[WSJ]:As workers' pensions wither, those for executives grow

[antigop]

http://www.post-gazette.com/pg/06177/701286-28.stm

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In its latest annual report, GM wrote: "Our extensive pension and (post-employment) obligations to retirees are a competitive disadvantage for us." Early this year, GM announced it was ending pensions for 42,000 workers.


But there's a twist to the auto maker's pension situation: The pension plans for its rank-and-file U.S. workers are overstuffed with cash, containing about $9 billion more than is needed to meet their obligations for years to come.


Another of GM's pension programs, however, saddles the company with a liability of $1.4 billion. These pensions are for its executives.


This is the pension squeeze companies aren't talking about: Even as many reduce, freeze or eliminate pensions for workers -- complaining of the costs -- their executives are building up ever-bigger pensions, causing the companies' financial obligations for them to balloon.


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[Omaha Steve]

1. Thank you for sharing

I didn't hear anything about this anywhere.

[INdemo]

2. For those workers involved they know the facts

and the facts are, there isn't a short fall.Some of those funds are being funneled to other accounts and actually funds exec salaries. Some is being syphoned aways by excessive management rates,etc.. Sure its illegal and I'm thinking this is just one reason why corporations and yes even unions officials are kissing Bush's ass because they really dont want anyone to find the truth..... These facts are readily available with minimum research......There is so much corruption involved with these pension funds I'm really worried if mine will be there in 3 short years.

[ladjf]

3. Grand larceny is in progress. Soon the middle class will be

broke.