Posted on 04/06/2010 7:06:18 AM PDT by rvoitier
Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labor’s pension funding crisis.
Senator Bob Casey, Pennsylvania Democrat, introduced the Create Jobs & Save Benefits Act of 2010 to address the funding problems faced by union-administered multi-employer pension plans.
Multi-employer pension plans have to cover the benefits of members, even if their companies are defunct.
(Excerpt) Read more at dailycaller.com ...
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Plenty of time to act before anything like this could ever become law.
That said, how old are you? You will take a 10% hit if you are younger than 59.5 years (on top of income tax).
How much debt do you have and what kind? Paying off a mortgage might make sense if you could pay it all. Then you'd have extra cash every month, but where would you put it?
Does your debt exceed your 401k/IRA holdings?
If you decide to do it get it done this year. Next year the taxes on all income (including unearned income) will rise.
Sucks that we’re going to end up paying for this too. :(
As someone who prepared to defend his home (w/father and brothers) with firearms and whose sister was harassed by the thugs on a dark country road, unions do have a place...in theory.
The theory is to protect workers from a runaway dictator/owner deviating from reasonable wages/conditions.
However, what unions have come to represent is a mean to the end of destroying capitalism by any means. Reasonableness be damned.
I’m in my twenties; Hubby (the worker) early thirties.
Our only debt is credit card and vehicles; under 10k, altogether. We could pay off about 60% with what’s in our 401k(not accounting for extra taxes or penalties). If we did that, we could pay off the remaining 40% in a few months.
Thanks!
The blood sucking union thugs & bosses can EAT DIRT as far as I’m concerned and they better keep their hands off our 401K’s and IRA’s.
That we should pay for union members bennies out of our
pockets. Especially since many of us (contractors/self employed) must pay for our own bennies.
Ef them.
If you can pay off 40% of your debt in a few months then why not pay off 100% of your debt in a year?
Fine. Let’s tell the unions that Social Security will run their pensions. That’ll shut ‘em up!
I will take everything out of it and piss on them when they try to hit me with the tax penalty.
Before you tap your 401K, look into Dave Ramsey for debt elimination. His program, which is very common sense, saved our financial lives. We paid off $17K, including student loans, car, and other debt, off in 22 months (we have 3 kids in Catholic school or it would have gone faster, LOL). For the first time in 15 years of marriage, we have no debt except the mortgage.
Right now we’re in year three of a five year plan to pay it all off; we could go kamikaze and pay nothing but our debt for a few months, but I don’t think we could do it for a year; we have to buy school curriculum, we’re trying to resurrect a dilapidated old house, and the car is an old one that needs new pieces periodically.
It was a good plan we had, but with all that’s happening we’re going to have to shorten our timeline to get everything paid off before next year.
I appreciate the help!
Thanks, I’ll look into it!
Well if all the unions want the gov’t to take over their pension plans they will have to face a reduction just like any other pension plan that falls under the resolution trust.
You all be sure to thank Andy Stern, among a few others, kkthx. =.=
“They want our 401(k) funds like a heroin addict wants his fix..........”
Amen!! Yes, Brother!! Hand Clapping and Whistling here.
Yes, I believe that you are totally correct. By hook or by crook, they want want isn’t theirs and they are going to do everything that they can do to take it.
I believe that they will only end when they tax everything at 100% rates. We will be slaves to their mastery. I think that we will be in open revolt if the feeling becomes certainty that we, the American people, can’t reverse and repeal all of these horrible bills and initiatives.
Just look at the mining accident in WV yesterday. That mine was cited in the past for not being safe. Did the United Mine Workers Union do anything to improve workplace safety for their members, or just take their dues money to campaign for democrats? It’s maddening!!!
No, but Joe Manchin sure got up there and started spouting off about God, Clergy and that Ol’ Time Religion to try and sell the “Conservative Values Democrat” B.S.
I....... don’t....... think..... so.
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