If I have to step down at my job, do I have to take a pay cut?

Do you have any contract which limits your employer's right to terminate you?  This can be found in your own contract, a union contract, or sometimes an employee handbook.  Do you believe that you are being discriminated against for a statutorily prohibited reason (i.e. race, gender, religion, etc.?)  If not,  your employer can fire you at any time for any reason, including refusing to accept a pay cut.