The Union Pension Protection Fund, or whatever the real name is, guarantees that you will pay for all the debt that Detroit just defaulted on. Bend over so Obama can smile.
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If it’s that federal insurance program, it only pays a percentage of the insured pension and their is a maximum that any given retiree can get. In other words, every retiree would take som “bath”, but those with the higher pension would see their pension cut by a higher amount & percenctage. This is from my memory only so don’t take it to the bank.