Pension letter
- Thread starter retired2000
- Start date
brownmonster
Man of Great Wisdom
That's kind of what it's supposed to be for.
PT Car Washer
Well-Known Member
The people who set up pensions planned on you being dead within 5 or 10 years after collecting.
brownmonster
Man of Great Wisdom
As well as SS.
rod
Retired 23 years
rod
Retired 23 years
byrdman1970
Member
Perfect answer
PT Car Washer
Well-Known Member
Billy Ray
God, help us all.....
Really? Work for 30 years, receive retirement payments for 40 years?
...and the the pension funds should be able to remain
solvent all the while?
3 done 3 to go
In control of own destiny
Yes. There are more and more people working for us. Its the Multi employer that is killing it. Each company should be responsible for their own. I do know UPS can cover theirs. The union needs to recognize that. Would be better for all
Brownslave688
You want a toe? I can get you a toe.
Brownslave688
You want a toe? I can get you a toe.
And that's called a Ponzi scheme.
There simply was never enough money put in on current retirees behalf to sustain their benefits for 30+ years.
Like @PT Car Washer said it was based off someone living more like 10 years after retirement.
upschuck
Well-Known Member
Not if invested correctly. A well run pension should be able to get the "base" 8% return, which would more than make up for the withdrawals.
Brownslave688
You want a toe? I can get you a toe.
They aren't allowed to invest that aggressively.
The big problem comes when the market tanks and they still have to draw all of that money out for pension payments.
upschuck
Well-Known Member
They aren't? So much for a free country.
That is not considered aggressive by investment standards.
Brownslave688
You want a toe? I can get you a toe.
It depends on funding but less funded a plan is. The less aggressively they are allowed to invest.
So once it goes downhill there's no coming back.
upschuck
Well-Known Member
35years
Gravy route
The problem is that all our pensioners were promised a fixed pension amount for the rest of their lives.
The laws protected the retirees.
Even if the pension became insolvent, the Pension Benefit Guaranty Corporation (PBGC), which is a US government agency, would pay your pension.
So essentially the retirees had the federal government guaranteeing their benefit.
That changed in December 2014 with the passage of the Multiemployer Pension Reform Act of 2014.
To say the retirees did not plan well is simply not true.
For over 40 years the US government assured workers their pension was secured by the US government.
The federal government (with a congressional bill and Obama's signature) changed the rules overnight.
We all have to realize that none of our pensions are secure, and I would doubt anyone would say that Social Security is a sure thing down the road. My original plan was to retire after 30 years, but the writing was on the wall at that point.
Calling pension relief by the federal government a bailout is a misnomer... These funds were guaranteed by law to the pensioners.
The laws protected the retirees.
Even if the pension became insolvent, the Pension Benefit Guaranty Corporation (PBGC), which is a US government agency, would pay your pension.
So essentially the retirees had the federal government guaranteeing their benefit.
That changed in December 2014 with the passage of the Multiemployer Pension Reform Act of 2014.
To say the retirees did not plan well is simply not true.
For over 40 years the US government assured workers their pension was secured by the US government.
The federal government (with a congressional bill and Obama's signature) changed the rules overnight.
We all have to realize that none of our pensions are secure, and I would doubt anyone would say that Social Security is a sure thing down the road. My original plan was to retire after 30 years, but the writing was on the wall at that point.
Calling pension relief by the federal government a bailout is a misnomer... These funds were guaranteed by law to the pensioners.
Last edited:
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