Next Bailout On the Horizon: Pensions

Stealthy News ^ | November 11, 2008 | Tom Fox

[Fox_Mulder77]

Tax payer funded bailouts seem to be the "in" thing in Washington these days. And it seems a new bailout may be on the horizon: pensions. The president of the National Retiree Legislative Network is begging congress to act and prevent a collapse of pension plans across the nation. Is anyone in Washington listening?!?

“The ‘perfect storm’ is bearing down on the pension plans of America’s workers and retirees,” said Bill Kadereit, NRLN president. “Congress needs to close loopholes in pension laws that allow companies to use pension plan assets for restructuring and downsizing.”

“Congress should immediately amend the Employee Retirement Income Security Act (ERISA) to narrow the definition of ‘ancillary’ benefits that can be paid from pension plan assets,” Kadereit said.

“Many pension plans are headed for disaster unless Congress acts to stop the reversions of pension plan assets to corporations.”

[Trust but Verify]

I’m worried about my pension. I have my 30 years and could retire any day and take a lump sum payout, but I am also just 47 years old and my employer is the provider of the health insurance for my family. Kids are grown, but husband is diabetic and I can’t risk losing insurance for him. Right now, kind of stuck bewteen a rock and a hard place.