[Loyal Buckeye]

Not to worry, GM's pension is covered by the PBGC (i.e., the taxpayers) if GM is unable to pay.

[jocon307]

Bush really did not do a good job of selling his reform plan, and least in part because he didn't really claim to have one. He spent a lot of time saying he was open to suggestions. That's not how it works, and that's not how he works when he wants things to go the way he wants.

Now we have Madame Meirs and her unfortunate advancement threatening to derail the whole second term.

I really am depressed. But it's not just because of Bush and co., but they are not helping!

[Abundy]

BFL (bookmarking for later)

[SamAdams76]

I have a 401(k) and it's the way to go. It's portable and I can take it to any employer. I simply work for a company, contribute my portion, take the company match, and when I leave the company, I take it with me and I do not saddle my old company with any further obligation.

Defined pension plans can be absolutely crippling for a company. It is all coming home to roost for companies who have allowed themselves to be held hostage by socialist labor unions.

[motzman]

Unions, God Bless 'em.

Bennie yourself out of business then blame somebody else. It's not like they make superior products.

Take away the Vette, Mustang, 300C/Charger, and a couple of Caddies, and the Big Three's got nothing.

[George W. Bush]

No one can ever take it away: not for a pay cut, not for a bankruptcy. And not for some cockamamie new government spending program either.

Naive. Extremely naive.

[staytrue]

America's defined benefits system is heading for trouble.

It should be obvious by now, that there is no such thing as a defined benefit system. There is no free lunch. That is you get benefits equal to what you put in. If you get more benefits than you put in, bankruptcy is sure to follow.

The one exception is social security where there was a single one time free lunch for the first recipients or generation. This free lunch comes at the expense of the last recipients but if there is a last group of recipients, it is the end of the world and social security is the last thing they are worrying about.

[Jack Black]

Perhaps above all else, personal accounts end all possibility or -- or need for -- benefit cuts to seniors: what's in a private account is yours. No one can ever take it away: not for a pay cut, not for a bankruptcy. And not for some cockamamie new government spending program either.

Oh please! Let's not be stupid and underestimate the greed, ignorance and criminality of politicians. Of course they can take your "defined contribution" plan. Many mechanisms are available. The Nobel Peace Prize winner Jimmy Carter directed the US Economy to whopping 20% inflation. Imagine what 5 or 6 years of that might due to your private pension at age 70 when you have prudently invested it in a annuity. And lets not forget taxation. Already the govt. has broken the terms of the Social Security plan once and now taxes disbursments. And that's just off the top of my head. You can bet people like Hillary, Chuckie Shummer and all the other professional looters have many, many more creative ways to screw retirees.

[Hank Rearden]

I want to know when and how we can begin to destroy the lavish retirement plans of government parasites?

I'm serious. I want those lazy unioned-up parasites to hurt. Politicians and useless government goons don't get to skate. Not this time.

Unions must die. All of them. Now. Especially government unions.