This is the start. The dominoes will now fall on the Pension Benefit Guaranty Corp. agency, resulting in millions of Americans losing out on pension benefits they were promised by corporations.
This didn't have to happen. When companies were making millions off of their pension plans during the good years, they pressured Congress to let them spend their employees pension money on themselves. When the bad years came, they pressured Congress to allow them to underfund the plans.
Result: upper management continues to get obscenely rich, and the average Joe on the line gets obscenely shafted.
Yahoo! News - Pension Agency to Take on United Funds
"The move adds another huge burden to a federal agency already operating at a $23 billion deficit. The Pension Benefit Guaranty Corp. estimated it will be responsible for about $1.4 billion of the plan's $2.9 billion in underfunded assets, making it the third-largest claim in the history of the insurance program."
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