Brownslave688
You want a toe? I can get you a toe.
Not an option why?
Bye Bye Pension and Hello to matching 401k coming in 2023?
- Thread starter 1whofan
- Start date
BigUnionGuy
Got the T-Shirt
Because, your individual concerns....
Don't outweigh the benefit to membership in general.
-Bug-
Hethatbeking
Well-Known Member
Congress has removed all the regulatory guard rails for Wall Street and some of you idiots are hoping for 401k to become our main retirement vehicle. Americans are a special bunch indeed.
DriveInDriveOut
Inordinately Right
Brownslave688
You want a toe? I can get you a toe.
The benefit of multiple failing pension plans?
Imchar1
Well-Known Member
Alot of worthless bonds. I would take a 401k match over pension any day of the week.
1989
Well-Known Member
Bitcoin
Brownslave688
You want a toe? I can get you a toe.
If Wall Street crashes so will the pensions.
1989
Well-Known Member
Wrong
DriveInDriveOut
Inordinately Right
You will eat dog food.
Brownslave688
You want a toe? I can get you a toe.
‘Inevitable’ that Pensions and Endowments Make Crypto Play: Hedge Fund Exec
Well before we retire they will be.
Brownslave688
You want a toe? I can get you a toe.
Ummmm what do you think put so many pensions in the predicament they are in now?
They have to keep paying out the exact same amount of money even if they are losing money every day
"If I had a million dollars I'd be a millionaire... and somehow it's the union's fault that I don't have a million dollars."
This is essentially what you're saying and it's ridiculous.
Brownslave688
You want a toe? I can get you a toe.
Not at all. What I'm saying is pensions are not a good dollar for dollar value for the worker. Just like SS is a terrible deal for the average worker.
The only thing pensions have going for them is the promise of a steady paycheck. A promise many people are finding out isn't worth much.
Smashmouth
Well-Known Member
Pensions are good as long as the company providing them is doing well and is able to keep them properly funded, the problem arises when the company isnt doing so well and cant keep up with its obligations, or like many of our penions, they were multi-employer plans and some of the companies went belly up...but yet the remaining companies are on the hook for everyone who was vested. At that point, the pension becomes a big pyramid scheme with the new people paying for the retirees until there are more retirees then new people and the whole thing collapses, like Central States is getting close to doing. So YES it would be nice to have had a 401k to manage myself.
Brownslave688
You want a toe? I can get you a toe.
Well they aren't a good value even when they work out ok. The worker would be much better off having control of that money.
PT Car Washer
Well-Known Member
Pensions are a deferred compensation for your retirement years. Too many of you young pups would just go spend the money on a new $60K pick up truck.
Brownslave688
You want a toe? I can get you a toe.
It can be put directly in a 401k
CoffeeStainedUniform
Well-Known Member
457s are differed comp...and can be invested in a wide range of investment options. Pensions are restricted much more heavily and barely make more than inflation on average. They produce less per dollar, pay out only if you live long enough, and are not inheritable. Our pensions are worthless if UPS goes belly up...stock market crashing would be every major company in the country.
The reason we do them is simply because it keeps employees to a 30 year contract. That's it, there is no other benefit.
457 isn't all that great. Whatever the employer matches goes against the cap you can put in
