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<blockquote data-quote="bacha29" data-source="post: 3513844" data-attributes="member: 58386"><p>The thing to understand about the PBGC is that when it has to take over an insolvent plan you don't just have your monthly benefit end one month and the PBGC sends a check the following month every month afterward. The waiting time for the PBGC to step in can be months so their is a period of time when you receive nothing. In addition there is a formula for determining what your new monthly benefit will be and it most certainly will not be a dollar for dollar match.</p><p></p><p></p><p>When the airlines went belly up a decade ago the pensioners of American Airlines saw their monthly benefit cut by 40% when the PBGC took over and there is growing concern in Washington regarding the PBGC's solvency should it get hit with another avalanche of insolvent pension plans. Therefore one should take no comfort in X's use of the PBGC as assurance that X pensioners will always have a continuous monthly benefit check and in the amounts they were promised. It was designed to make sure that you got something as compared to the nothing you would have otherwise had. Nothing more than that.</p></blockquote><p></p>
[QUOTE="bacha29, post: 3513844, member: 58386"] The thing to understand about the PBGC is that when it has to take over an insolvent plan you don't just have your monthly benefit end one month and the PBGC sends a check the following month every month afterward. The waiting time for the PBGC to step in can be months so their is a period of time when you receive nothing. In addition there is a formula for determining what your new monthly benefit will be and it most certainly will not be a dollar for dollar match. When the airlines went belly up a decade ago the pensioners of American Airlines saw their monthly benefit cut by 40% when the PBGC took over and there is growing concern in Washington regarding the PBGC's solvency should it get hit with another avalanche of insolvent pension plans. Therefore one should take no comfort in X's use of the PBGC as assurance that X pensioners will always have a continuous monthly benefit check and in the amounts they were promised. It was designed to make sure that you got something as compared to the nothing you would have otherwise had. Nothing more than that. [/QUOTE]
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