US News & World Report:
Pension tension. “... That sacrifice went unrewarded because shortly after Groff retired in 2002, Bethlehem handed off its underfunded pension plan to the federal Pension Benefit Guaranty Corp. But the PBGC backs only standard pension benefits, not those awarded as overtime bonuses. So it cut Groff’s pension from $2,520 a month to $1,420, nowhere near enough to cover his mortgage, car payment, and health insurance. Groff had little choice but to go back to work.” Think you’ve got a pension socked away and safe? Think again.
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