Informative article........The Treasury Department rejected their application for a vote to lower pensions. So,...therefore the PBGC sent a cash infusion.....And they will in the future, depending on Fund administrative needs,...and the solvency of the PBGC.
Congress is required to fund the PBGC. Congress also voted for deregulation of trucking......Cause and effect, don't you think?.....
The #707 fund identified deregulation,...and the Teamster's inability to organize any other companies into the Fund....as the primary reasons for Fund failure.
Exactly where did the employee participants do....something.....for the Fund to fail? As we all know,...a pension promise was supposed to be long-term. If I was told back in 1975 that pensions,...protected by law, and PBGC,....would be torn apart by Congress and legislation, and incompetence at the highest levels,.......I might've stayed far away from trucking,...pensions,...
The push,....emanating from Wall Street,...for individual employees to...."invest"....in their retirement,...with no guarantees and subject to market vagaries,......also required the collapse of defined-benefit pensions.......Do you think Wall Street has a vested interest for every American to "play" the stock market? Does the average American have the expertise to "play" the stock market?
Defined-benefit pensions were created to provide a guaranteed pension,....administered by professional investors,.....for working people who couldn't afford to......lose.....their retirement funds.
It seems it took collusion between Wall Street, Congress,...and either incompetent OR complicit Teamster leadership,....to ruin the safeguards that were established to.....guarantee working people a pension.
Operative word being "Guarantee".......
It now seems Congress is trying to de-fund PBGC. In spite of a mandate to fully fund it. At what point does it dawn on working people that.......there is a Plan to force participation in the stock market game,.......whether you know what you're doing or not.....?
Stomping out defined-benefit pensions for working people......(Even though Congress, State Governments, Municipalities, Police Forces, and the Military,...all retire on Defined-Benefit funds...)...
...means that working people have....no choice....but to "play" the stock market......
And Wall Street says: "Thanks for part of your paycheck!"..........