Originally Posted by
dalad
I was at the same MEC meeting and remember them saying that the Note was NOT compensation for the lost retirement. PBGC, etc. Then the union turned around and did just that. Made it compensation for the lost retirement. Some really senior guys walked away with big bucks frpm that, but it's over for me now.
The key point was that the note was only payable in the event the company terminated the frozen retirement plan. Had the company decided to keep the frozen plan then the note would not have been paid. The distribution method reflected the fact it was a offset for the retirement loss. We beat the PBGC on the issue only because we had some very smart people handling the issue.