Do you have a pension?

[doc03]

18. Believe it or not I get three. I get one from the PBGC for a

pension plan that went under back in 1985. I get a pension from the former owner of the company
I worked for, that pension was frozen in 2003 when the company was sold to a new owner. I get another
pension from the United Steelworkers Union for the years I worked under the new owner from 2003 to 2009
when the company closed. All together they are not a huge amount of money, maybe a third of what an auto
worker gets with the same time. You may not know what the PBGC is, it is the Pension Benefit Guaranty Corporation
it is a semi government corporation like the FDIC. It has absorbed so many bankrupt plans it has billions more
liabilities than assets. I look for the Republicans to destroy it. The one I get from the company so far is just
borderline funded and if it goes under it would go into the already underfunded PBGC. So far the one I get
from the Union is in fairly good shape.