Wednesday, May 26, 2010

PBGC insurance for union pensions can really leave retirees in the cold

A lead story in the Commentary section of the Wednesday May 26 edition of the Washington Times points out that the PGBC insurance for retirees in union pension funds are less than for those in single employer plans. In fact, the insurance goes up to $12,870 a year. This fact seems to be littke known.

The article goes on to describe another taxpayer bailout proposal, with what it calls a Fifth Fund, part of the Create Jobs and Save Benefits Act of 2010. The text for the bill seems to be on this pdf ; I couldn’t find it in govtrack yet.

The name of the article, by F. Vincent Vernucclo and Jeremy Lott, is “Look for the union fable: Taxpayers could be on the hook for pension bailouts,” link here.

(note: the url for this post is different because "PBGC" was at first mistyped in the title.)

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