PBGC on Sears

Don’t be fooled by the logo. Anyone dealing with a typical government agency would be stunned at the freakish efficiency of the PBGC. I have gotten issues with premium payments and coverage determinations  that might take other agencies 45 days to address settled in 45 minutes. They send letters reminding you to pay your premium months before it’s due and emails moments after your premium filing contained what their system sees as an error. They audit practically every plan that terminates and it feels like a human being reviews every piece of paper or electronic transmission they get.* Yet they still have the capacity to stun.

Sears declared bankruptcy on October 15. That same day, even though a distress termination has not yet been submitted, the PBGC website put up a Q&A for participants.

More on the Sears bankruptcy and pensions from ontheworkbench.com:
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* Unfortunately the job all this efficiency is brought to is that of collecting extortionate premiums and overseeing pension defaults. Had the PBGC been put on a border wall the sale of 30-foot ladders would be spiking by now. There is also the issue of having only about 25,000 Defined Benefit plans to oversee these days instead of the quarter of a million a couple of decades ago with what seems like the same amount of staff.

13 responses to this post.

  1. Posted by Tough Love on October 19, 2018 at 12:40 am

    Quoting ……………….

    “There is also the issue of having only about 25,000 Defined Benefit plans to oversee these days instead of the quarter of a million a couple of decades ago with what seems like the same amount of staff.”

    Why does that “surprise” you? Why “hurt” (by terminating UNNECESSARY) staff when it’s only Taxpayer money ?

    Anybody notice that with changing drug laws, the prison population is rapidly dropping? Notice any TERMINATIONS of UNNEEDED Corrections Officers ?

    Reply

    • Posted by PensionInsider on October 25, 2018 at 12:12 pm

      “Why does that “surprise” you? Why “hurt” (by terminating UNNECESSARY) staff when it’s only Taxpayer money ?”

      TL, are you aware that PBGC is self-funded through congressionally mandated pension insurance premiums, thereby using ZERO taxpayer dollars? PBGC’s funds, including GS wages, are Apportioned by Congress, not Appropriated like other Federal Agencies.

      Reply

      • Posted by Tough Love on October 25, 2018 at 3:12 pm

        And when the PBCG run out of money (soon for MEPs), who do you thing will be bailing out the PBGC?

        Answer……….. Taxpayers.

        Reply

  2. Got stats?

    The only reference I saw was that NJ DOC reductions were “without layoffs”. AKA…attrition.

    And PBGC staff is now more contractors than Federal employees.

    Reply

  3. Posted by Tough Love on October 19, 2018 at 9:28 am

    When the Private Sector needs less staff than can be accomplished via voluntary “attrition” (i.e. w/o layoffs) they just do so, thank the laid-off workers for their service, pay any contractually obligated severance, and RARELY any more.

    There is no justifiable reason that it should work any differently in the PUBLIC Sector. Taxpayers should NOT be treated as “suckers” upon whom the bill for MORE than necessary staff is foisted.

    Reply

    • Posted by Anonymous on October 19, 2018 at 10:43 am

      In other words, no stats?

      Reply

      • Posted by Tough Love on October 19, 2018 at 11:06 am

        Do your own research.

        Reply

        • Posted by Anonymous on October 19, 2018 at 11:38 am

          In other words, no stats?

          Reply

          • Posted by El gaupo on October 19, 2018 at 3:24 pm

            She’s big on bullshit, not stats or truth for that matter.

          • Posted by Tough Love on October 19, 2018 at 4:26 pm

            Oh really El Gaupo ………….

            Read my response to you on yesterday’s Blog post from Mr. Bury (time-stamped Posted by Tough Love on October 19, 2018 at 10:13 am here …… https://burypensions.wordpress.com/2018/10/16/5500-day-after-central-states/#comments ).

            YOU very clearly said I stated something that I did NOT say ………. and VERY CLEALY you did so knowingly and intentionally becuase you had no TRUE and REASONABLE response.

            ——————————————————————————
            Bottom line …………… there is ZERO (absolutely ZERO) justification for your LUDICROUSLY EXCESSIVE pension and benefits package ……….. almost all of which is paid for by the Taxpayers.

            You’d be better off just admitting it (and including “tough shit”). It least that would be an HONEST response.

          • Posted by El gaupo on October 19, 2018 at 5:09 pm

            I must have a problem with “Equal” or is it EQUAL?
            The question really is why does it seem to bother you sooooooooo much what I make but not sooooo much that you will run for state assembly or town council, where you would have a voice in actually putting a stop to this….turnout in non Gov elections (and even gov elections) is not so hot.
            Are you simply a masochist? Do you enjoy being this way? Or is it jealousy? You never answered that question. Or is that you want some cheese with that whine?

          • Posted by El gaupo on October 19, 2018 at 5:29 pm

            What I do here, is effectively make you all take a good long hard look in the mirror. My comments may be harsh, but I am taking a page from your moniker Mr Love. I cut through all the bullshit —- 4x the private sector, bill of goods and all the nonsense and try to steer you back to reality. Your pension payments to public sector employees are just a mere pittance of your overall tax bill. It is the price we pay for civilization.
            Can you be honest with me for real TL?? You missed me during my hiatus didn’t ya. I’m your favorite on this blog. I know it is true. I’m not one of these cookie cutter folks who agree with you. That’s nice, but it is boring as hell. You need someone like me on this blog to get and keep your juices flowing. This isn’t life and death stuff here my friend. We aren’t talking about curing cancer or some universally repulsive topic such as child or animal abuse. You are on here to be entertained. And I do that in a way that PS Drone and Stanley never could do. Why? Because I have balls. I come on here and defend my position with vigor and I’m not afraid to bring it….not only do you respect me(while disagreeing with lost of what I say) but you even look forward to my scathing rants. You like me best on this blog. I’m an alpha dog, always have been. It’s exciting to be around me.
            You know what is true?? Strong women who marry beta male types, have a much higher rate of cheating on their spouse than strong women (or weak ones) who marry alpha males. The reverse is probably also true.

          • Posted by Tough Love on October 19, 2018 at 5:44 pm

            El Gaupo,

            I don’t object to anyone who makes “a lot of money” if while I have to contribute towards it, they DERSERVE the compensation provided.

            Clearly Police in NJ bedroom communities do NOT “deserve” pensions (with about 85% to 90% of the Plan’s total expected cost being Taxpayer-funded) that are ROUTINELY 4 times greater in value upon retirement than that typically granted a comparably situated Private Sector worker who retires at the SAME age, with the SAME wages, and the SAME years of service.

            AND ……….. layered ON TOP OF that, a retiree healthcare package (often 100% taxpayer-funded) that WILL cost the taxpayers an ADDITIONAL $250K to $500K for those who retire ….. as is typical ……. in the mid 50s. And all while currently retiring Private Sector workers MOST OFTEN get ZERO (yes ZERO) in employer-sponsored retiree healthcare coverage from their employers.

            What makes YOU so “special” that you deserve ………. on the backs of current and future taxpayers …………… such a LUDICROUSLY excessive, unnecessary, unjust, unfair to taxpayers, and VERY clearly unaffordable pension & benefit package?
            ——————————————————

            And why don’t I ……………. “run for state assembly or town council” ?

            Because it wouldn’t accomplish ANYTHING as long as our self-interested , contribution-soliciting, vote-selling Elected Officials stop COLLUDING with the Public Sector Unions …………. VERY CLEALRLY trading their favorable votes on Public Sector pay, pensions, and benefits, for BRIBES disguised as campaign contribution and election support.

            Step#1 in ending this financial rape of the Taxpayers is to disallow ANY public sector union campaign contributions, and I’m well aware that that is NOT going to happen anytime soon (if ever).

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