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Forced transfer of retirement, anyone heard of this?Forum overview » Retirement-Retirement » Forced transfer of retirement, anyone heard of this? 
 
 bradnwa
Posted 2006-01-17 18:57:22 Has anyone heard of a company forcing retirees to change to a different retirement plan with a different company than the one they retired from? I retired in 1990 from an electric utility. The last year I worked was at a generating plant in Washington State. In 1999, the utility was bought by ScottishPower. In 2001, ScottishPower sold the Washington Generating Plant to a Canadian firm. Now, ScottishPower is selling the utility to an Iowa utility. The Iowa utility negotiated to not assume the obligations of the retirees who retired while working at the Washington generating plant regardless of when they retired. ScottishPower agreed and is forcing us to join a small U.S. company that will remain with ScottishPower. The future of the small non-regulated company is questionable compared to the large regulated utility that we worked for. Apparently, this is legal for us to be "carved out" and transferred. Any comments would be appreciated.... Brad
Roth-IRA-401k (moderator)
Posted 2006-01-22 18:51:30 Is your retirement a pension or 401k?
bradnwa
Posted 2006-01-25 15:20:06 It is a pension. We have already been swithced to new medical coverages in advance of the purchase by the Iowa utility. Brad
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