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Yellow | Pensions Are A Promise!

longblade said:
just a little thing about the funds i dont understand .
how many know of at least 1 person who worked for yrc {all unions} and paid into the fund for under the time to be vested . i know many who worked 3-5 years . they never draw from fund . what happened to all those millions ? ive always wondered why the funds havent gone up because of these teamsters
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Blade, you are thinking to deep, take a deep breath and you will feel better. However I do see what you are saying about the excess money from those who never stayed long enough to get vested. Good point, some will say that is a drop in the bucket, well too many drops and the bucket runs dry. This whole issue is not really about saving us, it is about saving the PBGC. Rob Portman has one week to get back with me on how he is going to draft up something for us, or I am taking this whole thing to Ted Strickland who was our governor, and now is going to run for the senate against Rob Portman, I think whoever helps us first will get about 200 thousand votes in Ohio, all Teamsters and Family. Election can have a big push on an agenda.
 
SAC75 said:
A 401k can be stolen from also. If it's a company 401 the company take money also. They can take a loan against it. I work for walkins and that's what they told me when I worked there. I'm not sure that's what I was told.
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I don't know if that is true or not, however, the biggest risk is the fact that your money is at the whim of Wall Street....When things a riding high, it's great but when it goes down, it's not so great..... The Financial condition of this Country, as well as around the World, is risky and is becoming increasingly unstable .......No ones money is actually safe these days....
 
If 401ks are set up legitimately they are in a account in your name at a brokerage or financial inst. like a bank the company can not withdraw from it nor borrow against it any more then they can your checking account.
You can lose money in it through poor investment choices or general stock market decline but keep in mind it is a long term investment not a short term one and you can't micro-manage it.

That said the older company pension plans where the company held the money in escrow it just managed the fund in house, they could be used as collateral or in some plans the company could issue Iou's or worthless stock certs for loans from it......................
 
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