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Blog Entry 5 of 23 COMMUNITIES UNITED

Communities United to Strengthen America is a non-profit, non-partisan organization whose goal is to strengthen Lakewood families by focusing on economic prosperity, quality health care, and retirement security.

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Retirement Security- A Dream?

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Contributed by: Dan Mahoney on 7/13/2006

Are YOU one of the 569,000 Coloradans who currently benefit from Social Security? If so, do you have any other form of retirement security? Most would say that they have a pension plan through work. But is this plan a Defined Benefit Plan or a Defined Contribution Plan? This can make all the difference in the world, as Defined Benefit Plans are insured by the federal government through the Pension Benefit Guaranty Corporation (PBGC). The PBGC has reported that it is suffering from a $23 Billion shortfall, which is growing daily. This means that the PBGC is paying-out on these previously EARNED and GUARANTEED pension benefits at pennies on the dollar. Does this seem fair? In reality, it is a tool used by the federal government that can be equated to them settling a debt with a creditor, or filing Chapter 13 Bankruptcy. The worst part of this analogy is that WE the People are the creditors they owe! What are your thoughts on your financial future, or do you have one?

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Submitted By: Peter Phipps

posted on 7/18/2006 @ 12:22:11 PM

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Isn't this a legal issue or at least shouldn't it be, as contractual obligations are included. This is a tricky attempt by corporate America to simply dump Pension plan obligations onto a corporation that is operating in the red, and has no true intent on honoring the earned benefits of pension holders. Is the government's plan, wait until the operating budget is 100% in the red, and then extend a government bail-out, like the savings and loan debacle. We all will suffer! Siempre Solidarity! Zia!

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Dan Mahoney

Lakewood , CO

Dan Mahoney has posted 23 blog entries and 1 comment since joining on 4/7/2006. Dan Mahoney 's average blog rating is 5.

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