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Originally Posted by Overnite  you are clueless, go look up enron pension, go look up delta pension or I will compile a list for you these people were promised pensions and got nothing,
There is no such thing as an enron 401k or adelphia 401k, companies don't run 401k's, 401k's are 100% your money and cannot be touched by anyone except you EVER!
when enron went down the pensions dissappeared, not the employees 401k
Same with delta and IBM there pensions dissappeared.
401k is your personal property. |
I'm not up on the Adelphia or Enron situation but I'd be willing to bet that the company match that both of these companies made to the employers 401K was in the form of company stock. With this in mind I bet you'll agree that employees of both of these companies lost a lot of money due to the companies mismanagement.
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A pension fund is 100% controlled by the company and can be borrowed and spent at the companies lesuire,
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Your pension may be that way but the union pension is not. No union carrier that is part of one of the Teamster pension plans has access to a penny of that money.
The employers pay monthly into the Teamsters funds on the employees behalf and a board of trustees made up of
employer AND employee trustees manage the fund.