A bit of trivia people may not know about Eddie is that his mother helped support the family by working retail at Saks Fifth Avenue. All those 90,000+ retirees who lost their pensions? The youngest of them was working in 1984, many his mother's age. He understands the kind of folks and children of folks who work retail, it's his very own mother who raised him after his father died, and even himself. How hateful a man do you have to be to destroy hundreds of thousands of lives just like his mothers and his own? That's the kind of person Eddie is. One self hating sick mofo who will destroy people just like his mom.
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@Z485hwf The vast majority of the pensions were fully covered. A very small percentage that were in excess of a certain threshold were not fully covered. The OP’s post is inaccurate.
The PGBC does not back pensions in full. Small ones yes , large ones no.
OP, why do you spread false info? Nobody lost their pensions.
Just get over Eddie issue and live your life well.
It's a good thing Eddie never decided to get involved with Saks. He could have bankrupted them too.
If he believes in reincarnation, maybe Eddie will come back as a slimy slug. Lol
Really!!!!!!!! You are a a-hole!!!!!!!!!!!!!!!!!!! And unfortunately you outnumber us it appears. I cannot even express what I hope happens to Eddie. Karma I hope!!!!!!
Eddie is a good boss that deserves respect for the hard job he does Day in and day out. His is a thankless job saving and restructuring a company that everyone has opinions on. Where the New Sears is going: stay tuned? It may go completely online with a strong foot print in leasing real estate as stores are closed or resized. Keep up the good work Eddie.
That's right, they lost their insurance. Because Eddie transferred the money that the retirees paid into the plan into his own pockets.
"The thing that is so distressing about this is that it's probable that most, if not all, of them will not be eligible to buy replacement insurance," Paige told Business Insider. "So they're taking something away from them that in all probability they cannot replace."
Paige told Business Insider that the employee benefit of group insurance is so "valuable" because it's guaranteed, unlike a policy that you'd sign up for solo.
Unlike health insurance, life insurance has no rule stipulating that insurers can't reject applicants for pre-existing conditions like illness. Paige said that the age of the applicants could also bar them from life insurance. CBS reported that the average age of the retirees is 80.
This isn't the first rumble of trouble regarding life insurance coverage for Sears retirees. Ron Olbrysh, a former Sears assistant general counsel who runs the The National Association of Retired Sears Employees, previously told the Chicago Tribune that his fellow retirees were concerned about life insurance even before the company declared bankruptcy. Olbrysh didn't immediately reply to Business Insider's request for comment.
No one lost their pensions. You are misinformed. The PGBC backed most pensions in full