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Originally Posted by NotGolfer
Aren't the retirement benefits of unions put into a pension fund? Then why was if when the auto factories went out of business folks lost their retirements?? Was it like a ponzi?? Just asking because I don't know. My dad was union but he was born in 1900 so back in those early days of the 20 century...I'm sure unions helped folks get decent wages plus work conditions etc. But that being said...haven't we lost the need for unions? I'm just asking because I don't know. Seems that the higher up management of companies seem to benefit more than the workers in alot of ways.
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Pension funding requirement were changed. The government changed the amount of funding that was required years ago. You'd be amased how many current day pensions are underfunded and how many have been raided to give bonuses to top Execs.Do a search of pensions,makes for sad reading.