The Briefing Room

General Category => Economy/Business => Topic started by: corbe on January 18, 2019, 08:08:47 pm

Title: Feds take over pensions for Sears, Kmart workers
Post by: corbe on January 18, 2019, 08:08:47 pm

Feds take over pensions for Sears, Kmart workers

by Sean Higgins

January 18, 2019 02:47 PM
ï‚™
The Pension Benefit Guarantee Corporation, the federal agency charged with protecting retirement income, announced Friday that it would take over the pension programs for workers for the Sears Holding Corporation, which includes the iconic retailer and its subsidiaries like Kmart.

The PBGC said Sears' programs were underfunded by about $1.4 billion and could only meet about two-thirds of its obligations.

<..snip..>

https://www.washingtonexaminer.com/policy/economy/feds-take-over-pensions-for-sears-kmart-workers (https://www.washingtonexaminer.com/policy/economy/feds-take-over-pensions-for-sears-kmart-workers)

Title: Re: Feds take over pensions for Sears, Kmart workers
Post by: IsailedawayfromFR on January 18, 2019, 11:27:07 pm

Seems to me that underfunding pension liabilities is a illegal offence, causing someone to serve jailtime.

Title: Re: Feds take over pensions for Sears, Kmart workers
Post by: Sanguine on January 19, 2019, 01:33:07 am

Wait - why am I paying for Sears and K-Mart pensions?

Title: Re: Feds take over pensions for Sears, Kmart workers
Post by: bigheadfred on January 19, 2019, 01:47:10 am

Quote from: Sanguine on January 19, 2019, 01:33:07 am

Wait - why am I paying for Sears and K-Mart pensions?

Why are you paying for ANYONE ELSE'S pensions?

ps

Our local Sears is closing and has some great sales.

Title: Re: Feds take over pensions for Sears, Kmart workers
Post by: jmyrlefuller on January 19, 2019, 12:23:25 pm

Who pays pensions to cashiers and retail management anymore?