Anyone notice the ad in the USA Today

[doc03]

that the PBGC has seized and froze the pension plans of Lehman Brothers. The PBGC is already under funded I wonder how many more companies it will take to kill that program. I read recently that if the Big 3 and Lehman Brothers were dumpped on the PBGC they would be in the neighborhood of $200 billion in the hole. What's the chances of the Republicans allowing a bailout of the PBGC? I've worked 38 years and have 15 more months to go to receive my pension from the PBGC $1300 a month. It's starting to look like retirement is no longer an option.

[snappyturtle]

1. I'm a bit dense consequently I don't have a clue as to PBGC. Sorry.

I certainly am hoping that the Big 3 and Lehman Bros. won't be abandoned by PBGC. Lots of us will be working well into 'retirement'.

[doc03]

3. The PBGC is the Pension Benefit Guarantee Corporation

it is a Federal Agency similar to the FDIC. It was set up I think back in the 70's when all these companies started filing Chapter 11 and terminating Defined Benefit pension plans. It is an insurance agency set up buy the Federal government to guarantee pension plans and employers pay a premium to fund it. Over the last few decades thousands of pension plans and almost 1,000,000 pensioners have been dumpped on the program. Since the Republicans got in office they have reduced the premiums that employers pay or even let them waive their payments so now it is seriously underfunded. Example the former owner of my company filed and received waivers claiming financial hardship then walked out with a Golden Parachute. Another thing they did a couple years ago was change the actuarial tables using the average white collar life span as the basis for funding. But the fact is people that work in manufacturing jobs have a significantly shorter life expectancy. So like I said I read the other day if the Big 3 and Lehman Brothers dump their pension obligations on the PBGC it will underfunded to the tune of $200 billion. Now you see how the Republicans have been fighting the Big 3 loan, do you think they will let the government bailout a blue collar workers pension?

[doc03]

4. Another thing on the PBGC just a few weeks before the

market crash the Administrator was given the OK to invest in stocks like they wanted for SS. I have heard that they let it go threw and several billion dollars was lost in that deal. We don't have any idea just how much damage these crooked SOBs have done the last 8 years.

[Lifetimedem]

2. The Republicans want that dead too

They want us all to work till we fall over dead. That way the cost of labor stays low.. as supply exceeds demand..

Personally I think there should be a plan a foot to make the senators work 30 years in the Senate to get a pension . Less that 15 they would not be vested..