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Imran - link? As in who gets what, and how it is being arranged. That is news, it's the first case I've heard of that being done.
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The worst form of insubordination is being right - Keith D., marine veteran. A dictator will starve to the last civilian - self-quoted
And on the eigth day, God realized it was Monday, and created caffeine. And behold, it was very good. - self-quoted
Klaatu: I'm impatient with stupidity. My people have learned to live without it.
Mr. Harley: I'm afraid my people haven't. I'm very sorry… I wish it were otherwise. -
Well the article said:
The Pension Benefit Guaranty Corp. said it would guarantee payment of an estimated $2.1 billion in benefits out of the plan's $2.9 billion shortfall.
Yes, there is an $800 million gap there, but since the benefits guarenteed are so close to the shortfall, most pensioners should recieve a good portion.
As for the PBGC working with United before bankrupcy, it is something I heard from those I work with (Employee Benefits Security Administration at the US DOL). Don't know if it is in a DOL press release or what, but I've heard from some investigators that that is why the are able to guarentee a good portion.
Of course, there can also be a claim put in during bankrupcy proceedings for the rest.“I give you a new commandment, that you love one another. Just as I have loved you, you also should love one another. By this everyone will know that you are my disciples, if you have love for one another.”
- John 13:34-35 (NRSV)Comment
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What? You mean the company and/or those responsible for the pension plan doesn't have to make up the differences?Originally posted by shawnmmcc
Duh. If the regulators are not enforcing the rules due to executive branch policies/lack of funding, businesses will manipulate the rules and claim it was not fraud, but an understandable mistake, pay a fine, and leave with billions in extra profits.
Kudos to Canada's law
(\__/) 07/07/1937 - Never forget
(='.'=) "Claims demand evidence; extraordinary claims demand extraordinary evidence." -- Carl Sagan
(")_(") "Starting the fire from within."Comment
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Yeah I was hoping that she'd win - it'd be a freaking awesome story.Originally posted by Oerdin
Things are so bad and voters so disillusioned that an unknown independent write in candidate came with in 200 votes of winning the election last November. People seem to loath both the local Republican and Democratic parties.Comment
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Actually, it's worse than that. To underfund a pension, they merely have to assume that the fund's investments will do better than could reasonably be assumed otherwise.Many businesses prefer to underfund their pensions, that way they can show better results. Duh.I came upon a barroom full of bad Salon pictures in which men with hats on the backs of their heads were wolfing food from a counter. It was the institution of the "free lunch" I had struck. You paid for a drink and got as much as you wanted to eat. For something less than a rupee a day a man can feed himself sumptuously in San Francisco, even though he be a bankrupt. Remember this if ever you are stranded in these parts. ~ Rudyard Kipling, 1891Comment
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That gap is 27.5% - of the unfunded amount. That's not a small reduction, and this is a success story? Now, it's based on the underfunding, so we don't know the totals here. But I don't believe any of us here would be blaise about a 27.5% reduction in our savings accounts, salary, etc.The worst form of insubordination is being right - Keith D., marine veteran. A dictator will starve to the last civilian - self-quoted
And on the eigth day, God realized it was Monday, and created caffeine. And behold, it was very good. - self-quoted
Klaatu: I'm impatient with stupidity. My people have learned to live without it.
Mr. Harley: I'm afraid my people haven't. I'm very sorry… I wish it were otherwise.Comment
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