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Pension Plans For Blue Collar Workers to be Cut!
Looks like the USA Government is just another institution that promises much and delivers nothing but Waste and fraud! The little people pay taxes while the super rich hide their money in tax havens off shore!
serf
http://www.latimes.com/business/la-fi-pension-changes-20141212-story.html#page=1
Last month, federal pension officials reported the crisis had escalated, with a high likelihood that not only would the funds go broke within a decade, but the federal insurance program created as a backstop would crash along with them.
serf
http://www.latimes.com/business/la-fi-pension-changes-20141212-story.html#page=1
Last month, federal pension officials reported the crisis had escalated, with a high likelihood that not only would the funds go broke within a decade, but the federal insurance program created as a backstop would crash along with them.
Comments
Back to the relax part; when the pension plans run dry, and it will and the federal pension guarantee fund runs dry and it will; Obama care kicks in for you. If you retired from one of the companies that had a pension underfunded and it went broke along with the federal pension fund insurance fund going broke, they will stick a needle in your arm and kill your sorry *. What better use of a death panel could there be?
us. Both parties voted for this and the president signed it
into law. Don't forget, both parties also voted for more
money from private contributions. We are owned by big
business courtesy of both our political parties because they
are more worried about being elected/re-elect than the health
of our country or the welfare of its citizens.
I hope this is a wake-up call for those blue collar workers that voted for Republicans.
I vote for this being the most inane statement made on the GB forums in 2014.
http://news.yahoo.com/california-controller-warns-72-billion-unfunded-retiree-benefits-194444387--sector.html
It's funny to see democrat, republican partisanship now days. Anyone who can't figure out both parties are rotten to the core is blind and part of a national problem.
Waco Waltz, You are partially correct and I wholeheartedly agree with you. The two party system has destroyed the US federal system of government.
However, there are certain areas of the country where the Democratic Party has had a Communist like hold on political power for many decades. Places like Detroit, Chicago, California itself, Bakersfield CA, Illinois, Saint Louis, New Orleans and West Virginia have been OWNED by the democrats. They are also the leading cesspools of bad financial health, corruption and Union thuggery. They are a micro, well in California and Illinois cases a MACRO example of what goes wrong with socialism.
The problem is so big it can never be fixed, never be funded and the (D) leadership knows it. The (D) leadership stands up and lies like rugs pointing fingers knowing full well they shafted the people, unwilling to admit it.
The House of Representatives (republican) wrote this bill! Neither the Senate or the President saw the bill until after it was passed. If you supported these jerks, it's time to suck it up.
cbyerly; For your edification I have copied a part of the article, it would behoove you to read it before you change feet. No bill has been made law and you will note the FEDERAL INVESTIGATORS are from a DEMOCRAT Administration. As usual greedy Union thugs think they can continue to live on somebody else's money. That works until the money runs out. I would say being 70 billion in the hole means the money ran out.
Retirees in all 50 states are affected, although the biggest of the pension plans in danger of collapse is the Teamsters-affiliated Central States Pension Fund, which has some 410,000 participants in the Midwest and South. The average pension for Central States members is $15,000 per year.
Federal officials have warned for years that multi-employer plans covering as many as 1.5 million workers were dangerously unstable. Shifts in the economy have left fewer workers paying into the plans, even as more retirees take money out of them.
Stock market losses during and after the financial crisis of 2008 worsened the problems.
Last month, federal pension officials reported the crisis had escalated, with a high likelihood that not only would the funds go broke within a decade, but the federal insurance program created as a backstop would crash along with them.
"This is the last chance that labor unions and their members have to gain some control over the future of their pensions," said Rep. George Miller (D-Martinez). A Bay Area liberal, Miller has reluctantly helped push a rollback of federal retirement protections after 40 years of fighting to get blue-collar workers more income.
"This reform would give them the tools they need to rescue themselves," Miller said during brief debate on the House floor Thursday.
For many workers, the medicine is bitter. The nonprofit Pension Rights Center warns that some workers could see their retirement checks cut by as much as 60%.
Some employees in the private sector have seen pensions shrivel before. Many airline pilots, for example, saw six-figure annual retirement payouts drop to $25,000 when their plans failed.
When I retired from Ameritech in 1994 I had the option of taking my retirement in a lump sum and rolling it into an IRA. Thank God I, and most of those who retired at that time took the lump sum option. I saw something like this coming way back then.
Cash in hand ALWAYS trumps Government regulators and Corporate benevolence. You were wise Sir. [^]
quote:Originally posted by slumlord44
When I retired from Ameritech in 1994 I had the option of taking my retirement in a lump sum and rolling it into an IRA. Thank God I, and most of those who retired at that time took the lump sum option. I saw something like this coming way back then.
CashGOld in hand ALWAYS trumps Government regulators and Corporate benevolence. You were wise Sir. [^]
Fix it for you![:D]
serf
quote:Originally posted by Waco Waltz
It's funny to see democrat, republican partisanship now days. Anyone who can't figure out both parties are rotten to the core is blind and part of a national problem.
Waco Waltz, You are partially correct and I wholeheartedly agree with you. The two party system has destroyed the US federal system of government.
However, there are certain areas of the country where the Democratic Party has had a Communist like hold on political power for many decades. Places like Detroit, Chicago, California itself, Bakersfield CA, Illinois, Saint Louis, New Orleans and West Virginia have been OWNED by the democrats. They are also the leading cesspools of bad financial health, corruption and Union thuggery. They are a micro, well in California and Illinois cases a MACRO example of what goes wrong with socialism.
The problem is so big it can never be fixed, never be funded and the (D) leadership knows it. The (D) leadership stands up and lies like rugs pointing fingers knowing full well they shafted the people, unwilling to admit it.
If it can't be fixed then why are people who advocate armed resistance to the system pegged as nut cases even on this forum?
He says things were fine back when there were 200 union freight lines, but that's no longer the case. Now there's YRC (Yellow/Roadway/Consolidated/USF Holland), ABF Freight, and UPS Freight (whose company policies keep the union reined in somewhat - UPS folks are required to PRODUCE, regardless of tenure).
The "25 and out" retirement policy is over - there are too many 55-year-old retirees drawing a full pension. There are simply not enough guys paying $55/month into the system to keep it going any more.