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Apr 8, 2021Liked by Mary Pat Campbell

Certain arguments are so lost that it isn't really worth bringing them up again, but sometimes I feel the need to shout in a vacuum. The federal government never guaranteed any private pensions. Despite its name, the PBGC guarantees nothing, and explicitly was not funded by the federal government; it is better described as an insurance mechanism funded by the private companies offering pensions only. The multi-employer pension funds and the church funds fought to be excluded from the funding rules that apply to the single employer pension funds, because the employers and the employee representatives did not want to have to fund them adequately. This bailout is a travesty.

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