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  • Pension Underfunding: The Next Earnings Shock? [View article]
    Here is an interesting twist. The company I used to work for filed for Chapter 11. I applied for a lump sum benefit as soon as the plan allowed (5 months after the end of severance) and should have been processed before even the first bankruptcy meeting of creditors.

    Now they cannot pay because of an IRS regulation and I have to reapply for an annuity. The only law I can find is the "Pension Plan Protection Act of 2006". Of course it does not apply, because they froze benefit accumulations in 2007.

    If they stall me and others long enough, they can use the PBGC (i.e. government insurance) and save more out of pocket. Got to keep the corporate jet gassed up somehow.

    Obama, start reaching for the checkbook again!
    Mar 07 23:55 pm |Rating: +2 -2 |Link to Comment
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