General Discussion

antigop

(12,778 posts)

89. "no it has not happened" --- thank you. That's what I said. And there are other things going on

Tue Dec 11, 2012, 06:33 PM

Dec 2012

with pensions such as selling them to third parties (like Prudential) so there is no more PBGC guarantee.

PBGC guarantees are being removed,

Verizon:
http://www.businessinsurance.com/article/20121207/NEWS03/121209894

GM:
http://news.prudential.com/article_display.cfm?article_id=6271

And companies are offering lump sums so people just take their money out of the pension plan in a lump sum.
Ford:
http://www.forbes.com/sites/joannmuller/2012/04/27/ford-offers-retirees-a-bag-of-cash-to-go-away/

Lockheed Martin:
http://www.pionline.com/article/20121211/DAILYREG/121219975/lockheed-martin-offers-lump-sums-to-some-salaried-non-union-former-employees

Google" "lump sum" + "pension" for more.

PBGC guarantees are going away for lots of employees.

My statement is true: "The PBGC is not funded out of general revenue taxes."

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Hostess used pension money before folding [View all] marmar Dec 2012 OP

color me surprised mercuryblues Dec 2012 #1

And How Much of that Money went to Exec's Compensation/Bonuses dballance Dec 2012 #2

Some of that was stopped by the bankruptcy judge. I wonder if there's a case to be made about the freshwest Dec 2012 #45

pension insurance? reteachinwi Dec 2012 #53

True. That's why I say the government has a stake in this. But I can just here the howls now... freshwest Dec 2012 #59

Yep, Lets Stop Talking About that 47% dballance Dec 2012 #61

Gee ... 1StrongBlackMan Dec 2012 #3

probably a lot worse than will happen to these execs. i would be hard-pressed not to support HiPointDem Dec 2012 #5

those thieves should be thrown in jail and all their assets seized. you can bet some of that HiPointDem Dec 2012 #4

"their fucking agenda" dchill Dec 2012 #36

This part is something I never knew: JaneyVee Dec 2012 #6

The PBGC is NOT funded by taxpayers.. see the PBGC website (link) antigop Dec 2012 #13

Good for that, but those losses will find their way to the taxpayers somehow. JaneyVee Dec 2012 #14

No they don't ...it's a misconception about the PBGC antigop Dec 2012 #17

Don't forget that the pension benefits are about 25% of the original pension. Yavapai Dec 2012 #33

Read & Rec this post. Conclusion: employees Ilsa Dec 2012 #39

Yup, and you can guarantee the money they stole isn't even in the U.S. anymore. JaneyVee Dec 2012 #41

employees have their pensions stolen abelenkpe Dec 2012 #49

absolutely, Ilsa. Pensions are "deferred compensation". n/t antigop Dec 2012 #57

Prices "Set by Congress" is another name for "Tax". happyslug Dec 2012 #22

no, that is NOT the way it works. The Corporations pay premiums to PBGC. antigop Dec 2012 #23

Of course you are right, the taxpayers don't cover the bills. A Simple Game Dec 2012 #50

the consumer doesn't pay for a "secondary pension plan" if the PBGC takes over the pension plan antigop Dec 2012 #55

So you admit that the primary pension plan gets it's money from the consumer? A Simple Game Dec 2012 #64

no I didn't say that. nt antigop Dec 2012 #66

So do you believe that when all is said and done, A Simple Game Dec 2012 #67

That is still a requirement to pay set by Congress, which is the definition of a TAX happyslug Dec 2012 #77

The corporations who sponsor db pension plans pay the premiiums to the PBGC. antigop Dec 2012 #78

Not really true... kirby Dec 2012 #79

yes, it is true. As I mentioned in reply #17 antigop Dec 2012 #80

You just made the point that I made... kirby Dec 2012 #87

"no it has not happened" --- thank you. That's what I said. And there are other things going on antigop Dec 2012 #89

That is just what Bain did routinely. nt avebury Dec 2012 #16

I am shocked I tell you, SHOCKED!!! nadinbrzezinski Dec 2012 #7

Agreed Sherman A1 Dec 2012 #30

This kind of garbage RoccoR5955 Dec 2012 #8

Don't forget the pitchforks. ~nt 99th_Monkey Dec 2012 #20

You're too kind, Rocco. Efilroft Sul Dec 2012 #21

If I were in charge this type of thing would be a federal felony punished by minimum 20 years in jai Initech Dec 2012 #85

Isn't there some kind of pension protect legislation? Historic NY Dec 2012 #9

Absolutely. It protects the rights of companies to steal workers pensions. n/t jtuck004 Dec 2012 #40

They took a page from Bain's rule book of "How to steal from the lesser people". Rocky888 Dec 2012 #10

Yeah they did. Vulture capitalism, it's all the rage for the 21st century. JaneyVee Dec 2012 #15

Of course. The 1% see a pile of cash AllyCat Dec 2012 #11

Yup. They'd take candy from a baby if it helped their profit margins. Initech Dec 2012 #84

Prison mtasselin Dec 2012 #12

Does Holder know about this? If so, does it matter? AnotherMcIntosh Dec 2012 #18

I thought that was called embezzlement? cstanleytech Dec 2012 #19

For a very good book on how people have been screwed on their pensions..... antigop Dec 2012 #24

Thanks, next on reading "pile" nadinbrzezinski Dec 2012 #34

I found it to bea very difficult read because I got so angry reading each chapter. But Ms. Schultz antigop Dec 2012 #56

Who knew? femrap Dec 2012 #25

someone should go to jail for that.... mike_c Dec 2012 #26

More accurate title reads: Hostses Stole Pension Money before Folding Dont call me Shirley Dec 2012 #27

I always wonder how many of these former employees mountain grammy Dec 2012 #28

"Sorry guys, but we had to make sure our Golden Parachutes were covered" lpbk2713 Dec 2012 #29

This has been going on in the airline industry for decades. /nt October Dec 2012 #31

dang those unions geckosfeet Dec 2012 #32

What a buch of Ding Dongs. KamaAina Dec 2012 #35

Didn't Denny McLain, former pitcher for the Detroit Tigers, go to prison for the exact same thing? tclambert Dec 2012 #37

'Scum of the Earth that management was!!! benld74 Dec 2012 #38

This has been happening for decades. Did everyone just fall off the truck? jtuck004 Dec 2012 #42

No one is surprised, but Hostess has been in the news, so naturally it's a story. marmar Dec 2012 #47

Sanctimonious indeed. It's not news, it happens repeatedly, people have their jtuck004 Dec 2012 #54

So the courts will claw that money back from CEO's in order to not screw workers right? abelenkpe Dec 2012 #43

Isn't this theft? me b zola Dec 2012 #44

To me, stealing pension funds is a form of mass homicide warranting the death penalty. aquart Dec 2012 #46

+100. HiPointDem Dec 2012 #51

+200 Starry Messenger Dec 2012 #75

Yet another good reason for what I call "Social Security Plus". mwooldri Dec 2012 #48

as long as we use Al Gore's lock box so the funds can't be used for anything else. nt antigop Dec 2012 #58

Nah, then the politicians would just steal it. nt Flatulo Dec 2012 #71

Republican "values" Berlum Dec 2012 #52

This is the kind of S**T that should not be allowed..... Swede Atlanta Dec 2012 #60

My employer went through two bankruptcies and both times they doc03 Dec 2012 #62

banks get first dibs. peons can go suck it. bankruptcy law in America SmileyRose Dec 2012 #73

Unconscionable. tabasco Dec 2012 #63

WOW! Just like US Airways did. DemoTex Dec 2012 #65

Yes these assholes should be in prison but Yo_Mama_Been_Loggin Dec 2012 #68

Why isn't this illegal? It's theft but no one ever get charged. Kablooie Dec 2012 #69

This message was self-deleted by its author Egalitarian Thug Dec 2012 #74

Just another reason why the stock market is safer than pensions. cbdo2007 Dec 2012 #70

If what companies like Hostess does were to become illegal............ nc4bo Dec 2012 #82

Correct - laws are written to benefit the 1 %. This is America under Reagan+30. SomeGuyInEagan Dec 2012 #86

And they will get away with it. 99Forever Dec 2012 #72

Nothing to see here? Move along? woo me with science Dec 2012 #76

Go to my two favorite tutorials on this jmowreader Dec 2012 #81

Take the money and run. That's what these greedy assholes do best. Initech Dec 2012 #83

Hunters usually butcher the kill before they leave the bloody carcass in the woods..n/t SoCalDem Dec 2012 #88