Posted on 03/01/2010 9:16:28 PM PST by Shellybenoit
Much of the first 14 months of the Obama administration has been a public "love story" between the White House and the Labor Unions. It seems as if President Obama has been basing many of his decisions on how they help the Union Bosses as opposed to how they help the entire country....
These are just a few ways the President is favoring his friends, the Union leaders over the needs of the Union Rank and file and the American People. The reason for the favorable treatment, the Pension Plans are about to collapse, most of the rank and file may not even know that when they are ready to retire their pensions may not be there.
(Excerpt) Read more at yidwithlid.blogspot.com ...
Dere’ gonna be a lot of P O’d guys out dere.
I was listening to a radio program this weekend about this very subject.
How a quick analysis showed people who paid about 125K into the various california service unions over the course of their 20+ year career, were being promised there would be over 3 million in pension retirement payouts after they retired.
Who the hell is managing those funds, Madoff??? How in the hell can those retirement promises, when many of these funds are drastically underfunded, be sustained before the whole ponzi scheme collapses?
I didn’t see the teachers’ unions on the list...
I didn’t see the teachers’ unions on the list...
We’re in such bad trouble that they will get it, too.
How in the hell can those retirement promises, when many of these funds are drastically underfunded, be sustained before the whole ponzi scheme collapses?
Like I said above, there are going to be a whole lot of mad as hell people.
Sounds like they need more Porkulus to fill the coffers or what will the Dims use to run on?
Pray for America’s Freedom
it just will not happen...
while the poor little sisters got shoved into the Pension Board greatly reduced pensions, these prized workers will get close to what they were "promised" and it will just be another check written by the taxpayer...
can someone please tell me if there is ever an end to this spending?...I mean, they can just keep printing money...
can someone please tell me if there is ever an end to this spending?...I mean, they can just keep printing money...
When it all collapses they will slow down the printing...a little bit.
if people think private pensions are the problem, then they better go hide under the kitchen table because the public pension system is 10 times worse....
Union thug/mobster bosses and Dems looted the coffers.
Run Hillary Run
Of course they did.
Run Hillary Run
Hitlery will step down from Sec. State at the worst time for 0bama. The Clintons hate him.
I presently am in possession of a 5 billion dollar bill...from Zimbabwe. What do you want to bet, we have some of those printed right here in the good ole USSA. (NOT a typo)
Yes they do. Just like the Kennedy’s hated Carter
I wouldn”t bet against you.
| Excuse me for my shameless display of schadenfreude, but I noticed THIS from the story:
Should these pension plans collapse, its curtains for the Union Leaders and it would not be the best recruiting tool for the labor movement in general.
How bad off are the union pension plans? The best single indicator of a plan’s financial health is its Funding Percentage. A fully funded plan will have a funding percentage of 100%. A plan is underfunded when the percentage is below 100%. The lower the percentage, the greater the risk that benefits will not be available when they come due.
According to the Pension Protection Act of 2006 multi-employer (plans set through unions and company sponsors) plans are evaluated via their funding levels. To ensure retiree benefits are protected, when a multiemployer plan falls below certain funding levels, stronger funding requirements become effective under provisions of the Pension Protection Act of 2006. Plans whose funding levels are below 80% are referred to as “endangered,” while those below 65% are referred to as “critical.”
A select few on the list:
SEIU National Industry Pension Fund — 65.00% |
Defined contribution plans (401k, IRA) MAY fail.
Defined benefit plans, in the long run, WILL fail.
You cannot guarantee the future, the rosier, the less so.
That’s why they’re coming after our IRA’s. Talk about a ponsi scheme.
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