In unprecedented move, pension plan cuts benefits promised to retirees

[Peter1469]

If they "cave" but know following through is impossible they are lying.

What are the unions doing when they make demands that any sane person knows is unsustainable over the long run?

The company's goal is to end or prevent a strike.

[Peter1469]

Cant speak for all Ironworker unions but I know in the northeast during the 70s they had the best pensions around. They paid nothing into their pensions, the contractors paid it and when retired got full health benefits for life plus cost of living increases. Their retirement percentage was as much as police and firemen who pay a full 50% of thier pension costs for their entire careers.

One other thing General Motors already did this years ago.

I don't believe that GM changes its own pension plan - for current retirees. They did what companies have done for a long time: reorganize under the bankruptcy code and turn their pension over to the Pension Benefit Guarantee Company (I missed the Benefit part above).

This action in the OP is based off a new law signed in 2014 that allows a corporation to restructure its pension without going to the PGBC- because the PGBC is going broke.)

[DGUtley]

Kasich wanted to change pensions because he saw they were unsustainable. The unions balked but eventually saw the light. The taxpayers should not have to pay for the public union pensions shortfalls.

[Crepitus]

See thread where you just attacked me.

I didn't attack you, I responded to an attack from you.