First Brands pension plans

[Finklejag]

So this is news to me, so I dug into it. I stand corrected from my above posts - yes were paying. Thank you for the additional information.

"The American Rescue Plan (ARP) Act of 2021, enacted on March 11, 2021, allows certain financially troubled multiemployer plans to apply for special financial assistance. "

I Read elsewhere that it was $94B for 200 severely underfunded pensions.

So more government bailouts and slight of hand covid money. At least this time it goes to the little guy, but its printed money future generations will pay for either way.

That’s why those bills are 1,000 pages long, and congress has 2 hours to look over it before voting. The lobbyist write the bills.

One thing about my PBGC is I can start collecting at age 55. A lot of my 55+ co workers have been collecting it for years. Get it now before it dries up.

 

[MrkofXcellence]

Privatize the gains, socialize the losses. Haven't we all seen this enough to know this is how the game is played? As George Carlin said, "It's a big club, and you ain't in it." Money is a social construct. People trade their labor for money - that money should be honestly gotten and that money should be sound and stable. Continuously chipping away at this social construct will only lead to further erosion of society.

Yes, the pensions should be covered. The criminals responsible should be stripped of any assets they have in exchange for a prison cell. We'll see if those responsible actually face penalties. There seems to be a strong theme lately in our country for justice to depend on how much wealth you have...

I cant agree more. It all starts with capital being taxed at roughly half the rate of labor. Thats all that needs to be said. But its to be expected I suppose when the $$ is making the rules. The thing they may not understand is that if the rest of the world loses “full faith and credit” in us then all that social construct $$ is worthless.

 

[paulri]

...

 

[SC Maintenance]

Another company trying to do the same thing: Spirit Airlines: https://www.reuters.com/legal/litig...as-no-choice-liquidate-operations-2026-05-04/; more on bonuses for Spirit executives: https://www.businessinsider.com/spi...ons-for-staying-amid-second-bankruptcy-2025-9

No pension at spirit. 401K. Says the www who never lies.

 

[paulri]

Yeah I was thinking it might not be apples to apples, so I deleted it, but I reappeared in your reply.

No pension at spirit. 401K. Says the www who never lies.

 

[BMWTurboDzl]

Privatize the gains, socialize the losses. Haven't we all seen this enough to know this is how the game is played? As George Carlin said, "It's a big club, and you ain't in it." Money is a social construct. People trade their labor for money - that money should be honestly gotten and that money should be sound and stable. Continuously chipping away at this social construct will only lead to further erosion of society.

Yes, the pensions should be covered. The criminals responsible should be stripped of any assets they have in exchange for a prison cell. We'll see if those responsible actually face penalties. There seems to be a strong theme lately in our country for justice to depend on how much wealth you have...

Private pensions are inherently unstable because, unlike public entities, the company is under constant competitive pressure. This is good for consumers but bad for workers. There's nothing necessarily nefarious about it other than possibly refusing to shutter the company sooner.