While there would be some repercussions if they siphoned money off plans, it
is entirely possible that they haven't been funding the plans on a regular
basis. There is a government agency that takes over insolvent retirement
funds, but no one gets what was promised.
I am really sick of the right-wing claptrap that goes something like, "Our
businesses must file bankruptcy because they can't be profitable under
current pension obligations." Hey, it's something that YOU CORPORATE
ASSHOLES AGREED TO DURING NEGOTIATIONS. IS YOUR WORD NOT GOOD? I understand
that times change, but aren't CEO's supposed to be planning for the future
of their companies? Jeez!
-----Original Message-----
From: Andrew Fildes
Sent: Thursday, January 19, 2012 3:39 PM
To: Olympus Camera Discussion
Subject: Re: [OM] Kodak Chapter 11
I still can't understand how a corporation can have ANY access to pension
funds, bankruptcy notwithstanding. Reinvesting pension funds into the
company or for the benefit of the company would be unethical, surely, if not
actually fraudulent?
We have several not-for-profit funds tied to an industry and not an
individual corporation. They are government guaranteed. The superannuation
system is compulsory and your employer must contribute around 9% of your
income. Your own contribution is variable, depending on choice and/or
circumstance.
But...I suppose that's socialism, hey?
Andrew Fildes
afildes@xxxxxxxxxxxxx
On 20/01/2012, at 3:14 AM, Chris Trask wrote:
> Sadly, it was inevitable. More troubling, though, is the mention
> towards the end of the upcoming plight of all of the Kodak pensioners.
> Unless the federal pension bailout system comes to their aid, they will be
> left out in the cold like millions of others. Too bad we don't have a
> unified pension system as they do in other countries.
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