Quote:
Originally Posted by Jamo
Wes...I wasn't suggesting that taxpayers only partially fund the PBGC and that the majority comes from fees paid by involuntarily participating employers as well as through the withdrawal payments...I was telling you. That's how it works. Employers have to pay an amount to get out of their defined benefit plan...a current amount which, when amortized, fully funds the future obligations. This is the withdrawal liability brought on by the MPPAA. They don't get to just walk away. In the rare instances when a company goes under, the pension obligations are right behind taxes and wages in BK priority. That's what the emergency PBGC fund is for if no money is left.
|
Ok, thanks Jamo. And I assume there is no easy way for an accountant to chronically engineer an empty corporate coffer forcing the emergency PBGC fund to kick in to its eventual demise as suggested by AARP.
When I had a small home sub-contracting company, I think that I was due to be paid just about last. A home builder that quietly defaulted on construction loans due to market, allowed the bank to get theirs before little guys like me saw a nickel. I never lost enough this way to make pursuit worthy, so I don't know what a good lawyer could have done barring immediate timely filings after-the-fact on my part.
It was my understanding that a shrewd and prompt mechanics lien would lock my claim prior to bank foreclosure. After 30+ years, I'm a little vague on all of this, of course.
I did lock some known pending disasters by lien but always hated to do such because of severe wet-blanket public-image repercussions on an otherwise possible successful home sale where we all got our money.
Wes
...