{"id":1967,"date":"2010-06-13T17:24:10","date_gmt":"2010-06-13T17:24:10","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=1967"},"modified":"2013-09-03T13:16:58","modified_gmt":"2013-09-03T17:16:58","slug":"are_you_familiar_with_the_pens","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=1967","title":{"rendered":"Are You Familiar With The Pension Benefit Guarantee Corporation?"},"content":{"rendered":"

The reference for this story is a May 25 article in the Washington Examiner<\/a>.\u00a0 The article deals with the Pension Benefit Guarantee Corporation (PBGC).\u00a0 Senator Bob Casey, (D-Pa.), introduced S. 3157 in late March.\u00a0 According to Thomas.gov<\/a>, the bill is currently in committee.\u00a0 The bill is called “Create Jobs and Save Benefits<\/b> Act of 2010.”<\/p>\n

The bill would back union pension funds with federal tax dollars.\u00a0 The article in the Washington Examiner points out that in 2006, before the recession, only six percent of these union pension funds were doing well.\u00a0 In a column in the Washington Examiner<\/a> in April, Mark Hemingway\u00a0pointed out that the average union pension plan had only enough money to cover 62 percent of its financial obligations.\u00a0 Pension plans that are below 80 percent funding are considered “endangered” by the government; below 65 percent is considered “critical.”\u00a0 Union membership is declining, which means that less people are paying into these funds.<\/p>\n

In July 2009, the PBGC bailed out the pension liabilities of auto parts manufacturer Delphi ($6.2 billion).\u00a0 In 2007, the PBGC had a deficit of almost $1 billion.\u00a0 They are expected to assume $86 billion in liabilities by 2015.\u00a0 This is not good business practice.<\/p>\n

I am sorry that the unions cannot cover their pension funds, but maybe it’s time for them to consider taking steps to make their pension funds affordable.\u00a0 I do not think the American taxpayer should be required to save a union pension fund.<\/p>\n","protected":false},"excerpt":{"rendered":"

The reference for this story is a May 25 article in the Washington Examiner.\u00a0 The article deals with the Pension Benefit Guarantee Corporation (PBGC).\u00a0 Senator Bob Casey, (D-Pa.), introduced S. 3157 in late March.\u00a0 According to Thomas.gov, the bill is … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1967","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/1967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1967"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/1967\/revisions"}],"predecessor-version":[{"id":20327,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/1967\/revisions\/20327"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}