What's new

Yellow | Pensions Are A Promise!

:clap::chuncky: We have to stay strong and vigilant moving forward THIS IS A GOOD THING!!!!!! We Also have to give HELP so let us NOT sit back and do nothing jump in,do whatever you can to give some kind of HELP, CRITICIZING Won't help, WHINNYING won't help, POINTING fingers won't help, WHOSE fault it is Dems/Reps WON'T help, what ever you do to help is not just for others it's for YOU. Have a Blessed Fathers Day!!!!!!!!!

:bgroovy:[/QUOTE]
 
Who made the promise? The Feds? The Union? If I made anyone here a promise why would it be, Say Triplex's problems to honor it if I didn't do what I promised?
 
LEHIGH vALLEY said:
Who made the promise? The Feds? The Union? If I made anyone here a promise why would it be, Say Triplex's problems to honor it if I didn't do what I promised?
Click to expand...
ERISA is the promise that was broken, when the MPRA was passed. This will be debated for years to come and people will lose their money before things are fixed, if we do not pressure Washington to help find a good way to fix what they passed in the middle of the night attached to the Spending bill. In that MPRA, there was a road map for healthy funds to follow a five month plan to become insolvent to get relief. Millions more will see the uncertainty of their pensions very soon.
 
:grouphug::smiliewhs:
ESP said:
ERISA is the promise that was broken, when the MPRA was passed. This will be debated for years to come and people will lose their money before things are fixed, if we do not pressure Washington to help find a good way to fix what they passed in the middle of the night attached to the Spending bill. In that MPRA, there was a road map for healthy funds to follow a five month plan to become insolvent to get relief. Millions more will see the uncertainty of their pensions very soon.
Click to expand...
 
The promise was broken when the government ordered higher payouts than there was funding to provide. Should've left things alone in the early 70s when banking excess was allowed. The IRS was too greedy. Now, if the promise to retirees is kept- future retirees get zero. What about the promise to them???
 
ESP said:
ERISA is the promise that was broken, when the MPRA was passed. This will be debated for years to come and people will lose their money before things are fixed, if we do not pressure Washington to help find a good way to fix what they passed in the middle of the night attached to the Spending bill. In that MPRA, there was a road map for healthy funds to follow a five month plan to become insolvent to get relief. Millions more will see the uncertainty of their pensions very soon.
Click to expand...
I might be wrong but the only thing I come up with is if the feds take a fund over because of default then those in the plan only get 30-40 cents on the dollar. Am I missing something here?
 
LEHIGH vALLEY said:
I might be wrong but the only thing I come up with is if the feds take a fund over because of default then those in the plan only get 30-40 cents on the dollar. Am I missing something here?
Click to expand...
http://www.pbgc.gov/about/factsheets/page/multi-facts.html

PBGC's multiemployer guarantee program is complicated and difficult to summarize quickly. The guarantee sometimes is summarized as a maximum guarantee amount of $12,870 per year (payments are made monthly).
 
Does anyone recall when the pension started paying the big money? I know my father got out in 1990 age 57 with 30 years and got $1000 a month. Be interesting to see the funding levels for all the years and see what effect the increase had on the fund.
 
Bart said:
Does anyone recall when the pension started paying the big money? I know my father got out in 1990 age 57 with 30 years and got $1000 a month. Be interesting to see the funding levels for all the years and see what effect the increase had on the fund.
Click to expand...
Good question and I think it was after the 97 UPS strike. Someone else help us out here as I am also curious.
 
LEHIGH vALLEY said:
I might be wrong but the only thing I come up with is if the feds take a fund over because of default then those in the plan only get 30-40 cents on the dollar. Am I missing something here?
Click to expand...
I get what you mean, BUT!!!!!!!!!!!!!, that is the whole point, PBGC does not want to take over anymore funds. HOLD that thought, they themselves are about to go broke as they are underfunded as well. They want us and other funds to cut back to 110% of what they would pay. I know you know that, so HOLD that thought as well. by cutting all of us so called ORPHANS, and other current retirees now, our fund will last longer. Hence the new bill for reform. Now put all those thoughts together. Having to cut current retirees pensions is hard on current retirees as you know. The freight companies want relief from funding all retirees, most of them never worked for the ones paying. The government says " We will never bail out PBGC",, I am not sure I believe that, but it is what it is. There has been 2 or 3 attempts to come up with the funding to make the retirees whole after they have been cut. Sanders bill is another attempt at this. This issue is so complicated, I now see why Congress pushed it through with the Spending bill. Then no one has to deal with it. YEA, we will all cry and complain. Time is running out and I know the math does not work for Central States and for that matter, for my wife and I as well. We are going to be OK, I worry more about the retiree who is not on social security yet and his wife did not work. This economy is going to get ugly again.
 
ESP said:
I get what you mean, BUT!!!!!!!!!!!!!, that is the whole point, PBGC does not want to take over anymore funds. HOLD that thought, they themselves are about to go broke as they are underfunded as well. They want us and other funds to cut back to 110% of what they would pay. I know you know that, so HOLD that thought as well. by cutting all of us so called ORPHANS, and other current retirees now, our fund will last longer. Hence the new bill for reform. Now put all those thoughts together. Having to cut current retirees pensions is hard on current retirees as you know. The freight companies want relief from funding all retirees, most of them never worked for the ones paying. The government says " We will never bail out PBGC",, I am not sure I believe that, but it is what it is. There has been 2 or 3 attempts to come up with the funding to make the retirees whole after they have been cut. Sanders bill is another attempt at this. This issue is so complicated, I now see why Congress pushed it through with the Spending bill. Then no one has to deal with it. YEA, we will all cry and complain. Time is running out and I know the math does not work for Central States and for that matter, for my wife and I as well. We are going to be OK, I worry more about the retiree who is not on social security yet and his wife did not work. This economy is going to get ugly again.
Click to expand...

All of this re enforces my belief that you can not trust anyone but yourself to take care of yourself! Pensions, Social security, Welfare, food stamps and anything else the government OR the Union promises you can be taken away in a heart beat! But dammit no one can touch your personal savings/ retirement/401K or roth.
It's up to you (Meaning everyone) to plan for your future!
 
You must log in or register to reply here.
Top