Skip to comments.These pension plans are at risk of going broke
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 ...
401Ks and IRAs are the way to go IMHO.
Multi-employer translates into union, a fact disguised by this “writer.”
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”.
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.
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.
if they screw him again, I swear we'll rob banks......
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.
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.
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.
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.
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.
2008. Jesse Jackson suggested the gubment take over IRA’s/401K’s. The return would be 3.5%.
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.
ps. 3.5% would be good nowadays, compared to savings accounts.
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.
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. Its 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.
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?
ugh. dictated the last post and its terrible. The only vehicle in his 401k was GE stock
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