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Your Union has been lying to you your entire career

sarktasticsarktastic Member Posts: 9,208
in Tug Tavern
Said, if you paid em all that money... Every pay period... Every year for 30-40 years... You'd get a pension.

Sorry, they lied. More hopeless change. Thanks, Obama

https://www.washingtonpost.com/news/get-there/wp/2016/04/20/one-of-the-nations-largest-pension-funds-could-soon-cut-benefits-for-retirees/

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Comments

  • 2001400ex2001400ex Member Posts: 29,457
    edited April 2016
    Did you even read the article or just the headline?
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  • 2001400ex2001400ex Member Posts: 29,457
    greenblood said:

    This is why I hate relying solely on a pension plan. Invest whatever the company will match (free money) then invest everything else yourself.

    Do you know the difference between a pension plan and a 401(k)?

    While I completely agree a company or Union pension shouldn't be your only retirement. If you are putting into a 401(k), it's fine to put more than the match into those, as long as it's an ERISA plan that is audited. Those funds are required to be deposited into the investments you direct.
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  • PurpleJPurpleJ Member Posts: 37,023 Founders Club
    Good. Fuck the Teamsters.
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  • RaceBannonRaceBannon Member, Swaye's Wigwam Posts: 104,786 Founders Club
    My money is in casinos and lottery tickets
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  • 2001400ex2001400ex Member Posts: 29,457
    I feel like my investment in Derek Johnson books will be beneficial at retirement.
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  • sarktasticsarktastic Member Posts: 9,208
    Looks like since 2014 there has been an amazing dollar cost average opportunity.
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  • greenbloodgreenblood Member Posts: 14,309
    edited April 2016
    This really sucks for a lot people
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  • sarktasticsarktastic Member Posts: 9,208
    oh well... Your fault for trustin us.

    Hiliary2016
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  • dncdnc Member Posts: 56,614
    GreenRiverGatorz said:

    Some retirees and other supporters have rallied behind a bill introduced by Democratic presidential candidate Bernie Sanders (Vt.) that would repeal the measure allowing the cuts, calling instead for the government to provide assistance to troubled pension funds.

    I get a kick out of the anti-Wall-Street-bailout candidate introducing a bill that would bail out these pension plans.

    The pensions are too big to fail
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  • KaepskneeKaepsknee Member Posts: 14,849
    Obviously the formulas that these funds use to dictate what should be collected and what should be paid out to retirees is out of whack. If they are gonna reduce pension payouts, they should look at increasing the pay-ins from the companies that fund them as well.
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  • greenbloodgreenblood Member Posts: 14,309
    salemcoog said:

    Obviously the formulas that these funds use to dictate what should be collected and what should be paid out to retirees is out of whack. If they are gonna reduce pension payouts, they should look at increasing the pay-ins from the companies that fund them as well.

    But why is Social Security in turmoil?
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  • section8section8 Member Posts: 1,581
    Just out of curiosity, anyone know how what the typical pay in coming in is?
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  • sarktasticsarktastic Member Posts: 9,208
    Reading past the headline:

    That imbalance left the fund paying out $3.46 in pension benefits for every $1 it received from employers. The shortfall has resulted in the fund paying out $2 billion more in benefits than it receives in employer contributions each year.
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