In addition, CSW executives have received healthy bonuses in every year since the new pension plan became effective. Current law allows companies to make these changes to employee pension plans without even disclosing the actual benefit cuts. This is outrageous. My employer's communications to it employees went so far as to lead employees into believing that their benefits were not being reduced. Congress must change the law to require employers to disclose the amount of the benefit reductions.
Employees deserve to know how they are being affected.
Not only must Congress change the law to require employers to disclose the amount of the benefit reduction, the law needs to be changed to require the IRS to review these disclosures. As I mentioned above, my employer refused to provide to me benefit comparisons for the new and old pension plans. My employer also refused to provide these comparisons to other employees that requested them. My employer did respond to the request of the IBEW in 1999 for a comparison of benefits. The IBEW requested a comparison of retirement benefits under the old and new pension plans for employees of various ages and years of service.