facepalm of the day

[Danzig]

Originally Posted by casp0555

I wonder if the Fund's management is taking a cut in their monthly checks . Its very sad that you work all those years expecting to have retirement income and then something like this happens and it disappears. I will not be surprised to see this happen to me and my family if I live long enough to retire

it used to be they had to keep these funded adequately, because that money was promised to retirees. to go back later and cut them is so much more than a slap in the face-and no recourse?! it is outrageous.
yet another reason why SS must never be privatized. can you imagine a glass/steagall type law to lead to a 2008-type financial scandal affecting all americans and their social security?!
i think one issue with these traditional pensions is that as companies have ended them for future employees, they don't have an incentive to keep them well funded for those already retired.
where my husband works, he has both a pension and a 401k-but employees hired in the last 10 years or so will have no pension. so, now companies know they can let the funds whither and die, because there's no penalty to them if the fund collapses.