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Shrinking law firm asks feds to take over its pension plan

Jan 25, 2013, 12:40 pm CST

Comments

Just more collateral damage from the federal interest rate manipulation. Today it's these guys needing PBGC to save their Butzel, but before Long, there will be dozens, then hundreds. Then a taxpayer funded bailout of PBGC. Hooray!

By B. McLeod on 2013 01 25, 1:23 pm CST

Intersting theory there: a government funded bailout of pension plans, and triggered by underfunded law firm pension plans to boot! Hmm. The public's gonna like that one. What I get from the article is that the takeover will enable the firm to continue to hire more lawyers than it needs and pay inflated salaries.

By Avocat on 2013 01 25, 2:02 pm CST

I agree with you both! I think we're all going to end up paying for their pensions, and since the precedent has been set, I'm sure that other under-funded pension funds will get bailout money. Hmm, I wonder how long it will be before the State of Illinois joins this bandwagon.

By Good Comments on 2013 01 25, 3:54 pm CST

NO. Go out of business if you can't meet your obligations. Enough with the handouts.

By tim17 on 2013 01 25, 4:31 pm CST

the federal government needs to bail out all these pension plans all over country that are billions underwater, especially all the state and city government plans in big states like california and illinois. Just raise the debt ceiling again and borrow enough money to make all these plans whole and keep them fully funded as needed going forward.

By Salisbury on 2013 01 27, 9:58 pm CST

The federal government needs to leave the underfunded state pension systems to work out their own problems. Those pension plans (unlike underfunded ERISA plans) are not covered by the PBGC.

Of course, even for the failing public pension systems, it would be nice of the federal government to stop throwing gas on the fire with its interest rate manipulation.

By B. McLeod on 2013 01 27, 11:51 pm CST

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