If Pacific Gas and Electric or Humana tried this, their CEO would be up on charges.
But since it’s a labor union doing it, it’s much more like “tough noogies you blue-collar suckers.”
For about 20 years my uncle was a member of the Baker’s union in Chicago, when he was ready to retire and collect his pension, he was told there was nothing there. He had to work for another 13 years and worked about 20 hours a week until he passed away at age 77.