and America takes another one in the........
Posted on 04/06/2010 7:06:18 AM PDT by rvoitier
Therefore, I suspect it would be a retroactive type deal. They will say it's for the good of the country, the good of the people, blah, blah, blah...
It HAS been discussed....and they WANT that money.
They spent their stimulus money already???
my husband took a 2/3 cut on his earned pension and lost medical for retirement.....the govt unionists and others had better face the same fate....my husband’s company just sailed thru the bankruptcy court, which granted at least $60million in golden parachutes to “key” management and stole every else from both the midlevel company people and the sorry union....
no govt...not a city...not a school district..not a county...not a state...and certainly not a country...can afford to give nearly full pay to people "retiring" in their late 40's or early 50's as does many govts...
sure....its hard to admit...
but SS is a piker compared to these govt entitity "pensions" which are insane....
NYS doesn't tax the retirement income of its precious state retirees...as do many states I imagine....START now, immediately....recoup some of the obscenity that is the govt pension system...
indexing will sadly have to play a role....so all you double and triple dippers out there will have to have all your pensions indexed in some way.......there is no alternative other than no pensions.....
401's should be highly encouraged and be solely paid into by the worker....and should never, ever be taken over by the govt...
and you're right.....where do you put it then....if you have it lying around in a bank account, I think the govt could come after you to pay for your "excess" medical insurance or bills....
people used to think that elderly sick parents could "gift" all their money to their children so they could get into Medicaid for nursing home care, etc....but the govt now comes after that money even if the parents gave it away 2 yrs earlier....
nursing homes could drain a $100,000 rather easily...
we're doomed...(buy antiques and precious numismatic coins I guess that can't be traced.)
First, pay off the house. If there is any left over then buy a rental property (you can get a mortgage on that but keep the payment, including insurance, below 50% of the rent roll).
Drive to Montreal where (so I've heard) one can purchase gold coins for cash (I've heard that you don't want to spend more than $5k per purchase) and the sale is not reported to the IRS. Or, go to a pawn broker and buy a handful of 18k wedding rings (pure gold only).
Purchase a rental condo in a golf community in the DR. If you have a mortgage on that it can be constructed so that the rental income pays down the mortgage instead of hitting your taxable income here. Plus, you then own a bolt hole or retirement option in a viable safe haven.
Buy a Mercedes before any future taxes on luxury items hit. A well maintained Mercedes is a 300,000 mile car and even after twenty years can be reliable and classy.
Buy long guns with detachable mags and never take them out of their boxes. Eg...a Saiga 7.62 carbine runs about $400.00 new. It is listed on the most current AWB legislation to be banned. That means that only those bought before the next ban will be sellable post-next-ban. Their value will double at least.
There are lots of outside the box ways to beat the bastards.
I don’t think that fifty year old infantryman, submariners and medics make sense. Combat remains a young man’s game. There are other military personnel concessions (the whole day-care and family tricare subsidies for instance)that are far more costly. They were instituted when we ended conscription.
and America takes another one in the........
Unions have never been useful for a productive country, they are scum and always have been.
There’s going to be a civil war .... between gov’t workers...and private biz workers.....unless of course they do what they should....go bankrupt! And start over.
Teamsters Make Progress on Pension Relief, Jobs
March 23, 2010
Sen. Bob Casey Announces Pension Relief Bill
(CARLISLE, Pa.) – Teamster truck drivers were the first to hear Sen. Bob Casey’s plan to stabilize multi-employer pension plans and save thousands of jobs.
They were on hand March 22 at the YRCW loading dock in Carlisle, Penn., where Casey announced that he would file the “Create Jobs and Save Benefits Act of 2010.”
The bill is extremely important to the Teamsters, who have been working with Sen. Casey on it. It’s similar to a House bill that the Teamsters already support, The Preserve Benefits and Jobs Act.
That bill was introduced in the House of Representatives by Reps. Earl Pomeroy, D-N.D., and Pat Tiberi, R-Ohio. Teamsters have sent thousands of e-mails to Congress urging their elected representative to pass the Pomeroy-Tiberi bill.
Casey, a Pennsylvania Democrat, explained that his legislation is important to protecting pensions and saving jobs. It’s also important to keep promises made to retirees, he said.
“We have to fulfill our obligations,” Casey said. “Pensions are a basic commitment to workers and their families that they will be there for them.”
The bill will strengthen the trucking and other industries. It will change the pension funding rules so employers won’t have to make payments that could force them into bankruptcy. Employers can use their savings to hire and retain workers.
As part of the event to announce the filing of the legislation, Teamsters Local 776 shop steward Dave Wolf thanked Sen. Casey on behalf of General President Jim Hoffa and General Secretary-Treasurer Tom Keegel. .
Wolf pointed out that working people weren’t the ones who caused the stock market to crash, which weakened pensions.
******
Senator Casey unveiled his Create Jobs & Save Benefits Act of 2010 at an event in Carlisle at YRC Transportation.
“Pension plans across the country have taken major losses because of the near economic collapse and the decline in the stock market,” said Senator Casey. “Multi-employer plans face unique challenges that are overburdening pension plans and the bottom lines of companies. My legislation would help correct these problems to protect the pensions of workers and unburden companies stuck paying a crippling expense that threatens its existence and the jobs of its employees.”
Specifically, Senator Casey’s Create Jobs and Save Benefits Act would strengthen the funding status of multi-employer plans by making the following changes:
• Mergers and Alliances – The language in the bill would enable multi-employer funds to combine resources for purposes of reducing administrative costs.
• Partition (ERISA Section 4233) – If a plan satisfies certain requirements, the plan will transfer to a separate account all benefit liabilities attributed to orphans (participants of employers who withdrew from the plan without paying withdrawal liability) and assets equal to a maximum of 5-years of projected benefit payments. The PBGC will handle the initial application, drafting of partition agreement and monitor financial assistance to the plans. PBGC does not provide notices, calculate benefits or in any other form administer the plan. The orphans benefit will be fully guaranteed as if the orphan was still receiving benefits from the multi-employer plan.
• Order the Department of Labor and Department of Treasury to prepare a report on whether the qualified partition program has strengthened the financial condition of the original plans and improved the ability of the contributing employers to these plans to remain in business.
Senator Casey was joined at the event in Carlisle by representatives from YRC Transportation, ABF Freight Systems and the International Brotherhood of Teamsters.
March 25, 2010
Bill to reform nation’s multi-employer pension program introduced in Senate
Proposed legislation would provide relief for unionized truckers by easing pension obligations.
The Casey bill, the Create Jobs & Save Benefits Act of 2010, mirrors legislation introduced last year in the House by Reps. Earl Pomeroy (D-N.D.) and Patrick Tiberi (R-Ohio).
Of particular interest to the trucking industry is a provision of the Casey bill that would transfer all pension liabilities of “orphan” retirees—those who had worked at now-defunct trucking firms whose pensions are being funded by the surviving truckers—to the Pension Benefit Guaranty Corp. (PBGC), a federal corporation that protects more than 29,000 pension plans. Under the Casey bill, the benefits to the “orphan” workers would be fully guaranteed so as to assure that the orphans continued to receive the same benefits they had collected under the multi-employer plan.
The bill would spell relief for unionized trucking companies responsible not only for the pensions of their own workers but of employees at failed businesses who may never have worked for the surviving companies. It would be a huge boon to YRC Worldwide Inc. and ABF Freight System, which employ about 45,000 unionized workers represented by the Teamsters. Casey introduced the bill at a YRC facility in Carlisle, Pa., with ABF and Teamster representatives also in attendance.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.