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1Friday Freebie: The ?A-Letter? 1 Citation I love free stuff. And I bet a lot of you do as well. Which is why I?m starting a new series called ?Friday Freebie,? where every so often I?ll introduce you to some free, yet possibly useful, finds of mine related to topics covered in this blog, starting with this post. One of my favorite free newsletters that I like to read on a regular basis is the ?A-Letter? that?s published by The Sovereign Society . The ?A-Letter? is their ?free offshore financial e-newsletter containing late breaki, technorati.com
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Termination Premiums are not Pre-Petition Claims Dischargeable in Bankruptcy 1 Citation In PBGC v. Oneida , No. 08-2964-bk (CA 2nd, April 8, 2009), the Court of Appeals for the 2nd Circuit reversed the decision of the U.S. Bankruptcy Court for the Southern District of New York. The 2nd Circuit found that payments due to the PBGC as a result of an employer?s termination of a pension plan while undergoing reorganization in bankruptcy are not a contingent pre-petition claim which is dischargeable in bankruptcy. At issue in this case were the Termination Premiums which Oneida dispu, technorati.com
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Chrysler Creditors' Committee Appointed 1 Citation The United States Trustee has appointed the members of the Official Committee of Unsecured Creditors in the Chrysler, LLC bankruptcy case. Chrysler filed for bankruptcy protection on April 30th in the Southern District of New York bankruptcy court. The members of the Creditors' Committee are: Pension Benefit Guaranty Corporation (PBGC) International Union, United Automobile, Aerospace & Agricultural Implement Workers of America (UAW) Continental Automotive Systems, Inc. Cummins, Inc., technorati.com
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Amsterdam Memorial Hospital Files For Distress Termination Of Pension Plan 1 Citation According to a recent letter mailed to employees of the Amsterdam Memorial Hospital, the hospital filed for a distress termination of its pension plan with the Pension Benefit Guaranty Corporation on April 30, 2009. The Amsterdam Memorial pension fund which affects 839 participants, has assets of $14,579,218 and liabilities of $19,619,324. According to the letter, ?If the application is granted, the PBGC will take over the plan as trustee and pay plan benefits, up to the legal limits, using, technorati.com
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The Daily Tweetcast #8 - Pensions gone bust and the PBGC too 1 Citation Tags: Chrysler, gm, Max Keiser, pbgc, Pensions, stacy herbert, technorati.com
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1 Citation Apr01 Chris GrandeApril 1, 2009For those of you who think your pension is safe, here?s some (bad) food for thought:Boston Globe Pension ArticleApparently, the Pension Benefit Guaranty Corporation (PBGC) who I believe currently manage Delta?s failed pension among others (fact check?) put their premiums into riskier investments over the past few years and the deficit, which was $11B according to the article, could now be substantially higher (as an interesting side note, my former B-school profess, technorati.com
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1 Citation Recently I asked the question "Where would you be if the previous Administration had succeeded in privatizing Social Security?". Looks like the Boston Globe has provided us with an answer. Via David Kurtz at Talking Points Memo ., technorati.com
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Pension Guarantee Money Set Ablaze On Wall Street 1 Citation From the Boston Globe, a terrifying report about how the Pension Benefit Guaranty Corporation, the agency that insures retirement funds, decided to play in the stock market at precisely the wrong time: WASHINGTON - Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks. Switching from, technorati.com
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1 Citation by Deb Cupples | The Boston Globe reports: "Just months before the start of last year's stock market collapse, the federal agency that insures the retirement funds of 44 million Americans departed from its conservative investment strategy and decided to put much of its $64 billion insurance fund into stocks. "Switching from a heavy reliance on bonds, the Pension Benefit Guaranty Corporation decided to pour billions of dollars into speculative investments such as stocks in emerging foreig, technorati.com
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Miller will probe pension agency?s ex-chief 1 Citation House Education and Labor Committee Chairman George Miller , D-Martinez, is opening a committee investigation into ?very serious questions? of whether a Bush Administration pension agency chief got too cozy with the Wall Street contractors from which he was taking bids on lucrative contracts. Pension Benefit Guaranty Corp. ? a federal corporation created by the Employee Retirement Income Security Act of 1974, with the secretaries of Labor, Commerce and Treasury as its board of directors ? p, technorati.com
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