PBGC coverage can go away easily. A lot of companies are selling their pensions to insurance companies, and then you lose PBGC coverage. You then get state coverage for the state you live in, the same as you get for an SPIA. So effectively, your pension becomes an SPIA.
Many companies, including big corporations and many smaller ones, are doing this to jettison their pension liabilities.
It's totally legal.
They send your pension to places like Prudential or Athene, which are big in this business. (In fact, Taylor mentioned several months ago that his SPIA was transferred to Athene, which is part of Apollo Global Management , which calls itself an alternative asset manager.)
I'm just guessing, but I think there is a bigger chance of this happening than having the PBGC take over your pension, just anecdotally from my knowledge of this area.
Many companies, including big corporations and many smaller ones, are doing this to jettison their pension liabilities.
It's totally legal.
They send your pension to places like Prudential or Athene, which are big in this business. (In fact, Taylor mentioned several months ago that his SPIA was transferred to Athene, which is part of Apollo Global Management , which calls itself an alternative asset manager.)
I'm just guessing, but I think there is a bigger chance of this happening than having the PBGC take over your pension, just anecdotally from my knowledge of this area.
Statistics: Posted by rgs92 — Sat Aug 17, 2024 7:34 pm — Replies 6 — Views 597