30 years and ready to retire... in 1996 the company was acquired by a new owner...now my company is telling me that they will only give me retirement benefits from 1996 when the new owner took over the company...i don't believe that this is legal...please advise?????
There are a many things that will determine whether you are entitled to any benefits prior to 1996. First, it depends on what occurred when the new owner took over and the terms of that agreement. If the new owner is a entirely different corporation, then you may be out of luck. On the other hand, the union labor agreement may have provided that any new owner must continue to give credit to the employees for their years before 1996. The union should be able to inform you about your rights on this. If they are not giving you answers that make sense, then you will need to meet with an attorney who has experience with ERISA and pension issues. That attorney will need to see the union contract, the union and/or company pension agreement, and any information you have about the terms of the sale of the company in 1996
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