This is an interesting turn of events on protecting your pension investment……………..Continental Airlines is suing nine of its pilots for allegedly faking a divorce in order to make pre-retirement withdrawals……..just in case the airline and its pension fund went belly-up.
The airlines is suing the pilots, charging they staged sham divorces so they could cash in on their retirement plans. The move allowed the newly “ex-spouse” to make a one-time withdrawal. One couple got back together in 10 months and the “ex” didn’t have to re-pay the funds. Another pilot quit his job, admitted wrong doing and made restitution.
If it’s true, is this what these tough economic times have led some people to? How bad are things when couples earning mid-six figure incomes have to resort to desperate measures to protect their pensions? I think America has plenty to worry about these days. What do you think?