Employment Law Questions? Ask an Employment Lawyer.
An employer can’t legally take away benefits workers have already earned. The problem is, traditional pensions are back-loaded, with little earned in an employee’s early years and a lot in the last years before retirement. So older, long-tenured workers are big losers in a freeze.
What you need to do is determine what your benefits were when your pension was freezed. You then need to compare that amount with the annuity being offered to you.
You might want to hire a local CPA who can quickly do the analysis for you and determine whether it is a good deal or not. If not, then you can tell the company that you want the pension that you are entitled to and they have to agree or else can be sued.