Originally Posted by
av8rdude
And with people like him in the mix, I think it's less likely retirees like me will be screwed over by certain folks bound and determined to "improve" our retirement system when we already have the arguably best one in the industry. I, for one, believe the risk of screwing it up royally for everyone far outweighs the minuscule chance it will actually be improved.
Accrued, certain benefits accumulated in an ERISA plan cannot be reduced. IRC Section 411(d)(6) is the application of the ERISA statute. Only a bankruptcy judge has that power. Even in a PBGC Distress Termination you would be a PC3 since you are already retired, which would be the highest priority since there are no voluntary or mandatory employee contributions to the trust.
As for Tony, the only thing I have witnessed first-hand is his confrontational style with anyone that disagrees with him. I do not see how that will help us in the long run, but apparently the plurality disagreed. C'est la vie.
Back to work.