Union tells retirees to repay pension

Southtown Chicago ^ | Oct 30, 2013 | Kadner

[KeyLargo]

Detroit bankruptcy proposal would leave pensioners with 16 cents on the dollar

By Perry Chiaramonte
Published October 30, 2013
FoxNews.com

http://www.foxnews.com/us/2013/10/30/detroit-bankruptcy-proposal-would-leave-pensioners-with-16-cents-on-dollar/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxnews%2Fnational+%28Internal+-+US+Latest+-+Text%29

[Paine in the Neck]

The pinky ring boys at pension fund HQ must be feeling pinched. Got to claw back some of that money so it can redirected to better use than supporting members.

[Lonesome in Massachussets]

According to actuarial tables published by the SSA, a 63 old man (my age) has an 18.5 year life expectancy and an 85% chance of being alive in 10 years.

[Darth Reardon]

“Because you’re 63 years old, the chances are you will not live another nine years and six months”

Actually, the chances are he’ll live considerably longer. According to Social Security he’s got another 20 years.

This seems a little off at first, since men on average live to about 75. But it’s the “average” part that make the math interesting. Early childhood and your teenage years are dangerous times, and those who die young really bring down the overall average life expectancy. Many of those who make it through those years must then live considerably longer than the average of 75ish.

[KeyLargo]

"According to actuarial tables published by the SSA, a 63 old man (my age) has an 18.5 year life expectancy and an 85% chance of being alive in 10 years."

Uhm, not under the Obama and the Democrats health care rationing scheme as planned for eliminating those pesky seniors....

[oh8eleven]

Retirees are losing their health insurance packages, too.
Yep, happened to be just a couple of years ago.
Worked almost 35 years knowing part of the retirement package was a H/C policy paid for in full by the company.
Retired in 2007 and said H/C policy was canceled two years later. Had to switch to a Medicare Advantage plan which I hear Øbama wants to cancel too.
Arghhhhhhhhhhhhhh ...

[Chuzzlewit]

so let me get this straight.. This Ed guy has been retired and he is only 63? what the heck?? I’m 61 and I plan on working until I drop, in order to keep busy and live a productive life...and I want to keep the cobwebs off, keep from becoming a lazy slouch...

63 years old.... that was his decision.. live with it Ed.

[KeyLargo]

” Many of those who make it through those years must then live considerably longer than the average of 75ish.”

There may need to be a little resistance to the government from seniors facing healthcare Death Panels though...

http://www.youtube.com/watch?v=xB7iz1HTh9U

[PeterPrinciple]

I view this with different eyes this morning. I suspect the unions have known about this for a long time but put off the difficult decision for various reasons. Now the unions are getting squeezed so tight they have to offend their constituents because the unions need that cash flow to continue. Another sign unions are running out of money.

[KeyLargo]

Uhm, looks like this could be the future of elder care under the Affordable Health Care Act....

PHOTOS: Shedd euthanizes only river otter, Rio

Posted: Oct 30, 2013 9:13 AM CST

“Like any geriatric, Rio had begun to slow down and show signs of arthritis, Rodgers said. The aquarium says she was euthanized Tuesday because her quality of life had diminished”

http://www.myfoxchicago.com/story/23828781/shedd-euthanizes-only-river-otter-rio

[rolling_stone]

he retired way before 63 if they are asking for 66k and his overpayment was around 250 a month...

[PeterPrinciple]

What makes this story tragic is the guy who is nearly 90 years old. I think they should cut him a break.

---

They did, they offered him a one time settlement of $67,000.

[Lonesome in Massachussets]

I plan on working as long as I have my health and can find gainful employment, but I’m an office worker, not a tin-knocker (like him) or a mason or a truck driver or ....

[PrairieLady2]

He shouldn’t have to pay back a single dime. First of all, they need to get in touch with the person(s) who made the error initially and hold him/her accountable. Secondly, they need to contact their accountants to find out why they paid them top dollar only to have this kind of error show up, this many years later.

The union made a deal to this man, and others, to pay out a certain amount. It was agreed to and signed off on. Live with it. Furthermore, the individuals affected should class action counter sue for damages.

Finally, under the fair debt and collections act, if they can go back at all to collect, it shouldn’t be for any more than 7 years.

As far as I am concerned, the company itself is responsible, should be held accountable, and go after those who perpetuated the error.

It’s not the recipient’s fault that professional bookkeepers, payroll employees and accountants can’t do simple math nor should he be penalized for it. He had no way of knowing, and planned his life accordingly. He has been injured.

[SunkenCiv]

Thanks KeyLargo.

Ron Kosinski, 79, a former sheet metal worker... Sheet Metal Workers Local 73, miscalculated his pension payments when he retired 17 years ago. In fact, dating to 1974, the union’s pension fund overpaid 589 retirees by about $5 million. And now it’s trying to collect -- not only the amount overpaid but 7 percent interest on that money.