No. of Recommendations: 1
My company was bought out by another about 2 years ago. The original company had a pension plan that allowed you to retire at 59 1/2 and collect your pension (no penalty)

When the new owners came in they informed some people that:

1. Seniority for the new company starts when the new company took over. So the time we put into the old company is not considered to continue on into the new company pension plan. We all start from scratch. Is this standard practice ?

2. The people in the original company pension plan could no longer retire at 59 1/2 years old. The new company plan permitted retirement starting at 62. Is this standard practice ?


Sounds like all this is unfair to the older workers from the original company -

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