PBGC not good enough for NASA
06-14-2011 | 07:22 PM
#1
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APC co-founder
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From: B777
PBGC not good enough for NASA
Your tax dollars at work: http://www.nytimes.com/2011/06/15/business/15nasa.html
06-15-2011 | 06:12 AM
#3
Line Holder
Joined: Jun 2008
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From: 737 CAPT
If you ask me, at least NASA knows how to honor the terms of a contract. I think there are those outside of NASA who could learn a thing or two from them.
United Space Alliance, however, has a rare pledge from a different government agency to pay the bill. The National Aeronautics and Space Administration says in its contract with the company that it will cover its pension costs “to the extent they are otherwise allowable, allocable and reasonable.” NASA interprets this to include the cost of terminating its pension plans outside of bankruptcy.
06-15-2011 | 07:53 AM
#4
Gets Weekends Off
Joined: Feb 2006
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From: 767A (Ret)
Foolish risk
Federal agencies have been warned for more than a decade against promising to reimburse contractors’ pension and retiree health costs without adequately monitoring plans or how the money is invested.
NASA’s inspector general called contractor health and pension plans a high-risk area in 2000, and told the agency not to “blindly accept the risk.” NASA said it agreed, but was required to use Defense Department staff members to vet contractors’ retirement plans, and the Pentagon did not have enough specialists.
NASA’s inspector general called contractor health and pension plans a high-risk area in 2000, and told the agency not to “blindly accept the risk.” NASA said it agreed, but was required to use Defense Department staff members to vet contractors’ retirement plans, and the Pentagon did not have enough specialists.
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