Nuff said.
If they touch the old men's pensions - there'll be some old skeletons coming out.
4 replies (most recent on top)
There is no employment contract. All professionals are "At will" including all executives. Termination can be for "any reason". The company used to brag about not paying out "golden parachutes" for executives that had to be terminated. There are many executives that were forced out over the years, with no payment.
Pension plans can be ended but the termination plan still requires paying off benefits earned up to termination by either lump payments or annuities purchased through insurance companies. Fulfilling pension obligations is more sacrosanct than the dividend.
Somewhere in your employment contract or the Pension handbook, should state that it's not guaranteed. The corp has the legal right to terminate it anytime, besides it's their own money anyway. Employees don't contribute to it, the company does. What ExxonMobil should do is collect all those pension and put it to cash flow.
Just wait and see, it will happen.