Holland | pension laws end 2014

[ghoulardi]

Pension-law proposal would hit some retirees - MarketWatch

Instead of fighting among ourselves about yes or no votes . Maybe we should direct our energy about saving our pensions. Our fund will default by 2024 or sooner. We should press our union leadership to remedy this problem . This will effect us all in the future whether this company survives or not.MarketWatch.com

 

[Northern Flash]

How many retirees could afford this type of pay cut? They retired based on having a certain income via their pension. That is a huge cut.....you guys better start fighting against this. You will also be a retiree some day. There is no easy fix to the pension deficits.....but to shaft the retirees is just wrong.

Example from the article:

Greg Smith, a 64-year-old Norton, Ohio, truck driver who retired in 2011 after working 31 years, agrees. He now receives a monthly check for $3,019 from a Teamsters pension plan that is projected to become insolvent in 2024. If that happens, the PBGC would take over and his benefit could be cut to as low as $1,100 a month.