Law question?

[gomer pyle]

It looks like the company I work for is about to be bought out. I have some seniority built up. I have been told I will loose it and I've been told I will keep it. I'm more worried about the benefits I will loose(ie vacation). Is there any laws concerning this?

[Murgatroy]

I have been through two buyouts and a spin off with my current company. We are now a Fortune 500 company and a household name. I have kept my seniority from my original hire date.

 

Your mileage may vary. I also don't think it is a legal aspect, if you aren't Union, this is totally at the complany's discretion.

 

I am not a lawyer. I am just a stuffed shirt in an office.

[Oh Shoot]

It looks like the company I work for is about to be bought out. I have some seniority built up. I have been told I will loose it and I've been told I will keep it. I'm more worried about the benefits I will loose(ie vacation). Is there any laws concerning this?

 

Consider this far from legal advice, but I'll still opine that in TN, short of working under employment contract or union agreement, or for the State or Federal Government, I think you'll find about the only protection you have for much of anything is in the area of federal discrimination issues.

 

- OS

[Hozzie]

Unless you have a contract which spells out what rights you have or as mentioned, in a union that has it spelled out, you are basicallly at their mercy. You can try to negotiate possibly if you don't like their offer. It will most likely be a take or leave it proposition.

[peejman]

Agreed.  There are no laws I'm aware of that cover that.  Employment or union contracts might, if you're subject to them. 

 

I've also been through the bought/sold routine a few times with multiple employers.  My current employer changed ownership (again) just last week in fact.  Generally there's 2 scenarios.... 1) everything changes, or 2) nothing changes.   I am but one of the minions and have no control over anything, so I choose not to worry about it. 

[Monkeyman2500]

Yea it's going to be up to new owners. I personally lost quite a bit of vacation during one of these transitions.

[Patrick Henry]

If the acquiring company is in the Fortune 500 it is very likely they will honor your length of service and vacation, and over time your other benefits will most likely convert to the acquiring company's. 

[hipower]

Agreed.  There are no laws I'm aware of that cover that.  Employment or union contracts might, if you're subject to them. 
 
I've also been through the bought/sold routine a few times with multiple employers.  My current employer changed ownership (again) just last week in fact.  Generally there's 2 scenarios.... 1) everything changes, or 2) nothing changes.   I am but one of the minions and have no control over anything, so I choose not to worry about it.

Been there. My last job, the local company was bought by a national company, the sold to a larger enterprise. Things changed each time...salary, commission, requirements...all subject to the whims of owners.
 
 

Yea it's going to be up to new owners. I personally lost quite a bit of vacation during one of these transitions.

See above comment. Had this too.

[gomer pyle]

It is potentially selling to a TN cooperative. My job is a union position so hourly rate will stay the same. I was hoping there would be something to protect my other benefits but it's not sounding that way. I guess time will tell.

[Trekbike]

I think it boils down to if the new company wishes to keep most of the employees or run them off.   

[rmiddle]

It looks like the company I work for is about to be bought out. I have some seniority built up. I have been told I will loose it and I've been told I will keep it. I'm more worried about the benefits I will loose(ie vacation). Is there any laws concerning this?

 

Nothing protects you it is all up to the employer.  I have found it also depends allot on the type of company.  Company's with lots of professionals and they are buying not just the company but the people are more then likely to grandfather your existing befits.  On the other hand if it is a restaurants with high turnover and the are buying the location, name, and franchise agreements you are more likely to be offered the new packages or find yourself a new job.  Size of both company's can also make a difference.  If both company's are pretty good size the merger will likely takes years and the syncing of benefits will be slow to change.  From my experience most company will leave your current Vacation time in place but you are likely not going to get any increases unless it syncs with the new company's policy.

 

Thanks

Robert

Edited June 4, 2015 by rmiddle

[MrsMonkeyMan2500]

It is potentially selling to a TN cooperative. My job is a union position so hourly rate will stay the same. I was hoping there would be something to protect my other benefits but it's not sounding that way. I guess time will tell.

I'm from the land of Unions. Not a big fan on them, but if you've got a guarantee on your Union wage, do you pay dues? If so you should have a union rep. I would think. I used to be UFW when I lived in Michigan and our store alone had 2 reps. Usually they're there to help you through the process. Hope if all works out for you.