$15.3B Gone From GM Pention Fund?

[rcworker]

Has somebody been caught with his hand in the cookie jar? What does the UAW think about this one?

http://www.freep.com/article/2008112.../1002/BUSINESS

[goblue]

Either way we're paying. Why wouldn't GM raid the fund. Its guaranteed by the government. Maybe thats the play to get GM to January under a more sympathetic administration.

[Clownzilla]

Originally Posted by rcworker

Has somebody been caught with his hand in the cookie jar? What does the UAW think about this one?

http://www.freep.com/article/2008112.../1002/BUSINESS

Well, there is no such thing as a guaranteed retirement income from a corporation. It's funny how the UAW thinks that a signed piece of paper is all it needs to guarantee retirement income. The ONLY way to guarantee retirement income is do it themselves. Don't depend on a corporation to spoon feed you until you die.

[tom3]

Originally Posted by Clownzilla

Well, there is no such thing as a guaranteed retirement income from a corporation. It's funny how the UAW thinks that a signed piece of paper is all it needs to guarantee retirement income. The ONLY way to guarantee retirement income is do it themselves. Don't depend on a corporation to spoon feed you until you die.

And even then there's no guarantee. The bank or investment firm fails, the stock market crashes, and you're funds are wrecked. Tough, these modern times.

[psece]

Originally Posted by rcworker

Has somebody been caught with his hand in the cookie jar? What does the UAW think about this one?

http://www.freep.com/article/2008112.../1002/BUSINESS

The article never states that GM directly took money from the pension fund. What it stated was that the fund went down in assets. Never said how but since GM lost its stock price and I would venture to guess that part of the Pension was invested in GM? Other pensions have been hit hard with the stock market drop also. They also talked about the buyouts making it so that more people were taking advantage of the Pension at a quicker rate.

With the baby boomers starting to retire, we should all get ready for the strain on all the pension funds. Hopefully, the promise is still smaller than the funds.....

[1G6]

Misleading OP.

And it's "pension."