K-Mart Corporation Bankruptcy!
What is the name of your state (only U.S. law)? Tennessee
Hello guys and gals! It's been a while since posting on the forums. The last thread of mine was in regards to the passing om my dad. Now, I'm moving onto some questions in regards to my mother.
My mother has worked at K-Mart Corporation for over 35 years. She's currently still working at nearly the age of 70. She is drawing her pension but still working part-time. She started drawing her pension in 2006 with over 30 years of service.
Her pension is what I call a joke! My mother makes pretty good money at K-Mart after all these years but her retirement money is an absolute joke. When she called about here retirement in 2005 they told here what she could draw. She liked to fell out of her chair with the number she was told.
She was to get a whopping $[B]288.00/month[/B] for her pension. Yeah, that's right! Only $288 a month for over 30 years of service to the company. Well, my mother decided to take the pension and continue working part-time.
She didn't think she could make a comfortable living with her pension and SSI. Well she continues to work today but I have been looking for answers about this fishy amount of retirement money. I even made her an appointment with a local lawyer back in 2007 but my mother was stubborn and wouldn't go.
She had called K-Mart about the matter shortly after drawing her pension and she was told that because of the bankruptcy filing by the company all retirees pension was frozen. The bankruptcy for K-Mart happened back in the early-mid 2000's I believe. My mother just accepted that was the reason but I certainly didn't.
Now, my mother is considering full retirement but I want some opinions/answers about the process and handling of this matter by K-Mart. I don't know the bankruptcy laws in Tennessee but I feel that the company has taken advantage of my mother. She was making around $2000/month back when she accepted her pension.
To get only $288/month after all her time and service there seems really wrong. Anybody care to elaborate on what may have been going on with this situation? I can make her another appointment but I wanted to get some expert opinions from here first. I mean if K-Mart has done something illegal and she's owed money that's a lot of backpay now for well over 5 years since filing for her pension. Thanks!:eek: