That is scary to not know if the employer is going to try to yank the rug out from under your retirement, I am very sorry to hear the company is close to bankruptcy.
Unfortunately, that is a crystal ball question; what retirement benefits the company has to, or can, honor will be determined by the Bankruptcy Court. It is generally a long, slow, fretful process and I am sorry you have to face it after 41 years of hard work.
However, retirement benefits generally have to be paid by the company into a fund, and that fund is probably in tact and the Bankruptcy Court almost always goes to great lengths to be sure employees get their retirement.
My guess - and this is a guess - is that your husband will get his retirement, though the terms of how he receives it may change based on the financial realities facing the company. In other words, if he was supposed to get, say, $1,800/mo after he retired, he may instead get a lump sum payment of some amount but then not get any monthly benefit.
I'm sorry this answer is not more specific, but that really is a question that I can only speculate about since probably no one knows what is going to happen at this point. But, I thought you would appreciate my answering honestly rather than saying something that isn't really accurate for the sake of sounding conclusive.
I hope this helps and a positive feedback is always appreciated if this was useful to you.
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Chapter 11 is the reorganization chapter which is filed when a company wants to stay in business. Chapter 13 is not applicable, it is only for individuals, not businesses.
Even if the company files Chapter 11 to stay in business, this is not to say that they would not convert to Chapter 7 (liquidation) down the road if things don't improve financially, but at least the Chapter 11 means they are trying to stay afloat.
Generally speaking, contracts go in the trash when a Chapter 11 is filed, and everything has to be re-negotiated and approved by the Bankruptcy Court after that point.
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