No, it was a bait and switch. When United Airlines “went bankrupt” to get out from under their pension, they did some bookkeeping magic to ensure that their executive pension kept going. And a note: the union negotiated them into their multi-employer plan moving forward. Hasn’t hurt United Airlines.Greengrass wrote: ↑Thu Oct 24, 2024 2:17 pm Probably for the same reason Hewlett Packard and a great many businesses discontinued them. It’s a pain in the ass and a potentially huge liability. And the 401k made it easy to switch.
The companies just want more profits, and after pensions are gone and just a memory of old-timers, they’ll remove the matches too.