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Pension...defaults #5431404 05/17/20 01:22 PM
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sloinker Offline OP
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Saw a scary blurb on a news program this morning. With the current issues it appears that many public pension plans are going to be defaulting. It appears that the shell game of funding may have ended and it's time to pay the piper. I guess the feds will guarantee the pensions for some pennies on the dollar. Some of these state run pensions are more than a Trillion dollars in debt! I have relatives that rely upon these pensions to survive. My brother and sister in law both draw from the state of ........., doesn't matter. There are many. I know that over the years as corporations have conglomerated they have raided private pension plans and harmed their retirees. The difference here is they are civil service pensions. Interesting times.


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Re: Pension...defaults [Re: sloinker] #5431412 05/17/20 01:44 PM
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Jarlaxle Offline
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Not just public employees. The Teamsters' Central States Pension Fund (often called the UPS pension fund-while UPS is not involved in running it at all, many UPS employees and retirees are in it) is in serious trouble.

Thankfully, I am not in it.


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Re: Pension...defaults [Re: sloinker] #5431436 05/17/20 01:59 PM
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ABN_CBT_ENGR Offline
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Time to audit all those cooked books and call in all those IOU's and "easing" actions with unfunded monies appropriated from these funds.

I don't think this will end well for any ( especially those legitimately due the funds they worked for and were promised)

BTL here too

Re: Pension...defaults [Re: sloinker] #5431467 05/17/20 02:30 PM
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eljefino Offline
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Might have to tax the rich to fix this one. hide

Re: Pension...defaults [Re: eljefino] #5431469 05/17/20 02:33 PM
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ABN_CBT_ENGR Offline
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Originally Posted by eljefino
Might have to tax the rich to fix this one. hide


They pay most of the collected taxes now

Re: Pension...defaults [Re: eljefino] #5431470 05/17/20 02:34 PM
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Wolf359 Online Content
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Originally Posted by eljefino
Might have to tax the rich to fix this one. hide


Oh yeah, that makes sense. Usually those pensions were negotiated either with a union or between the company and the workers. Company couldn't live up to its end so it goes under. Just like bankruptcy, creditors just get pennies on the dollar. At least 401k plans are better, the money is yours and it's there, no future projections that may or may not work out.

Re: Pension...defaults [Re: sloinker] #5431482 05/17/20 02:45 PM
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CT8 Offline
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Government employee pensions are very costly to the taxpayers who mostly don't get such a generous pension, yet are taxed to pay for it. I have some friends [ really high skilled ] who worked in the Airlines as A&Ps and pilots that lost at least a third of their pensions and I know retired government employees that were grounds keepers which is a low skilled job and they really never put out much effort that are receiving more pension dollars. That is so wrong.


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Re: Pension...defaults [Re: sloinker] #5431484 05/17/20 02:46 PM
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CT8 Offline
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Originally Posted by sloinker
Saw a scary blurb on a news program this morning. With the current issues it appears that many public pension plans are going to be defaulting. It appears that the shell game of funding may have ended and it's time to pay the piper. I guess the feds will guarantee the pensions for some pennies on the dollar. Some of these state run pensions are more than a Trillion dollars in debt! I have relatives that rely upon these pensions to survive. My brother and sister in law both draw from the state of ........., doesn't matter. There are many. I know that over the years as corporations have conglomerated they have raided private pension plans and harmed their retirees. The difference here is they are civil service pensions. Interesting times.

What is Scary ?


2015 F150 2.7
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Re: Pension...defaults [Re: ABN_CBT_ENGR] #5431485 05/17/20 02:46 PM
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skyactiv Online Content
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Originally Posted by ABN_CBT_ENGR
Time to audit all those cooked books and call in all those IOU's and "easing" actions with unfunded monies appropriated from these funds.

I don't think this will end well for any ( especially those legitimately due the funds they worked for and were promised)

BTL here too


Who will this offend? This is knowledge if someone wants to learn about it. Surly a mod isn't that sensitive because we as members aren't

i'm a UPS full time teamster and have known since day one at my job I cant rely on the pension for my retirement.
I've been taking other actions towards my retirement goal.

The number of trucking companies represented by Teamsters has dwindled down and the membership has shrunk. The fund is mismanaged, yes.
But the number or Teamster retirees vs workers is the real issue.
Most trucking jobs were union 40 years ago. Most are non union today and the few union ones left are YRC ='s Yellow-Roadway-Holland, ABF and the 3 drivers at Schneider, the orange
semi trailers you see on the interstate have Teamsters drivers if they were hired before a certain date.


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Re: Pension...defaults [Re: ABN_CBT_ENGR] #5431488 05/17/20 02:50 PM
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CT8 Offline
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Originally Posted by ABN_CBT_ENGR
Originally Posted by eljefino
Might have to tax the rich to fix this one. hide


They pay most of the collected taxes now

They pay way too much in taxes. But then I am a kind of guy that was never employed by a poor person.


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Re: Pension...defaults [Re: CT8] #5431493 05/17/20 02:52 PM
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ZeeOSix Offline
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Originally Posted by CT8
Originally Posted by sloinker
Saw a scary blurb on a news program this morning. With the current issues it appears that many public pension plans are going to be defaulting. It appears that the shell game of funding may have ended and it's time to pay the piper. I guess the feds will guarantee the pensions for some pennies on the dollar. Some of these state run pensions are more than a Trillion dollars in debt! I have relatives that rely upon these pensions to survive. My brother and sister in law both draw from the state of ........., doesn't matter. There are many. I know that over the years as corporations have conglomerated they have raided private pension plans and harmed their retirees. The difference here is they are civil service pensions. Interesting times.

What is Scary ?


Potentially disappearing pensions, which there are still a lot of people relying on to live. The good news might be that not many companies even have a real pension anymore these days because they got rid of them years ago, so they would only be paying pensions that fall under the grandfathered cutoff point. Doesn't guarantee that those companies couldn't still mess with the pensions they are currently paying out.

Re: Pension...defaults [Re: sloinker] #5431497 05/17/20 02:54 PM
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oldhp Online Content
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But yet the states that paid into, did not borrow from (steal) are in great shape. Just like our Social Security. It's been a slush fund forever. The politician's call it a "entitlement". Entitlement??? NO MONEY has ever been put into the SS fund from the government. Yet there are thousand's of "IOU's" in the basket so they could steal from it.


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Re: Pension...defaults [Re: skyactiv] #5431506 05/17/20 02:57 PM
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ABN_CBT_ENGR Offline
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Originally Posted by skyactiv


Who will this offend? This is knowledge if someone wants to learn about it. Surly a mod isn't that sensitive because we as members aren't


Hope you aren't referring to me being offended or trying to offend anyone- not the case

I believe mismanagement should be investigated and prosecuted

Re: Pension...defaults [Re: ZeeOSix] #5431508 05/17/20 02:58 PM
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Wolf359 Online Content
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Originally Posted by ZeeOSix
Originally Posted by CT8
Originally Posted by sloinker
Saw a scary blurb on a news program this morning. With the current issues it appears that many public pension plans are going to be defaulting. It appears that the shell game of funding may have ended and it's time to pay the piper. I guess the feds will guarantee the pensions for some pennies on the dollar. Some of these state run pensions are more than a Trillion dollars in debt! I have relatives that rely upon these pensions to survive. My brother and sister in law both draw from the state of ........., doesn't matter. There are many. I know that over the years as corporations have conglomerated they have raided private pension plans and harmed their retirees. The difference here is they are civil service pensions. Interesting times.

What is Scary ?


Potentially disappearing pensions, which there are still a lot of people relying on to live. The good news might be that not many companies even have a real pension anymore these days because they got rid of them years ago, so they would only be paying pensions that fall under the grandfathered cutoff point. Doesn't guarantee that those companies couldn't still mess with the pensions they are currently paying out.


The federal government does take over the pensions that fail, but they might not get what they were supposed to get.

Re: Pension...defaults [Re: CT8] #5431509 05/17/20 02:58 PM
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ABN_CBT_ENGR Offline
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Originally Posted by CT8
Originally Posted by ABN_CBT_ENGR
Originally Posted by eljefino
Might have to tax the rich to fix this one. hide


They pay most of the collected taxes now

They pay way too much in taxes. But then I am a kind of guy that was never employed by a poor person.



no argument from me

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