U.S. Pension Benefit Guaranty Corp., a government agency that insures private-sector pension plans and pays benefits to workers if a plan fails, . . .
That anwser is in the acticle. The tax paper will pony up for the pensions of GM employees. Does that work you you dude?
JONof SC9:57AM November 20, 2008
speed up the development of yhe volt
maurice sullivanof IL10:38PM November 16, 2008
Should GM file for bankruptcy, several things generally can happen:
1. The Pension plans are usually frozen
2. the plans then are taken over by the Pension Benefit Guarantee Corp. (PBGC). This is a government agency who will oversee the pay-out of benefits.
3. Benefit payments made thru PBGC are guarantee up to a certain maximum amount per person, per year. If an individual is receiving over that maximu amount, then he/she will receive a reduced benefit amount.
4. Any early retirement incentives that had been offered by the company & paid to an early retiree are generally NOT covered in a bankruptcy case or by the PBGC, and are thus eliminated.
This would follow the general course of how the benefit plans of LTV Steel (or J & L Steel) or Bethlehem Steel were handled in the recent past. this will not happen immediately.....and there will be no immediate stopage of payments. At some point in time, there will be some changes that happen.
C A Bakinof PA9:44PM November 12, 2008
RE: the question "does anyone know what will happen to pensions if GM goes bankrupt?"
Check out the link for the the Pension Benefit Guaranty Corporation
http://www.pbgc.gov/
I do not know the timing / exact mechanism how this works but this is the answer.
Daveof MI8:35AM November 11, 2008
does anyone know what will happen to pensions if GM goes bankrupt?
jimof DE8:05AM November 11, 2008
Well its hear loud and clear "the giant sucking sound" Remember Ross Perot? It is a shame but get ready GM employees past and present. They are going to let the big three go, bye,bye...They will break the U.A.W. Union and void contracts, "all in the name of being competitive"..Its the Trade agreements Ross talked about. Our elected officials gave this country away. But just wait, Google: North American Union, Rex 84, Amero...Yes its here, not just for you for everyone.
Maxof MI8:06PM November 10, 2008
Let GM get out of the mortgage business, they are supported to finance the purchase of automobiles. If they don't have enough money to last through the end of the year, let the banks come after them like the banks do to people that are trying to buy a house. Let GM close the doors and move out just like home owners have to do. They need to cut back on their big wig bonus busting employees and give that money to the people that make the cars and trucks. This goes to Ford and Chryster and the rest of them , let them all close, who cares? Let China come over and take out this country, they seem to be doing a better job. Just look at the number of people in that country. Let the democrats give away everything, give it all to the POOOOOOOOOOOR. It won't do any good they will still be pooooooooooor, they will just have more living in the same house.
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JON of SC 9:57AM November 20, 2008
maurice sullivan of IL 10:38PM November 16, 2008
C A Bakin of PA 9:44PM November 12, 2008
Dave of MI 8:35AM November 11, 2008
jim of DE 8:05AM November 11, 2008
Max of MI 8:06PM November 10, 2008
BadBob of MI 6:19PM November 10, 2008