boycott united forever

"John Galban" wrote

The deferred compensation described sounds like the company promising
to pay you later (originally because they couldn't afford to pay now).

Nope... at PanAm, at contract time, there were just so many dollars on
the table, take them now or take them later. We, the pilots had our
choice, more pay...more vacation...more health care...or more pension,
take your choice. At PanAm, we usually sacraficed pay for better working
conditions....and our working conditions were great!

A 401K (or similar individual retirement account) is usually not
under the direct control of a company, and cannot be squandered by
them. A promise by a company to pay your salary after retirement is
just that. Words.

Not at PanAm, the pilot group (unlike the other employee groups) insisted
that our pension plan be held by an outside source, in this case,
Prudential Insurance, and PanAm paid monthly on behalf of each of us. We
felt fairly safe when the axe fell on PanAm.....WRONG! Prudential went
to the NY Federal Court and obtained permission to dump the obligation
off to the PBGC. You can't trust anyone.

Bob Moore

The PBGC funds pensions based on premiums paid by companies with
pensions--not taxes. From their website:

"Our financing comes from insurance premiums paid by companies whose
plans we protect, from our investments, and from the assets of pension
plans that we take over, but not from taxes."

The guarantee comes from the PBGC which is funded by payments from
companies, not taxes.

-Jim

"Jim" wrote in message
oups.com...
The guarantee comes from the PBGC which is funded by payments from
companies, not taxes.

-Jim

What happens if it runs out of money? Government bail out or tough luck?

Boycott United and drive them out of business. That will show all those
shareholders, many of whom are retirees what we mean! That will teach
CEOs not to take risks and let their companies die a normal and slow
death rather than try to reform the compay and have a chance to
succeed.

BTW: Don't forget that the pension as paid for by the U.S. taxpayers
now was funded by the pension guarantee fund, a fund provided for by
the pensions themselves. Its like we're a big insurance company. The
U.S. gov't accepted the premiums, we need to pay out.

-Robert

So you believe the purpose of a corporation in the U.S. is to provide
employment. Mr. Marx, I think you're dated.
It's the stockholders who have a duty to police the compenstion
packages of CEOs, not mommy government. Its the stockholder's money.

-Robert

The funding for the PBGC does not come from taxes. You will not be
paying them.

-Jim

"Robert M. Gary" wrote in message
oups.com...
Boycott United and drive them out of business. That will show all those
shareholders, many of whom are retirees what we mean! That will teach
CEOs not to take risks and let their companies die a normal and slow
death rather than try to reform the compay and have a chance to
succeed.

Riiiiiiiiight. "Teach CEOs not to take risks" like ensuring their own $1.5
million pensions while screwing everyone who worked for the company."

It'd teach the shareholders and future businesses to pay more attention to
their employees, though, huh?

-c

"Robert M. Gary" wrote in message

So you believe the purpose of a corporation in the U.S. is to provide
employment. Mr. Marx, I think you're dated.
It's the stockholders who have a duty to police the compenstion
packages of CEOs, not mommy government. Its the stockholder's money.

To whom is this addressed?!

"GP" == George Patterson writes:
GP You're thinking of a 401K. A pension used to be a guaranteed
GP retirement income in exchange for spending your life working
GP for the company. One could argue that you exchanged a higher
GP salary for a lower salary and a pension, but no money was
GP taken out of your paycheck.

I work for the State of California, have a defined-benefit pension,
and for sure they take money from my salary to help fund the pension.