Pensions can be Robbed Anyway
We were fully vested in the pension plan when our 15,000-employee company underwent a phony "change of control." This allowed the robber-baron CEO to take the over $1 billion pension plan (about 75% of last 5 years average pay for life) and replace it with a cash settlement equal to about half a years pay (at that time). The change of control never actually took place, but the CEO had the lawyers write the papers so that it was "considered" a change of control upon vote to accept the merger by the shareholders. The CEO then sabotaged the merger, as he had always intended. Bye-Bye, retirement security. All perfectly legal.