Pension failures foil 6-figure retirements too

[JoFerret]

http://www.nytimes.com/2004/10/05/national/05retire.html

....
"The average person is not going to feel overly sorry for me, and I don't expect it," Mr. Paulsen said, acknowledging that he still has investments and savings. "But I moved nine times for the company and expected a lot more. There were a lot of sleepless nights."

As major airlines and old-line industrial companies use bankruptcy to stay alive, or simply go out of business, many workers are being thrown into a federal safety net that does not always protect them.

Among those hard hit are commercial airline pilots, who by law cannot fly passengers after they turn 60. Pilots typically retire with pensions of $100,000 or more, based on their final salaries and years of service. But the federal Pension Benefit Guaranty Corporation, the agency that takes over failed pension funds, usually matches the payments only for workers who retire at age 65 and earn pensions of up to $45,000 a year. The limits are set by Congress.

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[MSgt213]

1. So where's the money? This guy did his part and because its over a

hundred grand a year shouldn't make a difference. If he did the work and contributed like he was suppose to why shouldn't he expect to get his retirement money. The airline inticed him with it. Promised it for years until it was time to pay up. Bet they are using his money right now to buy something. But that's okay as long as they get to rip people off.

[w4rma]

2. Pension contracts aren't worth the paper they are written on anymore.

Maybe all contracts are getting to be that way, if they cost money for a big corp.

[bleedingheart]

3. Ah the lesson..how to Work Hard and get F*cked by Corporate America

[saracat]

4. Yeah well my husband moved more than nine times

and lived apart from his family and he has got nothing! And he worked for Motorola. He was outsourced after 26 years One year and a half short of health benefits. No, I am not sorry for him, but it is still not right. A pension is a pension and should be paid!