Bankrupt Westinghouse ends pensions for former execs

[Yo_Mama_Been_Loggin]

Bankrupt Westinghouse Electric, the U.S. nuclear technology company owned by Toshiba, has stopped making pension payments to former executives, according to a letter seen by Reuters, removing a benefit that has helped the company retain top talent.

The move comes as the company scrambles for cash and works to extract itself from two U.S. power plant projects, the first new nuclear plants in three decades, which are years behind schedule and billions of dollars over budget.

Westinghouse notified former senior managers that the company will no longer make payments under the Executive Pension Plan, according to an April letter seen by Reuters.

Westinghouse spokeswoman Sarah Cassella said in a statement that in Chapter 11 bankruptcy, the company is not permitted to make pension payments to retired executives because it is a non-qualified plan.

https://www.msn.com/en-us/money/companies/bankrupt-westinghouse-ends-pensions-for-former-execs/ar-BBBwGn9?li=BBnbfcN&ocid=edgsp

[justgamma]

1. Seems to me

that their"top" talents weren't very good if they are going into bankruptcy. You don't have to be good at your job if you know that you will get a golden parachute for being bad at it.

[lpbk2713]

2. My heart aches for those poor idle multi-millionaires.

Wait ... no, not really.

[mn9driver]

3. A non-qualified pension plan is for benefits in excess of $215,000 per year

These folks aren't going to the poor house. Their first $215,000 is protected. They also have massive bonuses and awards that they should have been smart enough to invest in something better than Westinghouse.

[brush]

4. That company had been around since competing with Edison

Can't feel sorry for those that ran it into the ground.