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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (187113)8/12/2002 9:32:50 AM
From: reaper  Read Replies (1) of 436258
 
nothing really; remember that US Air is not liquidating, it is just hiding from its creditors. so they are still in business, and the pension lives.

now, if a company were to liquidate (say for example several US steel businesses, or Polaroid) then the pension gets taken over by the Pension Guarantee Trust Corp, which is a quasi-gov't (i think) organization that takes on the pension. basically, companies that have pensions pay insurance premiums to this trust corp, and with that funding it then pays out the pensions of companies that literally go away.

Cheers
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