Imagine you have worked hard all your life for a private company that you were proud of and that provided a retirement plan in the form of pensions. Now you have reached the end of your career and with the money you saved you can retire and focus on the things that you have planned for years, perhaps decades. Note that during this time you were not a unionized laborer but did work for a company that hired union labor. Life is good and then suddenly the government steps in a erases your private pension. How is this possible, you work for a private company, same as the unionized labor?
The White House and Treasury Department have consistently maintained that the Pension Benefit Guaranty Corporation (PBGC) independently made the decision to terminate the…non-union…workers’ pension plan. The PBGC is a federal government agency that handles private-sector pension benefits issues.
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