WeAAsles
Veteran
- Joined
- Oct 20, 2007
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I completely agree with you regarding corporations under funding in-house pension obligations. It's almost criminal as the pension funding would be part of employee compensation, thus I have little patience for on-going business concerns who file BK, then dump their unfunded pension obligations. However, as far as I know, the Company has not defaulted on its $1.05/hour obligation for all LUS FSC's (and MX?), so the money has been provided to the IAMNPF, per the agreement.
Frankly, and naively, I assumed if the funds were placed within a separate, 3rd party trustee with fiduciary obligations (IAMNPF) the retirement benefits were secure. Part of me was thinking one way, but with enough finance/accounting background as I read the reports, I sensed the future was becoming rocky. Pension accounting under the rules of GAAP and FASB would be akin to a black magic for which only those well-initiated in the art truly understand the details. Now I recognize we have been duped by the IAMNPF hucksters promoting "Green Zone" making our pension among the top plans in the country to be absolute horse $h!+.
I truly am sorry that the IAMNPF did not live up to the expectations people may have had for it when it was first offered to all of you at LUS.
Like I said I’m curious if the Company will chose the “Preferred Schedule” or the “Default Schedule” when the time comes to make that decision?