bpapaDC8
The buck stops here
- Joined
- Oct 19, 2002
- Posts
- 187
[font=ARIAL,]First of all, the taxpayers are not out even one dime as of yet. The pensions are paid by contributions from companies in the plan, not by taxes. There is the possibility of taxpayer money being involved if the PBGC can no longer pay out to those participants who are covered in the future. That is not an absolute either, as contributions can also be increased.to keep the PBGC solvent.
Most pensions that are terminated and go into the PBGC, are adjusted and payments to retired employees are generally reduced significantly. Most employees get far less than what they would have gotten had their plan not been terminated. Recently retired or retiring pilots would see the $28,000 figure mentioned previously..
This plan was set up because of employees who had had their pensions looted by management and were left with nothing. At least this program offers some minimal protection for people who have worked 20 or 30 years or even longer, and then wound up with nothing.[/font]
Most pensions that are terminated and go into the PBGC, are adjusted and payments to retired employees are generally reduced significantly. Most employees get far less than what they would have gotten had their plan not been terminated. Recently retired or retiring pilots would see the $28,000 figure mentioned previously..
This plan was set up because of employees who had had their pensions looted by management and were left with nothing. At least this program offers some minimal protection for people who have worked 20 or 30 years or even longer, and then wound up with nothing.[/font]
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