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FiveStarLaw
FiveStarLaw, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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My former employer Nortel Networks filed for bankruptcy a year

Customer Question

My former employer Nortel Networks filed for bankruptcy a year ago. I was separated from Nortel in 1995 with a legal contract between me and Nortel, which spelled out my pension payments for life. The company's pension fund is underfunded and their 'windup' group states that all pensions will be reduced in line with the available funds. Does my legal contract have any value in maintaining my contractual pension. John xxxxxxxxx
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 3 years ago.
Hello,

Thank you for your question. I am happy to assist you.

I am a lawyer with 25 years experience. While I am permitted to provide you with legal information, I am prohibited by JustAnswer.com and various state bar associations from giving legal advice, representing you or entering into an attorney-client relationship through this open and nonconfidential forum.

Unfortunately a bankruptcy allows a debtor to reaffirm, renegotiate or cancel existing contracts. Therefore it appears that their 'windup' group may in fact reduce all outstanding pensions. So sorry

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