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These pension plans are at risk of going broke
CNBC ^ | July 12, 2019 | Lorie Konish

Posted on 07/12/2019 6:14:15 PM PDT by where's_the_Outrage?

About 1.3 million Americans could have their retirement funds at risk if Congress can't come up with the money to pay the benefits people were promised.

That is because a number of multiemployer pension plans are on the brink of running out of money.

This week, Congress took a stab at solving the problem with the markup of the Rehabilitation for Multiemployer Pensions Act.

Though it garnered far less attention than the testimony of Federal Reserve Chairman Jerome Powell, who was on Capitol Hill talking about interest rates and the economy, it was no less important. Retirees' financial futures hang in the balance if nothing is done, according to lawmakers.

(Excerpt) Read more at msn.com ...


TOPICS: Business/Economy; Culture/Society; Government; Politics/Elections
KEYWORDS: pensions; unfunded; union
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Hard for me to have sympathy for those that are face with the reality that their "pie in the sky" retirement plans they voted for do not work.

401Ks and IRAs are the way to go IMHO.

1 posted on 07/12/2019 6:14:15 PM PDT by where's_the_Outrage?
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To: where's_the_Outrage?

Multi-employer translates into union, a fact disguised by this “writer.”


2 posted on 07/12/2019 6:19:07 PM PDT by FirstFlaBn
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To: where's_the_Outrage?

I read a long red-flag article about this murky looting of peoples retirement funds, including IRAs.

I don’t have a fund or IRAs so didn’t really get it.

The long and short was that in the dead of night, again, congress is changing the rules about when and how and at what age retirees can draw out their money.

July 12 was the date, and the title of the story was “Congress is Coming for Your IRA”.


3 posted on 07/12/2019 6:24:34 PM PDT by Fightin Whitey
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To: where's_the_Outrage?

I like lump sum 401Ks. After I retired I saw my lump sum increase significantly thanks to a healthy stock market. Income based pension plans would only seem wise if one is not comfortable managing investments.


4 posted on 07/12/2019 6:27:28 PM PDT by plain talk
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To: plain talk

For folks like my parents pensions were the only thing offered. the 401k is a fairly recent development. 50 years ago most people worked for one company most of their life and that company guaranteed them an income in retirement.


5 posted on 07/12/2019 6:30:51 PM PDT by Mom MD
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To: Fightin Whitey
my husbands company was raided by Charles Hurowitz who proceeded to bankrupt his plant...after 27 hard yrs he lost it all....he was supervisor then and lost his buy out option plus pension plus health care....he was shoved into the Pension guarantee board which resulted in about 1/3 of what he should have been able to get each month...

if they screw him again, I swear we'll rob banks......

6 posted on 07/12/2019 6:33:41 PM PDT by cherry
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To: Fightin Whitey

Years ago Nancy Pelosi came out in favor of a 100% tax on 401K’s, which is just another way of saying they’re seizing your retirement account. They’ve thought about it, that’s for sure.

Any more I think the only money that’s safe from these thieves is pure gold that you’ve got hidden in a location they can’t find.


7 posted on 07/12/2019 6:35:42 PM PDT by GaryCrow
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To: Fightin Whitey

This is the great advantage of a Roth IRA ... even though the bastards later change the rules because you’ve already paid taxes on your principal they are nominally left with trying to confiscate your interest (expect them to want to apply penalties too) ... and not just principal and interest.

Ultimately, we cannot expect the scum on the Left to not try Ex Post Facto laws (such as finding reparations are owed is). The Constitution is as meaningless to them as screwing the taxpayers without even giving a proverbial reach around is.


8 posted on 07/12/2019 6:37:43 PM PDT by Rurudyne (Standup Philosopher)
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To: where's_the_Outrage?

If you contribute 200 or more per month for the last five years into the ‘drop’ plan and your salary I s 60 thousand a year upon retirement you get one million in lump sum payout. I do not comprehend the math. Firefighters, police and most state and federal workers are the ones this is benefiting. Bankruptcy seems the only way out. Insolvency. If it’s a ponzi scheme it’s not sustainable.


9 posted on 07/12/2019 6:37:53 PM PDT by Rapunzel (Fallujah be damned ...S. Helvenston RIP)
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To: FirstFlaBn

From my time being forced to work in a unions shop apparently I have a pension. They send statements telling me how well it is funded, etc. From my knowledge of the industry, how many companies are paying into the pension (hint: many have gone under in the last 5 years), etc. I have made the decision to assume the pension will not pay out what they claim it will when I retire.


10 posted on 07/12/2019 6:39:31 PM PDT by matt04
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To: where's_the_Outrage?

401Ks and IRAs will probably be used to bail out pensions, especially in marx-o-crat run cities. The prediction is that you (and I) will receive gov’t bonds in replacement of a certain pecentage of your funds.


11 posted on 07/12/2019 6:42:40 PM PDT by dynachrome (Build the wall, deport them all.)
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To: Mom MD
For folks like my parents pensions were the only thing offered. the 401k is a fairly recent development. 50 years ago most people worked for one company most of their life and that company guaranteed them an income in retirement.

Precisely right. My 73 year old father had very little in investment options for most of his life, but working with the Teamsters for 41 years afforded him a livable pension. His multi-emplyer pension may evaporate in another 5 years.

Waiting for the knee-jerk jackoffs and their ignorant comments in 3..2..1..
12 posted on 07/12/2019 6:44:40 PM PDT by akalinin
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To: Fightin Whitey

Bastards.


13 posted on 07/12/2019 6:47:32 PM PDT by moovova
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To: dynachrome

2008. Jesse Jackson suggested the gubment take over IRA’s/401K’s. The return would be 3.5%.


14 posted on 07/12/2019 6:48:02 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: DIRTYSECRET

Yup. City and state pensions weren’t as far in the hole as they are now. Chicago is going to be De-toilet , Michigan soon.


15 posted on 07/12/2019 6:51:18 PM PDT by dynachrome (Build the wall, deport them all.)
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To: DIRTYSECRET

ps. 3.5% would be good nowadays, compared to savings accounts.


16 posted on 07/12/2019 6:53:54 PM PDT by dynachrome (Build the wall, deport them all.)
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To: DIRTYSECRET

Charlie Rangle once suggested a return to the military draft. 90’s. Raised eyebrows in the younger folk but hey don’t count. These fund-messers-with really mean it.


17 posted on 07/12/2019 6:57:30 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: akalinin

My 81-year-old father worked for a subsidiary of General Electric yes entire life. He was offered a pension that no despite not being multi employer is also in danger. Towards the end of his career he was also allowed to invest in an early 401k which he did. Problem was the only via cola in the 401(k) was GE stock. There were no other options. We all know how well GE stock has done lately. It’s a shame that he planned for his entire life to have a secure retirement and that is now all in danger. Fortunately for my parents and their children are more than willing to help out where needed, but a lot of seniors are not that fortunate.


18 posted on 07/12/2019 6:58:03 PM PDT by Mom MD
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To: DIRTYSECRET

Let’s see. Government got into the housing loan business then followed up with college loans. What could go wrong with giving blacks $25k for a down payment?


19 posted on 07/12/2019 7:00:19 PM PDT by DIRTYSECRET (urope. Why do they put up with this.)
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To: Mom MD

ugh. dictated the last post and it’s terrible. The only vehicle in his 401k was GE stock


20 posted on 07/12/2019 7:00:30 PM PDT by Mom MD
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