mishtalk.com / Mike “Mish” Shedlock / March 3, 2017
The Pension Benefit Guarantee Corporation (PBGC), an entity created to “guarantee” pensions of private corporations, is on the verge of bankruptcy.
Teamsters and other unions are poised to take huge pension hits. Previously, airline employees have taken a hit.
Please consider PBOC Running Out of Cash to Cover Union Pension Funds.
The clock is ticking for 71 penniless union pension funds that rely on a federal insurance company to support their retirees — because the agency itself is also running out of cash, its director said Wednesday.
The Pension Benefit Guaranty Corporation’s limited liquidity is part of the spiraling U.S. pension crisis that threatens to wipe out the retirement savings of more than a million Americans.
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