> Interesting if depressing stuff on pensions in today's Globe and Mail:
>
> http://www.theglobeandmail.com/report-on-business/retirement/bankrupt-companies-pension-promises-destroyed/article1322007/
Of course it's the G&M Report on Business so the poster
child^H^H^H^H^H grandpa they chose is taking a hit on his already
paltry $92K pension. Presumably, as a retired exec, he owns a
mortgage-free house or condo worth at least $500K and has squirreled
away a bit of cash (what a shame that he couldn't exploit tax-free
RRSPs to the full).
Of course, if he was a loyal exec, his hoard of $nuts is in his
company's stock. This is possibly a worse problem than the pension
funds themselves. A diligent mill hand may have his life savings --
his wise, self-managed insurance against future imponderables -- in
his employer's stock. Poof. And his pension started out, before the
problems arose, less than the boss's now-defunct "supplemental
executive retirement". He may have to stand in a bread line. The
whining exec may have forgo summers at the lake and sell the cottage.
There was a longer piece in Saturday's G&M, (the first of a series)
which I actually read in dead tree format.
- Mike
--
Michael Spencer Nova Scotia, Canada .~.
/V\
[email protected] /( )\
http://home.tallships.ca/mspencer/ ^^-^^
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