Will the downfall of Boeing affect the current pensions will they be reduced or eliminated totally? Does anyone know?
6 replies (most recent on top)
Having worked for a company who declared bankruptcy, the answer is YES.
They will not go away completely. After all creditors are paid, the balance of the pension fund (which isn't fully funded now by the way, read that statement you get every year) will go to the PBGC (US Government) and will pay 30 to 40 cents on the dollar when you retire.
I hired in after the pension was gone at Boeing, so I don't have to worry. But that is how it played out at a previous employer.
@dm
it is like they have their eyes closed
39 trillion in debt with 0 chance of paying it down
~1.7 trillion in student loan debt
~1.6 trillion in credit card debt
debt/gdp ratio around 130%
a lot of companies look like stock scams, openAI, Tesla ...
this ponzi scheme only continues if people continue to buy into it
'federally insured' means others will be picking up the tab
specifically people who don't have pensions - you really think they are going to do that
@ad - pensions are insured federally, but only to a point. You could end up receiving only 20% of what you were promised or what you’re getting now, pensioners are the very last on the list when the company has to reschedule finances.
Google or research this subject.
I think you’re gonna be quite shocked.
(Or) watch the UTube video by Michael BORDENARO “truckers are losing everything after massive trucking bankruptcy”
If you’re trusting it federally- lol - you may want to reconsider! the market is going to crash and there will be no bailouts as the system is collapsing in real time - all the best!
@ad, I hope your right I was reading in the past where companies failed and the pensions were cut.
Our pensions are federally insured. Don't worry.