italiangm
Joined: 06 Jun 2006
Posts: 1
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Posted: Tue Jun 06, 2006 4:02 pm Post subject: Change to JCPenney Pension Plan
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I received a letter from Powerline dated June 1, 2006 advising the current JCPenney Pension Plan will be closed to associates hired after 12/31/06. In its place will appear "a new profit-sharing Retirement Account Plan for anyone hired on or after January 1, 2007."
My many years with JCP ended a few years ago when my division was sold, so I'm under the old plan. In that regard, the letter went on to say my "Pension Plan benefit accrued as of your date of separation will not be affected by the closing of the plan to associates hired after 2006."
This is a warning to y'all. More and more, companies that switch to these new plans fail to fund the old plan so it winds up failing. JCP has a legal obligation to fund the old plan which many of you are on. If you're on the old plan, better keep an eye on it and hold JCP's feet to the fire.
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