Yellow | Central state pension fund ?

[cellblock309]

people in charge need to be thrown out, investment groups thrown out...and sued
i would be curious if the fund cashed out and they figured what everyone was entileted to, from what companies paid in on there behalf. say the guys for example had 20 years and the figure was 200,000.00
so if they figured everyone out would there be left over.money....? would it be enough to support the older guys in there 70s and 80s plus ..........pension checks.....
if uncle same would have to use the PBGC to pay if fund went broke would cost the government a ton of money......so would they be better of supplement those folks that wouldn't cash out because they are retired,or elect not to take pay off if they used up there amount,

secondly guys who cashed out got there money tax free to invest them selves would be better off....im just thinking out loud for some way to save everyone , and not punish a lot of people , may or may not work but i would love to see the numbers

 

[Bart]

http://michael-hudson.com/2015/01/playing-the-pension-funds/
They rewrote two laws. One of the laws was about bank derivatives that Elizabeth Warren has spoken about, promising to bail out Citibank and other banks. If they lose on derivatives, they’re going to get bailed out like they did in 2008.
And the other was a decision not to bail out the Pension Benefit Guaranty Corporation, the government’s pension fund insurer. They’ve decided–they passed a new law. They rewrote the law. They declared the 1974 ERISA act protecting pensions illegal, and they said if pension funds cannot pay their retirees, they get to be cut back and they don’t get to go to the government to get guarantee. We’ve abolished the government guarantee on pension funds if the pension fund is run by a labor union, meaning if a pension fund is a multiemployer fund that has more than one employer contributing to it, like airline funds, truckers funds, Teamsters funds if you’re a truck driver, insurance employees, we’re going to give the fund managers, mainly the financial managers on Wall Street, the right to cut back on these pensions that are due. So the pensions that people had expected to receive when they made their wage contract saying, well, we’re not going to ask for as fast a wage increase if you give us security when we retire, all of this has been rewritten.

 

[wongway]

So here's idea ONLY , what about having the company give-award Driver's say 1000 stock shares per year worked ,so say Driver with 30 yrs would get 30,000 shares, that they could sell off when they retire , as a way to cover the pension cuts ??? point is , Driver's should get something to replace the $$$$$ of pension cuts !!! and IF you think this is a stupid idea , tell us what YOUR idea would be of a way to supplement the $$$$ pension cuts ????

 

[Bart]

So here's idea ONLY , what about having the company give-award Driver's say 1000 stock shares per year worked ,so say Driver with 30 yrs would get 30,000 shares, that they could sell off when they retire , as a way to cover the pension cuts ??? point is , Driver's should get something to replace the $$$$$ of pension cuts !!! and IF you think this is a stupid idea , tell us what YOUR idea would be of a way to supplement the $$$$ pension cuts ????

It just might turn this thing around if we had a vested interest. You might want to replace drivers with say Teamsters

 

[sundrop03]

So here's idea ONLY , what about having the company give-award Driver's say 1000 stock shares per year worked ,so say Driver with 30 yrs would get 30,000 shares, that they could sell off when they retire , as a way to cover the pension cuts ??? point is , Driver's should get something to replace the $$$$$ of pension cuts !!! and IF you think this is a stupid idea , tell us what YOUR idea would be of a way to supplement the $$$$ pension cuts ????

I like the way you think !!!

 

[jimmy g]

people in charge need to be thrown out, investment groups thrown out...and sued
i would be curious if the fund cashed out and they figured what everyone was entileted to, from what companies paid in on there behalf. say the guys for example had 20 years and the figure was 200,000.00
so if they figured everyone out would there be left over.money....? would it be enough to support the older guys in there 70s and 80s plus ..........pension checks.....
if uncle same would have to use the PBGC to pay if fund went broke would cost the government a ton of money......so would they be better of supplement those folks that wouldn't cash out because they are retired,or elect not to take pay off if they used up there amount,

secondly guys who cashed out got there money tax free to invest them selves would be better off....im just thinking out loud for some way to save everyone , and not punish a lot of people , may or may not work but i would love to see the numbers

To 'cash out' the fund, it comes out to $43,700 per Teamster. There's no left over.

Shouldn't this be in the CSPF forum?

 

[Bart]

To 'cash out' the fund, it comes out to $43,700 per Teamster. There's no left over.

Shouldn't this be in the CSPF forum?

About 10 more years of the way things are run now that will look like a lot of money