John the Actuary
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In general, her pension is probably pretty safe.
Both union and salaried plan pensions are covered by a gov't agency called the Pension Benefit Guarantee Corporation (PBGC). This agency receives premium payments every year intended to build up a fund to guarantee pension plans from bankrupt employers. In many situations, when the company liquidates itself, the PBGC steps in and takes over the plan. You'd hear about this if it happened but would notice no change except that the payer of the monthly check would change.
Note that the protection is limited however. For a non-union worker or a union worker in a plan solely sponsored by Chrysler, a pension of up to about $50,000/year is guaranteed (assuming retirement today). The widow's benefit is unlikely to be that high unless the deceased was an executive or other high paid employee.
For union sponsored plans, the protection is typically much lower and structured differently. So if the deceased employee was a Teamster there issue is less clear cut. |
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Rick K
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That is what I would like to know. I think the pension is insured, but I am not sure. She might be broke soon if they have no money to pay her. |
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justin6211
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I dont beleive they can cut or eliminate it. Due to the worker bein gone and with them payin in to their pension Chysler will have to still have that in a seperate account so she should still get it. |
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Confused ...
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If Chrysler files chapter 11, the pension funds are turned over to public pension pool. The pension payment will continue but the amount of payment may be reduced. If her spouse was a high level executive of Chrysler, it will be certain her survival pension will be reduced greatly. |
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Howard L
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I believe the autoworkers have a defined benefit plan meaning the pension is guaranteed. The money has been deposited in a retirement fund and no longer belongs to the company. It can't be touched in the event of bankruptcy. Her pension is also covered by the Pension Benefit Guarantee Corporation (PBGC) which is insurance to guarantee pension obligations are met. If there is not enough money in the retirement fund the PBGC makes up the difference. If she has any retiree medical insurance coverage that may be in jeopardy. |
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americanbeauty96
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I would have to say that is because some of the stocks and bonds are what fund the pensions. If the Stocks and bonds are low then there might be chances of her losing those benefits. |
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Doretha J. Wiley
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My Question is in regards to My Deceased Husband's Pension Plan. Although he passed away in 1987. I'm not able to get "His Pension" and, I don't understand that. He remarried, before he passed away, and, I really need to know, if I am Legally Eligible to receive Pension Benefits from Chrysler. Also! How can I find out more Information on him, as he worked as a Security Guard. How do I contact the Local where he's a Member of, according to the State he Lived in at the time? Your Reply to these Questions will most assuredly be appreciated. I'm in a Quandry, because, I don't have all of the Answers to the Questions, I've asked. He remarried, and, we were married for 8 years and, five months before he remarried, and, we had three Children, and, I'm not able to find answers, because, the Social Security won't divulge this information, because, he married again, to the lack of my knowledge, because we had separated, but, I'm not able to get any more Informaiton, because, I'm shut out. I know that being Married to him, first allows me to get His Pension Benefits, but, things are a mess, because, they've given things to the Second Wife, and, Ignored Me, and our Children, and I just truned 65, and disabled. If you can send me Information on these Questions, I'd truly appreciate that. I'm a Putative Wife, and, the First Wife with Children. I really would like a Reply, I can't get them anyplace else, their Information has been closed, and, it's been 24 years now, and I'm being denied any further information, and, the Doors are shut on me, at this point. I need to know what's best for me and My Children, I know I'm being Punked on the Information I should have received, upon his Death. Thank You!
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Doretha J. Wiley
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I probably wouldn't have this problem with Chrysler, but now they're giving me the impression that, they've paid "Me" the %0.000 Benefits, when he passed, but, I'm Disabled, and those Funds are Depleted now, that's been 24 years ago. I've been Applying for Spousal Benefits, because, they did pay "Me", but, I'm Disabled, and, has been for the past 24 years, and they're not giving me, not my Children anything, but, I'm receiving Benefits from the State Medicare/Medicaid Programs, but, they're not allowing me to Collect what's suppose to be Rightfully for "Me", and, My three Children, three Grand-Children, and it's in their Publications that a Widow at age 46 could have received Funds, if they're Disabled. So! They've got be in a Quandry right now, but, I know I'm entitle to Pension Benefits, as his Wife, with three Children. They've paid the $50,000.00 back in 1987, when he passed away, but, I should still be receiving Benefits, because, I was married to him 8 yrs. and 3 Months, because, I was Disabled back then. They deny me each time, and, won't allow me to Inquire in a So. Sec. Reading Room, to see what incorrect Information that's on Me & Him, to know what they've done, to keep me from recieving those Benefits further. I am now 65, and, My Deceased Husband would also have been 65, or Birthdays are two days apart. So! I'm still dealing with this, because, My present Income isn't enough, and, I know I do Qualify, but, it seems as though they're being Spiteful, they won't allow me to get past Filing for further Claims, they've told "Me" all kinds of what I'm calling is Lies. His Second Wife Divorced Him, and remarried, I'm still His Widow, with Children, who should have received My Deceased Husands Benefits, but, they won't allow "Me" to.
Well! I'm not giving up, I'm still pressing for Spousal Benefits, because I wasn't supposed to be Cut Off, nor My Children, when the two Younger Ones went to College.
I'm now unable to work, they said I would received His Benefits, but, the Story changed when he remarried, (unknowing to "Me"), until they told me. Well! I know God is a Good God, and I will continue on Praying. Thank You! I appreciate your Reply.
D. Wiley |
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