This is going to be a nightmare for baby boomers.
Yes it is, but I think the CEOs and financial heads of these companies should be thrown in jail for life. They screwed up by not putting enough money aside for the pensions they promised. Lock up every CEO and Financial person in every company that has done this past and present. Also new rules need to be passed to ensure this never happens. Funny how the Post Office will be the only agency paying their pensions for life thanks to the Republicans forcing them to put aside money for their workers.
All officers and board members should be personally on the hook financially to fund the pensions that were promised by the company.
Takes two to tango, bubba. The union kept demanding these huge returns and management was doing the 'yes sir, yes sir, three bags full' - all to keep paying these idiots 75K a year because they are retired truck drivers. Why else would UPS kick the pension obligation back to the union during the last negotiation? Don't blame the companies at this point - BLAME THE UNION!!