GM goes bankrupt and you get f*cked

[IroNat]

 

https://www.instagram.com/reel/DRuexZskTld/?utm_source=ig_embed

[pamith]

Brutal if true

[IroNat]

Brutal if true

GM probably offered a buy-out (lump sum payout) of the pensions during the bankruptcy.
He said the wife's medical issues consumed their assets.
Not sure how old the wife was but he lost his pension in 2012 when he was 75.
He would have been on Medicare then.  If she was of similar age (from the pic it looks it), she also would have been on Medicare.
There is more to the story of course.

[Dave D]

So he retired in 99 and 26 years later is still working?

[IroNat]

So he retired in 99 and 26 years later is still working?

62.

He said had a GM pension until 2012 (age 75) when they went bankrupt and the pension stopped along with his medical care.

He must have taken the lump-sum pension buy-out as indicated in the article below.

Medicare only covers so much and has lifetime limits which his wife may have exceeded.

He and his wife would have been on Medicare at age 75.

Here's an article describing what happened with the GM pension for Union employees.

https://legalclarity.org/what-happened-to-the-gm-pension-with-prudential/

He must have been a salaried employee, not Union.

https://www.forbes.com/sites/joannmuller/2012/06/01/gm-unloads-26-billion-in-white-collar-pensions-could-union-workers-be-next/

General Motors said Friday it will offer 42,000 white-collar retirees in the U.S. a lump-sum payment in lieu of their monthly pension check and will transfer pension responsibility for 76,000 others to a group annuity plan managed by Prudential Insurance.

GM isn't the first to try to unload a huge chunk of its pension debt. . In April, Ford said it would offer 90,000 of its retired engineers and office workers the chance to take a lump sum payment now and forgo their monthly pension checks for the rest of their lives. That program is just getting under way so it is too early to know how many people will accept.

GM's offer comes with a twist, though: the option to continue receiving the same monthly benefits from Prudential through a group annuity plan. That could be more appealing to retirees worried about whether their money would last if they accepted a a lump-sum. Eligible retirees have until July 20 to decide on their payment options.  The transactions are expected to be completed by the end of 2012, and Prudential would then assume responsibility for the pensions in January 2013.

[NaturalWonder83]

How convenient for views that they stumbled upon this gentleman with such a story. 

What are the odds?!! 

[US MUSL]

He would have been a salaried worker, not union. I've been a GM union worker for 40 years and we kept our pensions and retirement healthcare through the bankruptcy.

[IroNat]

He would have been a salaried worker, not union. I've been a GM union worker for 40 years and we kept our pensions and retirement healthcare through the bankruptcy.

See my post above.

[NaturalWonder83]

He would have been a salaried worker, not union. I've been a GM union worker for 40 years and we kept our pensions and retirement healthcare through the bankruptcy.

Don't reveal too much of your real identity on here. There are a ton of lunatics on here.

[US MUSL]

See my post above.

Yes, I was agreeing with what you posted.

[IroNat]

Yes, I was agreeing with what you posted.

Cool.
I agree with you also.

[US MUSL]

Dude ends up getting 1.9m in gofundme funds.

[IroNat]

Dude ends up getting 1.9m in gofundme funds.

Hope he shares with those in need.

[Humble Narcissist]

Dude ends up getting 1.9m in gofundme funds.

Better than the pension.

[Wiggs]

Good he's 88, lost his wife and was fucked out of his pension and wife's Healthcare. Hope he enjoys the rest of his life with dignity.

[OlympiaGym]

He made cars with terrible build quality and zero appeal.

[IroNat]

He made cars with terrible build quality and zero appeal.

Truth.

I'd never buy a GM car or truck.

[MajorDomo]

The typical GM UAW worker is a useless piece of overpriced shit, just like their cars.

[SF1900]

The funny thing is that people still actually buy American cars.

[Dave D]

The funny thing is that people still actually buy American cars.

If they didn’t autozone would be done for!

[Flexacon]

Dude ends up getting 1.9m in gofundme funds.

He will die pretty soon, and most of that money will probably go to his kids who didn't bother taking care of him in his old age.

I'm sure they're very grateful to the idiots who donated

[Dave D]

62.

He said had a GM pension until 2012 (age 75) when they went bankrupt and the pension stopped along with his medical care.

He must have taken the lump-sum pension buy-out as indicated in the article below.

Medicare only covers so much and has lifetime limits which his wife may have exceeded.

He and his wife would have been on Medicare at age 75.

Here's an article describing what happened with the GM pension for Union employees.

https://legalclarity.org/what-happened-to-the-gm-pension-with-prudential/

He must have been a salaried employee, not Union.

https://www.forbes.com/sites/joannmuller/2012/06/01/gm-unloads-26-billion-in-white-collar-pensions-could-union-workers-be-next/

General Motors said Friday it will offer 42,000 white-collar retirees in the U.S. a lump-sum payment in lieu of their monthly pension check and will transfer pension responsibility for 76,000 others to a group annuity plan managed by Prudential Insurance.

GM isn't the first to try to unload a huge chunk of its pension debt. . In April, Ford said it would offer 90,000 of its retired engineers and office workers the chance to take a lump sum payment now and forgo their monthly pension checks for the rest of their lives. That program is just getting under way so it is too early to know how many people will accept.

GM's offer comes with a twist, though: the option to continue receiving the same monthly benefits from Prudential through a group annuity plan. That could be more appealing to retirees worried about whether their money would last if they accepted a a lump-sum. Eligible retirees have until July 20 to decide on their payment options.  The transactions are expected to be completed by the end of 2012, and Prudential would then assume responsibility for the pensions in January 2013.

I didn’t think Medicare has  lifetime limits. There are limits to hospital stay length. And depending on your coverage there is a portion that is paid, but at that age they aren’t garnishing wages.

You have to enroll in the program at 65 and they will cap what you can receive? Seems like a scam program. Poor guy was probably tricked into paying his wife’s medical bills.

Okay I just read the first linked article. Pension wasn’t lost it transferred ownership. I’ll read the second article and adjust my comment but if he took the lump sum in 2012 he obviously thought he wasnt living this long or he thought Prudental was going belly up.

I wonder how long before government pensions become privatized annuities?

[Brenda Steunbeer]

GM, Ford etc haven't learned anything from that credit crisis 2008 - 2013. They still refuse to put money aside for difficult times. Instead they piss away billions each year in dividend, stock buybacks, outrageous sponsor deals with celebrities, waste hundreds of millions on motorsports etc etc
All to artificially inflate the stock price, safe in the knowledge that if they are about to go bankrupt again the American taxpayer will finance their rescue.

Same with bankers, who take enormous risks to get higher bonusses. If it all goes wrong the people will foot the bill. If bankers would get 20 years in jail for their kamikaze tactics they would think twice about betting the farm.