protect employee pensions by making pensioners secured creditors payable before all other debts, fees or dividends.

Pensions should be protected from all creditors other than the people who earned, contributed to and rely on them. Under current law employers can borrow against or loot pensions under their control and bankruptcy law courts can and do cancel earned, vested pensions. They use pensioner's money to pay other creditors, investment banker and attorney fees and special dividends to outsiders. Pensioners should not be cheated out of pensions that are rightfully theirs. Making pensioners secured creditors ahead of all other creditors in bankruptcy will protect American employees from having their pensions confiscated in business bankruptcies.