MGM101H5 Lecture Notes - Lecture 8: Sears Canada, Pension, Secured Creditor

• School: UTM
• Department: Management
• Course: MGM101H5
• Professor: Dave Swanston

Document Summary

Sears canada filing for bankruptcy, company is liquidating, they are being pressured to protect workers pensions. Optional benefit that corporations aren"t required to offer but attracts talented employees. Money gets mandatorily taken out of your paycheck. A fund that accumulates overtime, when you retire, you can take money out of it as income. When you retire, you get money that has been taken out of your personal paycheck. In corporate pension, you put money into a corporate pension plan from your pay, and your employer puts money into the pension fund. The pension fund is invested, given to shareholders. When you retire, you"re entitled to the amount you"ve contributed and can live of that money. Employers are not required to have this. You put a certain amount in, employer puts in a certain amount in relation to how much you put in.