Central States going broke---

[rod]

Would you accept a buyout? What's your number if so? Good idea and dissolve the pension altogether?

Well my goal is to make it as long at being retired as I did working so that number is 30. I have 10 years to go so 10 X $3,000 a month equals $360,000. That sounds like a good number. I'll let the off cheap because I plan to live longer that that. Maybe have to include something with taxes on that so it wasn't all ate up by them.

 

[Wally]

But it is ok to bail out Wall Street, big insurance companies and banks but the little guy can go friend himself?

You want to support California, Illinois, New York, and New Jersey? They chose not to properly fund their pensions. Spent it on other programs year after year.

 

[rod]

You want to support California, Illinois, New York, and New Jersey? They chose not to properly fund their pensions. Spent it on other programs year after year.

CA., Il.,NY,and NJ's pensions weren't place under the control of the US government back in 1985 like the Teamsters pension was. It went broke under the control of our government. There is a BIG difference. If I am put in charge of your money and you go broke later who do you think would have the finger pointed at them.

 

[Wally]

CA., Il.,NY,and NJ's pensions weren't place under the control of the US government back in 1985 like the Teamsters pension was. It went broke under the control of our government. There is a BIG difference. If I am put in charge of your money and you go broke later who do you think would have the finger pointed at them.

All these years, big changes weren't made? Oh well.

 

[Wally]

CA., Il.,NY,and NJ's pensions weren't place under the control of the US government back in 1985 like the Teamsters pension was. It went broke under the control of our government. There is a BIG difference. If I am put in charge of your money and you go broke later who do you think would have the finger pointed at them.

Pension age should have been raised to 65 with less benefits. Sucks, but should have been done.

 

[quad decade guy]

Pension age should have been raised to 65 with less benefits. Sucks, but should have been done.

Ok. Then what?

How long will this last?

See?

Serious questions.

 

[Wally]

Ok. Then what?

How long will this last?

See?

Serious questions.

So how would the pension be today if they did all of that back in 1985? Same with all these blue states that failed to put aside pension dollars. Sucks to be them. Time for drastic cuts.

 

[oldngray]

So how would the pension be today if they did all of that back in 1985? Same with all these blue states that failed to put aside pension dollars. Sucks to be them. Time for drastic cuts.

State pensions are a completely different animal. If they run out of money the taxpayers are on the hook.

 

[quad decade guy]

State pensions are a completely different animal. If they run out of money the taxpayers are on the hook.

Not necessarily. These pensions can be flushed through bankruptcy.....and will eventually.

 

[1989]

So how would the pension be today if they did all of that back in 1985? Same with all these blue states that failed to put aside pension dollars. Sucks to be them. Time for drastic cuts.

Probably funded @ 180% right now

 

[quad decade guy]

Probably funded @ 180% right now

Really? All the companies out of business would not have changed.....and this is why the plan is underfunded.

Now, explain your statement please. Serious question.

 

[1989]

Really? All the companies out of business would not have changed.....and this is why the plan is underfunded.

Now, explain your statement please. Serious question.

Obviously 180% is an exaggeration. Who really knows other than an actuary? Changing the retirement age to 65, 35 years ago would have been huge.


Ex: someone retires @ 51 drawing 3K a month or 504K drain on the fund until age 65. Vs 15K a year in contributions being a $210K surplus plus growth.

The employees of the bankrupt companies stopped receiving pension credit, therefore many were not eligible for early retirement and had their pensions froze at that time until eligibility at age 65.

It seems a participant (whose company went out of business) at age 40 with 15 years in who had to wait until age 65 to draw would be a lesser burden on the pension. Why was freezing orphans pensions and not paying out until age 65 such a burden? Do you have numbers on this?

 

[Inthegame]

You want to support California, Illinois, New York, and New Jersey? They chose not to properly fund their pensions. Spent it on other programs year after year.

Maybe you could enumerate the "other" programs.

Are you aware the four states you listed pay over 30% of the total yearly Fed taxes collected but represent less than 8% of entities paying in?
There's a whole boatload of states benefitting from the superior wages earned in these (and other higher union density) states.

 

[Inthegame]

The ERISA law governing pensions in the 80's, 90's and early 2000's required plans to make improvements when funding levels exceeded 100%.

These guidelines were adjusted under the PPA of 2006 and further adjusted under MPRA of 2014.

 

[Wally]

Maybe you could enumerate the "other" programs.

Are you aware the four states you listed pay over 30% of the total yearly Fed taxes collected but represent less than 8% of entities paying in?
There's a whole boatload of states benefitting from the superior wages earned in these (and other higher union density) states.

Not my problem if NJ for example, stole pension money in order to spend it on other programs. They did, big time. Didn't have to, all kind of warnings not to, did it anyway. Some unions like the teachers union, went along willingly. They could have shut it down, they have that much political clout,they did not.(One party rule). Meanwhile, they kept increasing those getting huge payouts. They have to suck it up.

Interesting, the firefighters pension in NJ was separate from the others in the state. No robbery was able to go down. Their pension is healthy.

 

[Wally]

Really? All the companies out of business would not have changed.....and this is why the plan is underfunded.

Now, explain your statement please. Serious question.

How much they paying out to retirees now? If it is not sustainable, the amount is too much.

What is sustainable? That is what you pay.

 

[IVE GOTTA PACKAGE 4U]

How much they paying out to retirees now? If it is not sustainable, the amount is too much.

What is sustainable? That is what you pay.

They cut our pension a few years ago
Including the retirees
People need to wake up and save some money for themselves because you can't
Always count on someone else to take care of you

 

[1989]

They cut our pension a few years ago
Including the retirees
People need to wake up and save some money for themselves because you can't
Always count on someone else to take care of you

People need to wake up and demand a better place for their employers to throw 20K at.

 

[IVE GOTTA PACKAGE 4U]

People need to wake up and demand a better place for their employers to throw 20K at.

Unfortunately it's not going to happen

 

[1989]

Unfortunately it's not going to happen

STOP THE STEAL!!