Financial Beacon

What Happens if Your Social Security or Pension Benefits Are Cut?

By Doug Carey

Last November American Airlines filed for bankruptcy protection. Many of American’s employees are in a defined-benefit pension plan, which means American Airlines promised them a certain amount of money each year in retirement, regardless of what the markets do. But promises such as this are fleeting, as can be seen by the infighting going on now between employees of the airline and executives.

Two months ago Kodak filed for bankruptcy protection as well.

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