Originally Posted by harley
Truthfully, I wouldn't have counted on a pension from my megacorp either. I'm just not comfortable counting on money that's in someone else's control. I wouldn't put it past them to default on it in the future.
I have a close relative who worked for a major airline. They used one of their more recent bankruptcies to toss their pension plan over to the folks at the Pension Benefit Guarantee Corporation. The good news is that he has a pension. The bad news is that it's one heck of a lot smaller, and once he starts Social Security, that will be applied as an offset, shrinking his pension further.
The CEO and executive team were rewarded for their efforts, and the valuable cost savings, of course. CEO gets a 950K annual pension, and the top 5 executives get a combined 2.5M annually in pension, along with lifetime healthcare and travel.