If Eddie manages to win this tomorrow, is he still on the hook for continuing to pay on the pensions? I know it’s been a heavy burden on Sears as a company paying these out.
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Clearly most posting here know jack sh-- about the Pension Plan or the PBGC.
Get back under your rocks.
Probably an SG or other high roller convinced he's gonna get his big money monthly if the pension fund goes toes up.
He might, or he might not.
Guess it depends how many minutes an hour they came out of their office to stroll the main floor each day and make their presence known. One hour a day? One 1/8th pension . Seems fair to me.
The overwhelming majority of pension plan participants are either dead or working as Walmart greeters.... say goodnight Gracie
No scare as I said the little guys will probably be OK big pensioners no. PBGC itself is very underfunded. It does not guarantee 100% of what Sears owes you. Little pensions do get the most . Don't be afraid of the truth
@1gbr - Stop your scaremongering! The overwhelming majority of SHLD pension plan participants would not incur any "haircut" at all.
"The Pension Benefit Guaranty Corporation (PBGC) has announced that the maximum monthly insurance benefit for participants in underfunded pension plans terminating in 2019 is $5,607.95 per month or $67,295 per year for those who retire at age 65."
the PBGC does not get first rights to all assets remaining. It has rights negotiated in the past for some assets and can sue Eddie for an unlawful conveyance of sale of stores to SRG in anticipation of BK to loot the company and screw creditors. There is a possibility of some haircut on pensions if monies recovered from asset sales to do satisfy all obligations. The PBGC will kick in some money and reduce pension payments with a focus on reducing pensions on big pensions and little or no haircut on very small pensions owed.
PBGC for anyone with a pension over $265 a month . Rest of pensioners under $265 have an account set aside for them in Met Life , fully funded .
No. PBGC will take over the pension plan and gets first dibs on the proceeds from the sale of the operating assets to whoever wins.