Saturday, January 22, 2005

Pension Trouble

Americans who have worked all their lives and relied on pension plans, paid into them and made them grow are now watching as they disappear under federal guidelines. Pensions are being cut in half by Pension Benefit Guaranty Corporation (PBGC) due to an assault on retirees by Corporate America. If corporations follow United Airlines the PBGC will be indebted by more than $600 billion dollars. They have the power to distribute only a portion of a guaranteed pension that results in retirees losing healthcare and having to return to work.

Corporations and their executives should not be allowed to gamble in the stock market with pensioner's money. If they do, they should not be allowed to file bankruptcy and the CEO's of these corporations wage and benefit package should be cut to the average employee pension and the remaining part of the package should be paid into a fund to increase the pensioner's income.

But, in a republican world that makes too much sense.

Story Here>>>


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