BoatBanter.com - View Single Post

hk

On 4/18/10 5:14 PM, wrote:
On Sun, 18 Apr 2010 16:46:28 -0400,
wrote:

On 4/18/10 4:40 PM, wrote:
On Sun, 18 Apr 2010 13:26:13 -0400,
wrote:

That's why I don't worry too much about my union pension. It's a fixed
benefit pension, and to date, there never has been a period when there
have been unfunded liabilities.

Good thing you weren't a steel worker. They defaulted on their pension
plan. (before the PBGC)

What? The Steelworkers Union trust has assets of more than two billion
dollars. Are you talking about a pension fund administered and
controlled by corporate management?

I am not sure I just know my father in law's brother is a retired
union steel worker and he only gets his SS. The pension is gone.

In the good old days when steel corporations controlled the pensions,
the corporate crooks underfunded them and stole the money in them for
other purposes. If my memory is correct, the USW took over steelworker
pensions with the help of the pension guarantee corp.

--
The Tea Party's teabaggers are just the Republican base by another name.