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Mid Michigan | I just heard some info on this the other day and they said the workers that would be affected the most would be the youngest ones to retire. If a person is getting a pension of say $3000 per month and when they turn 62 social security kicks in a certain amount of maybe $1500. Now your pension pays $1500 and social security pays $1500 and you still end up with your $3000. With the Pension Benefit guarantee I think a person can lose quite a bit of the original $3000 but the older people that collect part of that as social security are not affected as bad because they only get $1500 from the pension now. So if they were to lose 50% of their pension the older folks would only see their benefit drop $750 dollars and the guys under 62 would probably lose $1500. Thats kind of the way I took it in the explanation. | |
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Pension Plan when a company goes under.
