Funds can invest 1/3 of pension relief in stocks so bye bye billions..

[Roadway spy]

Wondering how central states would steal billions of members money live they did in the past. Money wont last till 2040.

As of Wednesday, the PBGC has approved over $6.7 billion in financial assistance for plans covering over 127,000 workers and retirees. The agency, which insures defined-benefit pension plans, expects it will ultimately distribute $74 billion to $91 billion worth of financial assistance to multiemployer plans.

The final rule allows plans to invest up to one-third of their financial-assistance funds in stocks and other higher-return assets, whereas the interim rule generally required that money to be invested in investment-grade bonds. “It looks like they’re backing off some of the very stiff requirements” of the interim rules, said Gene Kalwarski, CEO of actuarial consulting firm Cheiron.

 

[ABF381]

I guess we will have to wait until 2040 to find out if you are correct, but here is a link (that you didn't provide) explaining real details and not your spin.......

Controversial pension rescue plan finalized

Biden outlines final rules for pension bailout; plans can invest a third of financial assistance they receive in stocks

www.marketwatch.com

 

[seabreeze]

I guess we will have to wait until 2040 to find out if you are correct, but here is a link (that you didn't provide) explaining real details and not your spin.......

Controversial pension rescue plan finalized

Biden outlines final rules for pension bailout; plans can invest a third of financial assistance they receive in stocks

www.marketwatch.com

C S is investing their 1/3 in a forklift driver training school.

 

[1984Sideways]

In order to have a retirement plan such as a Pension or 401k, the money contributed by YOU the trucker goes into a specific managed bank account. Down to the penny. They document chain of custody of every penny donated by you and very very very carefully match up to the max capture match (Something like 6.8% of the payroll) every week to that account until you are 100% vested.

The money is all there to the penny. Third parties like TIAA Cref and others up to State and Federal levels also have skills in managing plans for your entire working life from 21 to what... 68?

When you retire you start drawing on it.

Back in the 80's many employers quit offering pensions as a benefit. If you want to retire like that you learned to work for the State, Union, Railroad or US Government specifically. That way you will not only retire but double dip (With exception of Railroad) into nice Social Security. Or even Triple dip to VA checks too with military service.)

My daddy celebrated the pension that was growing fat in his time when I started working as a adult. I should join a employer with a pension. The problem was Trucking had been deregulated and anything that costs the company money no longer existed as it did back in Regulation days. Since I was not Union I got nothing. No pensions no nothing. When I stopped working medically what I had that day in the bank was it.

The company no longer had to send out money. YAY!

The problem with 401k's and Pensions is that its incredibly boring. ALL that :: rotting quietly gaining 3% interest or whatever if that. For ... 40 years? 20? 10? Locked up in very regulated and oversight accounts tied strictly within layers and layers of the law preventing Companies from raiding that little piggy bank.

Well, from these articles presented here and elsewhere I suspect the Companies in trucking just broke the piggy bank. Bamboozle and blow smoke up all the workers telling them how all the employers will share in a mountain of new found riches promised to all....

BS.

6.7 billion into a very large calculator comes out to about 55,000 dollars per person of the 127,000 covered.

Given a little bit of interest and the sweat, blood, tears and drained energy from the hard working 127,000 contributing that will grow into tens of billions in our life time.

What employer would not want to lust after that kind of jackpot to solve all their troubles today?

Surely we are not that stupid...

 

[1984Sideways]

Part Two.

My Daddy's Pension?

Drips away to nothing. He was a drafts man slaving over a table for the gas company building exacting blueprints, drawings and so forth that are really really really important and excruciating precise for company operations keeping Electricity, gas and communications going.

They bought him out in the early 90's when desktop computers got graphics good enough to do that work in virtual 3D modeling. Dispose of a whole floor of draftsmen. The pensions were offered. Take it or lose it on the way out to all of them. I think it was about 7000 annually then. It would have been a hell of alot more if he stayed until retirement.

But they disposed of hundreds of workers in favor of a few high end computers and really cheaply paid hungry interns pounding the drafting into them then. The gas company benefited big time.

Pa's Pension? Aint much to it now. The oil bill twice a year consumed that and then inflated to a bill that threatens to consume all net cash after social security. Lets not worry about the annual Property Tax Bill for the place thats probably assessed at 5 figures annually to the State.

Pensions.

HA. The Gas company no longer exists. They were bought lock stock and barrel while the getting was good. The then cheap new plans were shifted as a debt and liability to the buying company coming in. The original HQ tower is now being converted to apartments.

The building by now is about 120 years old on a iron carbon frame. Every time the elevator carries people up and down the whole place shakes. You do not want to live there.

Shake shake shake. Mind the few coins in your pockets.