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<p>[QUOTE="Anonymous, post: 3789775"]Well, you need to apply your vast knowledge and high powered perception to the current state of the airline industry then. Several big airlines, including UAL Group (the parent company of United Airlines have taken the step of freezing pension contributions to its employees. Ford and Standard Register have also done the same. </p><p><br /></p><p>Here's another bit of late breaking news. Yes, pension plans of US based companies are protected by our country's Pension Benefit Guaranty Corp (PBGC) which a government body funded by premiums from companies that operate defined-benefit pension plans. If only one company like United Airlines, for example, decided to walk away from its pension obligations, PBGC says it would be saddled with claims worth $6.4 billion. This kind of mismatch provides a powerful incentive for companies like United Airlines to walk away from their pension obligations. The airline has contributed just $50 million in premiums to PBGC. Any company could do this if it wanted to, and there is no legal reason why it cannot. </p><p><br /></p><p>PBGC had an $11.2 billion deficit at the end of 2003. Now, its potentially exposed to bills for as much as $85 billion from possible pension-plan terminations -- about $23 billion from the airline sector alone. I have a basic education, and I have no problem determining what could potentially happen if companies walk away from pension plans looking at these numbers. I also can assimilate the point that nothing legally binds a company to paying pensions out. The PBGC is a slush fund that is billions of dollars in arrears, it has no legal provision that makes companies pay pensions out. Any government entity that attempted to do so would run afoul of both federal antitrust law and the stipulation that the US Government cannot seize private equity and dictate disbursement. </p><p><br /></p><p>I would not give credence to anything that comes out of an old, know-it-all curmudgeon's mouth. Anyone that can follow current events and apply any type of deductive reasoning power to our changing economic landscape will always be light years ahead of the jerks who think they know everything because they have "wisdom" and refuse to accept the dynamics in out current economic marketplace[/QUOTE]</p><p><br /></p>
[QUOTE="Anonymous, post: 3789775"]Well, you need to apply your vast knowledge and high powered perception to the current state of the airline industry then. Several big airlines, including UAL Group (the parent company of United Airlines have taken the step of freezing pension contributions to its employees. Ford and Standard Register have also done the same. Here's another bit of late breaking news. Yes, pension plans of US based companies are protected by our country's Pension Benefit Guaranty Corp (PBGC) which a government body funded by premiums from companies that operate defined-benefit pension plans. If only one company like United Airlines, for example, decided to walk away from its pension obligations, PBGC says it would be saddled with claims worth $6.4 billion. This kind of mismatch provides a powerful incentive for companies like United Airlines to walk away from their pension obligations. The airline has contributed just $50 million in premiums to PBGC. Any company could do this if it wanted to, and there is no legal reason why it cannot. PBGC had an $11.2 billion deficit at the end of 2003. Now, its potentially exposed to bills for as much as $85 billion from possible pension-plan terminations -- about $23 billion from the airline sector alone. I have a basic education, and I have no problem determining what could potentially happen if companies walk away from pension plans looking at these numbers. I also can assimilate the point that nothing legally binds a company to paying pensions out. The PBGC is a slush fund that is billions of dollars in arrears, it has no legal provision that makes companies pay pensions out. Any government entity that attempted to do so would run afoul of both federal antitrust law and the stipulation that the US Government cannot seize private equity and dictate disbursement. I would not give credence to anything that comes out of an old, know-it-all curmudgeon's mouth. Anyone that can follow current events and apply any type of deductive reasoning power to our changing economic landscape will always be light years ahead of the jerks who think they know everything because they have "wisdom" and refuse to accept the dynamics in out current economic marketplace[/QUOTE]
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Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Pfizer
>
Funny watching young reps...
>
Cafepharma Message Boards | Pharma Sales, Device Sales, Lab Sales
Home
Forums
>
Pharma/Biotech Companies
>
Pfizer
>
Funny watching young reps...
>