What's new

FedEx Freight | Congress Passed Pension Cuts

When pension payments to the first investors (the retirees now) are reliant on the later investors (those working now), then it is indeed a Ponzi scheme....just like SS.
 
ABFer said:
There is not doubt that Central States Pension Fund is a troubled fund and it is the largest fund out there. However, it is not representative of all the other funds in operation. Additionally, there would never be any request or suggestion the FedEx, UPS Freight or any other company out there help bail that or any other fund out.
Click to expand...
So I see that now you have changed your mind and agree that many of the pensions are in trouble. I never said all were struggling. If yours is ok, good for you, but I only posted the facts. Twice Pipes elaborated in his post on what I was pointing out earlier. Thanks for the additional info Twice Pipes apparently those were the numbers ABFer needed to see in order to believe my earlier post.
 
[QOUTE]There is no doubt that Central States Pension Fund is a troubled fund and it is the largest fund out there. However, it is not representative of all the other funds in operation.[/QUOTE]

Purple Hammer said:
So I see that now you have changed your mind and agree that many of the pensions are in trouble. I never said all were struggling. If yours is ok, good for you, but I only posted the facts. Twice Pipes elaborated in his post on what I was pointing out earlier. Thanks for the additional info Twice Pipes apparently those were the numbers ABFer needed to see in order to believe my earlier post.
Click to expand...
Obviously you don't get it and you are willing to misquote me. As Kevin O'leary would say...."You are dead to me"....
 
ABFer said:
[QOUTE]There is no doubt that Central States Pension Fund is a troubled fund and it is the largest fund out there. However, it is not representative of all the other funds in operation.
Click to expand...


Obviously you don't get it and you are willing to misquote me. As Kevin O'leary would say...."You are dead to me"....[/QUOTE]
So you're telling me there's a chance. Lol
 
http://m.bbc.com/news/business-30592942

Average payouts for 401k's are looking like $400/ month.

And there's the bankers dream in action.
What a terrible tradeoff to go from defined benefit to defined contribution.
Looks like the economic orchestrators really knew what they were doing.
We should ALL listen to them......not really.
 
yrc-atm said:
Just like the fedex pension.
Click to expand...

Fedex's pension is nothing like a third party pension, you guys can try to make that comparison all you want but it's apples and oranges. Fedex started their pension and they are wholly responsible for it, if it is short they can fund it from another source from within the corporation, which is how the old company sponsored pension of years gone by worked. That's why companies got away from them because they were responsible for there pay out. If a third party pension is short its has to get the money somewhere, either by increasing contributions or membership, or cutting payouts.
 
slavenomore said:
http://m.bbc.com/news/business-30592942

Average payouts for 401k's are looking like $400/ month.

And there's the bankers dream in action.
What a terrible tradeoff to go from defined benefit to defined contribution.
Looks like the economic orchestrators really knew what they were doing.
We should ALL listen to them......not really.
Click to expand...

From my reading of the article people didn't put enough in. Plus the article says the average 401K stands at $111,000, yet it doesn't say the average age of the account holder. If the average account holder is 65 that's a problem, if their 35 that's a different story. You can say what you want and ignore the available facts (you love to do that) but if you put enough in you 401K over the course of your career it adds up to be a pretty substantial amount, but if you just put in 2 or 3 percent it won't be much.
 
We cant really bargain for enough to zctually have kids, pay a mortgage and car, pay normal bills and save for retirement when people are convinced to stay out of unions. There isnt much left...
..Keep dreaming that people are gonna do that. Its gonna be an ugly country if defined benefits cease and 401k's are it..,
Ugly for the old. Defned benefits and collective bargaining was the moral path.....the relugious right will split from the corporate right then.

johndeere4020 said:
From my reading of the article people didn't put enough in. Plus the article says the average 401K stands at $111,000, yet it doesn't say the average age of the account holder. If the average account holder is 65 that's a problem, if their 35 that's a different story. You can say what you want and ignore the available facts (you love to do that) but if you put enough in you 401K over the course of your career it adds up to be a pretty substantial amount, but if you just put in 2 or 3 percent it won't be much.
Click to expand...
 
slavenomore said:
We cant really bargain for enough to zctually have kids, pay a mortgage and car, pay normal bills and save for retirement when people are convinced to stay out of unions. There isnt much left...
..Keep dreaming that people are gonna do that. Its gonna be an ugly country if defined benefits cease and 401k's are it..,
Ugly for the old. Defned benefits and collective bargaining was the moral path.....the relugious right will split from the corporate right then.
Click to expand...

At the rate of pay that the average non union LTL driver makes if you can't save 15% of you pretax pay you may need to adjust your lifestyle a little. I've heard it before "I just can't afford it" then they drive away in their new pickup pulling their boat or Harley. Look I'm not so pig headed to think that people have have bills and its hard, I have little kids and bills I get it, but you have to take care of yourself and that may mean sacrificing a little. Believe it or not this country was founded on the idea of taking care of yourself and being independent long before your precious union came along.
 
Yup. I see an Obamacare styled mandate on the individual for pension contributions in the future.
Wall Street can't wait.
All because you stayed nonunion.
It all could've been done in the market freely thru contracts.
The contracts wouldve had employers contribute.....we all would've had it made in the shade.
But some chose to listen to BS and what a mess it made and will be.
 
The precious union came along cause that didn't work. And still doesn't.
johndeere4020 said:
At the rate of pay that the average non union LTL driver makes if you can't save 15% of you pretax pay you may need to adjust your lifestyle a little. I've heard it before "I just can't afford it" then they drive away in their new pickup pulling their boat or Harley. Look I'm not so pig headed to think that people have have bills and its hard, I have little kids and bills I get it, but you have to take care of yourself and that may mean sacrificing a little. Believe it or not this country was founded on the idea of taking care of yourself and being independent long before your precious union came along.
Click to expand...
 
slavenomore said:
Yup. I see an Obamacare styled mandate on the individual for pension contributions in the future.
Wall Street can't wait.
All because you stayed nonunion.
It all could've been done in the market freely thru contracts.
The contracts wouldve had employers contribute.....we all would've had it made in the shade.
But some chose to listen to BS and what a mess it made and will be.
Click to expand...

I thought going union had nothing to do with propping up the pensions.
 
johndeere4020 said:
Actually taking care of yourself worked for a long time and still works, even in its haydayI don't think union membership ever hit even 50% of the workforce yet people managed to survive and retire just fine.
Click to expand...
This system worked out just fine for me. When the Teamsters start cutting the pension benefits, especially in the central states pension fund, it won't look nearly as attractive as it does now.
 
You must log in or register to reply here.
Top