GameStop Is Rage Against the Financial Machine

Re:GameStop Is Rage Against the Financial Machine by wutbrodo on Thursday January 28, 2021 @03:25AM (#25939527)

What makes you think the definition of pension is "protected by the PGBC"? The PGBC's website itself specifies:

> PBGC is a federal agency created by the Employee Retirement Income Security Act of 1974 (ERISA) to protect pension benefits *in private-sector defined-benefit plans*

Which means by implication that there are pensions in non-defined-benefit plans (ie defined-contribution, like 401ks). Also note that this quote indicates the PGBC doesn't protect public-sector pension plans, which means your logic leads to the ludicrous conclusion that public-sector pensions are somehow not pensions.

This level of confidence combined with this level of ignorance is not a good look.

[ Parent | on HN ]

Re:GameStop Is Rage Against the Financial Machine by StillBored on Thursday January 28, 2021 @04:29PM (#25949534)

Whats the difference between a government backed pension guarantee and a government pension?

I think your misunderstanding the purpose of the PGBC, particularly if you consider the state of things when it was founded.

[ Parent | on HN ]