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In the UK, you are unlikely to lose your pension if your employer goes bankrupt because pension funds are legally separate from the company's finances and are protected by specific safeguards. Your protection will depend on the type of pension scheme you have.
US also has a gov system to protect pension funds when companies go under. https://www.pbgc.gov/ they step in and takeover the pension funds if the company goes bankrupt before trying to move the pension to another manager or offer buyouts.
I don’t get it, either. My father in law retired from General Motors, he even get a small payout for retiring a few years early, and still get his pension from GM.
He’s also a Vietnam vet.
They didn’t lose their pensions.
I don’t get that part. GM’s pension is still solvent and additionally still pays some medical costs right now.
He's almost certainly a victim of crushing medical debt vs. collapse of a pension. As someone else said, he probably cashed in his pension to pay for his wife's treatment. The villain here is the US "medical system", not GM. But still.
Its the most efficient way to get money from many pockets put into a fewer and fewer pockets everyone else can get fucked and bootstrap yadda yadda follow my podcast where me and my rich nepo baby buddies absolutely shit on poor people for an hour a week.
People are generous when given a choice and the means.
This is why many reject taxation.
And yet such fanatical individualists cannot spot the indignity the "individual" has to go through in begging from the collective to receive what would be unnecessary if the means were distributed equitably.
If you care so much about individual rights and self determination why would you accept living in a society that denies these the moment you are unable to sell your life?
I would adjust that SOME people are generous when given the choice and the means. The way we are at the moment kind of proves that a solid amount will hoard like dragons and not share even when they have several times over what they need. No system is perfect because humans aren't.
American pensions are backed by the U.S. government. Something else is going on here (not saying it’s his fault—I’m not sure if you can withdraw early to pay for medial care for a spouse, but it does say he paid for his wife’s care).
Not since 1974. PBGC covers pretty much anything reasonable, so you'd get the equivalent of social security or better.
It doesnt cover large payouts and has caps. In 2025, the maximum monthly guarantee for a 65-year-old in a single-employer plan is around $5,608.
So like most meme-like stuff, its probably been 'optimized' with lies to go viral. Or her medical bills simply ate too much into the monthly payment. $5k a month isn't a lot. He could have gotten a medical loan against his pension too. I dunno if its possible on the PBGC but you could in other systems cash out your entire pension to pay big bills. So the meme could not exact on the details.
What does that have to do with anything? It was a private business going bankrupt and making him lose his pension. It’s the fault of decades of lobbying both democrats and republicans that we don’t have laws in place to guarantee anything. Just respect the man, he works for his money and cares for others.
I don’t know the guy, but pensions don’t work like that, he should also be getting money for being a vet, plus social security. The guy likely has a bigger monthly income than I do, plus health insurance.
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This scared me so I had to Google,
In the UK, you are unlikely to lose your pension if your employer goes bankrupt because pension funds are legally separate from the company's finances and are protected by specific safeguards. Your protection will depend on the type of pension scheme you have.
he didn't lose it. he probably accepted a buyout then blew through the money either recklessly or paying for medical costs. https://mainstaycapital.com/index.php/gm-pension-lump-sum-faq
US also has a gov system to protect pension funds when companies go under. https://www.pbgc.gov/ they step in and takeover the pension funds if the company goes bankrupt before trying to move the pension to another manager or offer buyouts.
I don’t get it, either. My father in law retired from General Motors, he even get a small payout for retiring a few years early, and still get his pension from GM.
He’s also a Vietnam vet.
They didn’t lose their pensions.
I don’t get that part. GM’s pension is still solvent and additionally still pays some medical costs right now.
He's almost certainly a victim of crushing medical debt vs. collapse of a pension. As someone else said, he probably cashed in his pension to pay for his wife's treatment. The villain here is the US "medical system", not GM. But still.
Do you get to keep your job if you refuse the buyout?
If you are eligible for a hefty monthly pension at 55 or 60, you probably no longer want your job.
What people here are saying is that he likely cashed in his long-term pension for a quick payout for medical bills.
So, for instance, instead of $800K spread out over the rest of his life, he took $500K all at once and spent it all on medical bills.
I’m making up exact numbers, but hopefully you get the point.
Yeah, my dad retired from GM and didnt lose his pension.
That first part is baloney.
He might have worked for a company called Delphi as a salaried employee.
https://apnews.com/article/general-motors-co-congress-government-and-politics-703a3aa25278634996c0bc0414575767
However, I’m not sure about the 2012 part as this all seemed to happen in 2009.
Not to be confused with the 401k's
A lot of major ones have gone under and took people's retirement with it
The internet would never lie to me for clicks
Capitalism, the most efficient system ever created
If you can angle your forced destitution just right for a viral story anything is possible
😂 lmao
And if you say otherwise you go to jail
Ironically, 20-50% of all jobs in the us are completely bullshit and dont actually serve any significant purpose. Capitalist at its finest
Its the most efficient way to get money from many pockets put into a fewer and fewer pockets everyone else can get fucked and bootstrap yadda yadda follow my podcast where me and my rich nepo baby buddies absolutely shit on poor people for an hour a week.
This is efficient. In making profits.
the concept of profit alone proves inefficiency; a perfect system would have no surplus beyond what is necessary to sustain itself.
Capitalism is not without criticism, but your comment is likely sensational as I'm pretty sure pensions weren't affected by the bankruptcy
This is a capitalist problem, thats my point.
They got bought out in 2012 from their pensions.
Dirty secret is that most people are really bad with money, and when you offer them a large amount to go away they take it.
People are generous when given a choice and the means.
This is why many reject taxation.
And yet such fanatical individualists cannot spot the indignity the "individual" has to go through in begging from the collective to receive what would be unnecessary if the means were distributed equitably.
If you care so much about individual rights and self determination why would you accept living in a society that denies these the moment you are unable to sell your life?
I would adjust that SOME people are generous when given the choice and the means. The way we are at the moment kind of proves that a solid amount will hoard like dragons and not share even when they have several times over what they need. No system is perfect because humans aren't.
Yes, some.
Systems are what they do.
Classic Orphan Crushing Machine move
Meanwhile, GM, the company that filed for Bankrupcy so they didnt have to pay out his pension, is doing great.
Thank god(s) we're wasting time on resolutions saying Socialism is bad when this is obviously broke as fuck.
Yet another fucked up system put in place in America because aT lEaSt It'S nOt CoMmUnIsM!!!
You can lose a pension if a company goes bankrupt? The fuck?
American pensions are backed by the U.S. government. Something else is going on here (not saying it’s his fault—I’m not sure if you can withdraw early to pay for medial care for a spouse, but it does say he paid for his wife’s care).
https://www.pbgc.gov/about
https://en.wikipedia.org/wiki/Pension_Benefit_Guaranty_Corporation
Not since 1974. PBGC covers pretty much anything reasonable, so you'd get the equivalent of social security or better.
It doesnt cover large payouts and has caps. In 2025, the maximum monthly guarantee for a 65-year-old in a single-employer plan is around $5,608.
So like most meme-like stuff, its probably been 'optimized' with lies to go viral. Or her medical bills simply ate too much into the monthly payment. $5k a month isn't a lot. He could have gotten a medical loan against his pension too. I dunno if its possible on the PBGC but you could in other systems cash out your entire pension to pay big bills. So the meme could not exact on the details.
My grandfather died over 20 years ago and my 90 year old grandmother still gets his pension.
Giving these people money is what saves them.
Sounds like we should be giving everyone money. Universal basic income would save countless lives.
Why is the Pension connected to the company?
Gofundme is just universal Healthcare for the popular. It's a popularity contest.
He probably still plans on voting Republican
That's good, so at least he hasn't become senile yet.
What does that have to do with anything? It was a private business going bankrupt and making him lose his pension. It’s the fault of decades of lobbying both democrats and republicans that we don’t have laws in place to guarantee anything. Just respect the man, he works for his money and cares for others.
It’s infuriating that a 80 year old veteran has to crowdfund his retirement.
Hey siri, play Puttin’ People on the Moon by Drive-By Truckers
I don’t know the guy, but pensions don’t work like that, he should also be getting money for being a vet, plus social security. The guy likely has a bigger monthly income than I do, plus health insurance.
Didn't GM get a huge bail out when that happened? those executives ran off with everyone's pension. best country. best system.
How did you think it became the wealthiest country in the world?
In 2038, the leading indicator of healthcare coverage will be a marketing degree.
Is this even real? looks like an AI image
Yes it's real. The guy raising the money is Sam Weidenhofer, or his social media handle is itssozer
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shouldn’t he have social security?