0
On June 1, General Motors proposed a new pension plan aimed at reducing their pension liability by 26 billion dollars. The pension plan changes will affect approximately 42,000 qualified U.S. GM retirees and surviving beneficiaries. Since the plan offers either a lump-sum payment or a recurring monthly pension benefit, it is highly suggested that a qualified financial advisor be consulted prior to any final decisions in regard to pension plan option changes. The deadline for pensioners to make a decision is scheduled for July 20, 2012.
What else can I help you with?
Do companies like GM have to honor pension if they file bankruptcy?
The retirement plans and pensions are taken over by the PBGC, are fully funded and handled by them. Certain benefits like medical may be lost, but the $ are secure. Pension Benefit Guarantee Corp. PBGC
Will bashas bankruptcy affect your pension?
no gehegle
Can you restart a frozen pension after bankruptcy is discharged or does it become obsolete?
I don't really understand your term "frozen pension." Was it not exempt from the bankruptcy proceedings? Or was it held until a ruling was made and then released when the bankruptcy was discharged?
How Can Bankruptcy affect a lump sum pension buyout?
Bankruptcy can significantly impact a lump sum pension buyout by potentially altering the availability of funds and the terms of the buyout. If a company undergoes bankruptcy, pension plans may be subject to restructuring or cuts, potentially resulting in reduced payouts for beneficiaries. Additionally, bankruptcy proceedings may prioritize creditor claims over pension obligations, leaving retirees with less security in their lump sum buyout. It's essential for individuals to understand their rights and the implications of bankruptcy on their pension plans.
Can a federal pension be affected by bankruptcy?
Federal or private...NO
Are pension plans protected in bankruptcy plan?
Up to the judge
Why did GM file for bankruptcy?
On June 1, GM announced their intention to alter their pension plan. These alterations will reduce their pension plan liabilities by an expected 26 billion dollars. The complex plan has both an option for selected U.S. GM retirees to take a lump-sum payment offer, while other retirees have the option to continue receiving monthly pension payments. More information on pension plan details is outlined at: http://gmpensionbuyout.info/?page_id=28. Any GM retiree that is affected by these changes is strongly urged to seek advice from a qualified financial planner, as the decision deadline of July 20, 2012 is quickly approaching.
In UK law will I lose my NHS pension that I have paid into for 20 years if I declare myself bancrupt?
In the UK, declaring bankruptcy does not automatically result in the loss of your NHS pension. However, the pension may be subject to certain restrictions, and the pension's value could be considered in the bankruptcy proceedings, potentially affecting the amount available to creditors. It's advisable to consult a financial advisor or a solicitor who specializes in bankruptcy to understand the specific implications for your situation.
If you file chapter 7 bankruptcy what happens with your state pension plan?
Uneffected.
What has the author Robin Jeweler written?
Robin Jeweler has written: 'Recent developments in bankruptcy law' -- subject(s): Bankruptcy 'Employee pension benefits in bankruptcy' -- subject(s): Law and legislation, Pensions, Bankruptcy
What are the Florida limits on home exemption in bankruptcy?
I believe you home is safe as long as it is your homestead in a bankruptcy. You should consult a bankruptcy attorney to be safe.
What happens to GM dealers if GM goes bankrupt?
If GM declares bankruptcy and stops making the vehicles sold by a GM dealer, then that dealer will have to find something else to sell or go out of business. Some forms of bankruptcy do not require that the company stop operating, but merely require that they operate under the supervision of a court while they sell off assets and reorganize to better pay off their debts. In that kind of a GM bankruptcy, many GM dealers may continue to have product to sell.
