Re: OT: Lump Sum Pension Distributions - Saab General Bulletin Board - Saabnet.com
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Re: OT: Lump Sum Pension Distributions
Posted by HudsonValleySaabguy [Email] (more from HudsonValleySaabguy) on Sun, 20 May 2012 14:15:10
In Reply to: OT: Lump Sum Pension Distributions, MI-Roger [Profile/Gallery]
, Sat, 19 May 2012 13:30:52
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MI Roger - Take the money and run. When I see firsthand "accountants gone wild" at my employer, I cringe. There are so many loopholes around pension accounting it makes 2+2 = 7 seem logical. Oh yeah when I asked around at my employer why it shows only 80% funded in our annual ERISA pension statement, I was told "don't worry, its all in accordance with federal regulations and its also backed by the PBGC or whatever govt entity insures pensions."
Translation - if my company goes belly up, and the pension is underfunded, tough ta-tas. You (the employee) is the ones that lose. And if the govt steps in, I will be lucky to get 50 cents on the dollar.
Look no further than the recent bankrupty of American Airlines. They have billions in the bank but are looking to get out of their pension liabilities as well as union contracts.
Stuff like this is why you have people protesting in the streets. MI Roger - take the $$ and invest it in something relatively safe and stable. We live in a low rate of return world where return OF your capital is much more important than return ON your capital.
posted by 67.82.220...
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