Wow that is an interesting comment.
Wall Street was to blame for pension problems?
I respect your comments KK , you need to brush up on that one.
The pension is just short of a Ponzi scheme. Those paying in while working help pay for one’s retired. PERIOD…….
Plan should never have have been Defined Benefits but should have been Defined Contribution.
Always amazed that a dock guy working 40 to 50 hours a week on platform for 30 years will get same pension as line haul working 6 nights a week for 30 years.
Every payment should have been each individual not collective pool.
Some pension plans were devastated from loss of paying members in areas that were harder hit by loss of manufacturing jobs and industrial jobs which resulted in fewer need of drivers and consequently less contributions.Not to mention loss of Teamsters jobs as a whole.
If pension money would have been structured that each employee had x amount of dollars for each hour or mile put in his or her account then the less you work the less you get the more you work more you get.
The operator union has a plan that is just like that. I know ok guys making 4,400 to 4,500 after 30 years. Everyone is different because of hours worked.
Simple solution everyone should plan on their own financial situation at retirement and not plan on SS or pensions. We have been hogwashed with a carrot shoved up the hogs rear end and been given a side of bull crap too go with it, plain and simple.