With assets of about $80 billion and liabilities (already) of more than $100 billion, the Pension Benefit Guaranty Corporation is essentially broke.
There are no regulations that cover this, and no current obligation to fund new pensions out of the General Fund. Current payouts are being paid from the assets of failed funds... in essence borrowing from Peter to pay Paul.
I have scanned some of the threads about pensions, and may have missed the answer to this.
I keep a Google watch on "Pensions" and hardly a day goes by when some new corporations are not added to the failed pension fund list. At the same time, I can't find anything from the media, or the government that provides an answer to "Who will pay your pension?" It's the 800 pound gorilla in the room, that no one can see.
The second (implied) part of the question is... "Why aren't more people concerned about this, when looking to the future?" Not just the people who are expecting to receive pensions, but those who are already receiving pensions. The total number of pensions involved (current and future) total 1.3 million.
Public Sector Pensions are not involved here... a subject for another day.
Pension Benefit Guaranty Corporation - Wikipedia, the free encyclopedia
Have I missed something?
There are no regulations that cover this, and no current obligation to fund new pensions out of the General Fund. Current payouts are being paid from the assets of failed funds... in essence borrowing from Peter to pay Paul.
I have scanned some of the threads about pensions, and may have missed the answer to this.
I keep a Google watch on "Pensions" and hardly a day goes by when some new corporations are not added to the failed pension fund list. At the same time, I can't find anything from the media, or the government that provides an answer to "Who will pay your pension?" It's the 800 pound gorilla in the room, that no one can see.
The second (implied) part of the question is... "Why aren't more people concerned about this, when looking to the future?" Not just the people who are expecting to receive pensions, but those who are already receiving pensions. The total number of pensions involved (current and future) total 1.3 million.
Public Sector Pensions are not involved here... a subject for another day.
Pension Benefit Guaranty Corporation - Wikipedia, the free encyclopedia
Have I missed something?
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