GM Pensioners
- Thread starter Rockslinger
- Start date
I think it is 42K US retirees.
According to GM, this would cut its pension obligation by $26 billion.
Rockslinger as usual, is wrong.
http://www.workforce.com/article/20...-co-offers-pension-buyout-to-salaried-workers
If I were an eligible GM pensioner, I would take the money and run. Never know if GM will go bust again. My broker has two retired Nortel clients and bankrupt Nortel cut their pension by 30%.
This country is such a scam. The GM pensioners were bailed out by the taxpayer while the nortel pensioners were hung out to dry. Blatent inequality. I am surprised the govt was not sued. Now GM is fucking the govt and closing the Oshawa plant anyway. If Canada had any balls they would put a tarriff on GM cars until they the tax payer was fully reimbursed.
The whole idea of a defined benefit pension for life is a phryamid(sp) scheme. It only works if the number of active workers far exceed the retirees. Our public sector indexed pensions are unaffordable. Would you be willing to work until age 80 so your tax dollars can support a retired 57 year old teacher living the good life on a full indexed pension in Florida?
of course not, I think the GM pensioners should not have been bailed out, but also govt legislation must ensure pension plans are not allowed to be underfunded below a certain %. Personally I think ALL defined benefit plans will fall to bits when the bulk of the boomers retire and it will create a massive crisis. Personally I think the govt needs to 2x CPP to mitigate this.
Similar threads
