90 year old widow shafted by SEARS.

[Terryl]

The title says it all, my dear friend who just lost her husband of 70 years has received a letter from the company holding the trust for Sear life insurance.

This letter tells her that her life insurance through her pension from sears has been cancelled, and to stick it to her even more, they say she can start a new one by paying over $450 a quarter for insurance.

Now when she retired from Sears she was granted life insurance coverage as part of her retirement in a benefit amount of $100,000, but it looks like when Sears declared bankruptcy those funds in trust went elsewhere.

This is wrong, to shaft someone (and more then likely others) who worked their whole life for a company only to get the shaft when the company gets in trouble.

So now as of Friday she is without life insurance coverage.

I am pissed off.........................

And anyone who wants to please spread this around, and if you know anyone that worked for Sears and retired from Sears to tell them to watch their mail box.

[The Noof]

Every single day it gets more difficult to establish old age security.Nothing but cash savings seem to be safe it seems.I trust NO corporation, big or small, when it comes to pensions.There are MANY similar stories Terry.I know that it doesn't help your friend, but she is not alone.

[Terryl]

Yah your right, I trust no financial institutions of any type, all my savings are in gold and silver coin held by me, in a safe, with a moat, and crocodiles, pitfalls, mines, and all sorts of other fun stuff.

When my old company went belly up my pension with them went with it, it seams that the holder of the pension funds went to someplace were we nor the government can't find him.

[runamok]

Doesn't matter when a bank or company folds the government always backs the investors or people behind the throne.The little employee always gets screwed.

[Gates07]

why do you think that scum bumb ran the company in the ground, it had a plush retirement fund, he is now using those funds for his own use.

[jazzman]

why do you think that scum bumb ran the company in the ground, it had a plush retirement fund, he is now using those funds for his own use.

Probably true....no doubt and the system sucks. It's all geared to the rich. Ya gotta read the fine print to understand it and even then it's unclear...sad state of affairs. but I don't want this this to get too political...that would be against the rules here....right?