I live in Wisconsin and work for a manufacturing company. A few years back our company made the decision to go away from a traditional company paid pension plan to a 401K company contribution plan. To lessen the blow, the company allowed employees to stay in the conventional pension plan for 7 years at which time the plan benefits would freeze and from that time forward you would participate in the new 401K contribution plan. We had to make an irrevocable decision to stay in the pension plan for the 7 years or move to the new 401K plan right away.
Now fast forward 2 years, the company now announces that effective in 3 months the tradition pension plan will freeze and everyone will be switched to the 401K contribution plan. This is about 4 years earlier than originally announced.
Question - can the company change the plan now after implementing 2 years ago? Can any legal action be taken?
Now fast forward 2 years, the company now announces that effective in 3 months the tradition pension plan will freeze and everyone will be switched to the 401K contribution plan. This is about 4 years earlier than originally announced.
Question - can the company change the plan now after implementing 2 years ago? Can any legal action be taken?