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CWA Union Fights Back Against So-Called Pension De-Risking

Posted on AllSides April 13th, 2024
From The Center

Before its bankruptcy in 1991, Executive Life Insurance Company accepted transfer contracts from companies to pay their retirees’ pensions instead of the companies defined benefit pension plan. Employers saved money in the transfer because Executive Life offered high interest rates — which were discovered later to be backed by junk bonds – and because their retirees lost Pension Benefit Guaranty Corporation (PBGC) protection when the companies stopped paying PBGC premiums. Retirees from RJ Reynolds, Pacific Lumber suffered significant cuts in pensions after the value of Executive Life assets plummeted and...

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