The New Federal Pension Guarantee Insurance Corporation

Corporations that offer pension benefits to their employees should have to pay a pension tax that is deposited into a new Federal Pension Guarantee Insurance Corporation. This money will be invested into safe, conservative mutual funds to earn profits that will in turn be used to guarantee these pensions to their owners upon the failure of the corporations that issued them.  This is similar to the Federal Deposit Insurance Corporation that insures each of our bank accounts up to $100,000. However, this new Federal Pension Guarantee Insurance Corporation should insure up to the full amount of money that the employee has deposited into his or her pension fund along with whatever matching funds the company they worked for has deposited into the employee's pension fund.

The federal government should not be allowed to siphon off any of these funds for any reason. Unlike what the government has done with the Social Security System funds to finance their frivolous and irresponsible pork barrel projects to satisfy the greed of their cronies and political supporters, these funds should be off limits. They should be available for the employees that suffer the consequences of bad corporate management and help ensure that a life of retirement is spent in the manner in which it was intended to be spent - relaxing and enjoying life without worrying about losing your house or where you next meal will come from.

Any corporation that steels money from its employees pension systems should be penalized in the most drastic of terms. The officers or boards of directors should be held personally responsible for this embezzlement of funds. Criminal charges of grand theft larceny should be brought against them that carry stiff and mandatory imprisonment penalties. The corporations should also have their Federal Pension Guarantee Insurance Corporation tax increased to cover the cost of their thievery so as to restore the pension to its original levels. If the corporation goes bankrupt or out of business, then the funds already in the Federal Pension Guarantee Insurance Corporation should be distributed to their rightful owners.