Quote:
Originally Posted by Minte
They should be able to keep them, but not at 100%. We get tagged about once a year with a customer going bankrupt and to date we've never recovered a penny. It sucks when it happens but we still have a steady stream of revenue.The problem with most corporate bankruptcy proceedings is that the trustee(a large law firm) always walks off with the biggest amount of dollars. It would be difficult to negotiate with legacy benefit holders but 50-60 cents on the dollar is better than zero cents. A lot of people that I know that are retired, do have other income streams and the pension is often just the icing on the cake. Some sort of mediator that could look at a few years worth of tax returns could come up with a reasonable percentage for the folks.
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They should keep 100% of what they were legally promised. If you want to change the policy regarding new hires with a new collective bargaining agreement that's great. The existing pensioners bargained for lifetime pension and gave up other things to get them. They have a legal contract from our government. When a government ignores its legal obligations you have nothing more than a banana republic.