficit.
Agrees, terminate the program for new employees or those with less than 15-20 years. But dont screw people who are counting on it and are too old to do anything about it.
How would you like it if your family was facing loosing 50-70 percent of their annual income?