[quote=harvey][quote=SK in CV]Yes they do, it’s called the PBGC.[/quote]
Nope.
At least read the Wikipedia page.
The key distinction is that the PBGC is insurance and the (private) employers pay the premium.
PBGC pension protection is capped at $54K per year.
It’s insurance against personal financial disaster, not guaranteed income to support a comfortable lifestyle.
PBGC has also never been bailed out, unlike just about every major public-pension in CA.
And the existence of PBGC – another “too big to fail” institution – really doesn’t support the idea that defined benefit programs “work.” It’s more evidence that they don’t.[/quote]
Could they do this if they were a private entity without any sort of “implicit govt backstop”?
“The single-employer program has operated in a negative net fiscal position throughout the history
of PBGC, except from 1996–2001.”
‘”Without action, the PBGC’s deficit will increase and we may face, for the first time, the need for infusion of taxpayer funds to keep PBGC solvent,” the administration warned.’
