Posted on 09/05/2011 9:37:00 AM PDT by mdittmar
The postal service says it's running out of cash and may not be able to make a $5.5 billion pension payment this month.
In fact, the postmaster general says things are so tight, the postal service may have to shut down this winter unless congress takes emergency action to stabilize its finances.
(Excerpt) Read more at abclocal.go.com ...
Do your own research next time.
Here’s one:
Large, private companies. Pensions are much more difficult—but not impossible—to find in the private sector. Although only 21 percent of all private-sector workers were offered traditional pensions in 2007, employees at large, financially sound companies may still get guaranteed retirement payouts for the rest of their lives. Some 34 percent of companies with 100 workers or more offered a traditional pension in 2007, while only 9 percent of firms with fewer than 100 workers did, according to the Bureau of Labor Statistics.
A second:
BY THE NUMBERS
Here are some key statistics on defined-benefit pension plans.
1 Number of new defined-benefit pension plans with more than 1,000 participants created in the
past decade (the United Methodist Church’s pension plan for its pastors and lay workers).
11 Percentage of companies that have terminated or frozen their pension plans, up from 5
percent in 2001.
20 Percentage of U.S. workers covered by a defined-benefit plan, down from 40 percent in 1980.
52Percentage of plans covering 1,000 or more participants that are underfunded, compared to 15
percent in 1992.
3,500 Number of defunct pension plans now administered by the Pension Benefit Guaranty Corp.
$3,801 Maximum monthly benefit paid by the PBGC once it takes over a defunct pension plan
31,000 Estimated number of companies offering a defined-benefit pension plan, down from
150,000 in 1980.
518,000 Number of people being paid benefits by the PBGC, totaling $3 billion, after their pension
plans were terminated because of distress or bankruptcy.
44 million Number of Americans whose pensions are insured by the PBGC.
$400 billionEstimated amount by which defined-benefit pension plans are underfunded.
SOURCE: Pension Benefit Guaranty Corp., U.S. Department of Labor, Pension Rights Center,
Employee Benefit Research Institute, Watson Wyatt
http://www.pensionresearchcouncil.org/news/?id=22
A third:
“The old, traditionally-defined benefit-pension plan is pretty much gone,” said Milton Moskowitz, who’s been compiling an annual list of the “100 Best Companies to Work For” for more than 25 years. “Employees don’t seem to stay with companies a very long time. So companies don’t feel the need to offer the security to keep them there.”
http://www.cnbc.com/id/39286748/10_Companies_with_the_Best_Retirement_Plans
A fourth
A recent survey by Watson Wyatt found that, for the first time, the majority of Fortune 100 companies are offering new salaried employees only one type of retirement plan: a 401(k) or similar “defined contribution” plan.
http://www.usatoday.com/money/perfi/retirement/2009-05-21-traditional-pensions-dying_N.htm
I asked another individual on this board the question, not you. But, you had to stick your nose in it.
Yes, companies do pre-fund certain benefits. Most large companies pre-fund their paid vacation benefits. This is a large benefit that has to be dealt with ahead of time. It seems clear that you are not aware of how private companies actually operate.
Again, do your own research.
Just a few short days back someone some where insisted to me that the post office did not use tax dollars to fund.UH HUH really so what would those be called if Congress steps in and bails them out....tax dollars?
Yes they are! A neighbor used at our old place was a mailman for 25 years and retired making about the same as when he worked? Pensions can not be structured like that that is basically paying people who don’t work.
NO NO NOPE,You guys are Friggin amazing!!!BTW Ever employ anyone?? I wanted to see the COST, THE COST, Got it? with all the Fringe contributions these sleep walkers and water cooler guards are getting! WHY??? Because that relates to what they suck from the system! THE HARD COST TOO US AFTER 20 YEARS. NOT some starting wage!!
Chris that was not for you
That's not so. TOP pay step in PS-5 is only $48,851.
You're right. Top pay is $48,851. Even with benefits, that's not going to be close to 86K.
The good news is that we only need 100 trillion dollars to keep it afloat.
For three more weeks.
Where did that come from? Top pay for an ACTIVE postal worker is $less than $49K a year. Even with benefits, that's not going to be close to $83.5K for an active worker, much less a retiree. I'm curious as to who or what organization is misleading you with those kind of wild figures.
For three more weeks
All that would be needed is for the US Congress to remove the ridiculous burden of requiring the USPS to prefund all future pensions. The government is thus using the USPS as a cash cow to fund their uncontrolled spending. Whether it's the USPS or individual taxpayers or private businesses, the governmental leech is always looking for producers to suck dry.
Free the USPS!
Wrong!
What’s wrong about it? I have a link that shows top step pay for PS-5 postal workers is $48.5K. I’d like to see the evidence to support your assertion.
First off that is NOT what they make!
I'd appreciate some evidence supporting that assertion.
Yes, as in almost all jobs, there are benefits beyond the nominal hourly wage, but where's the evidence supporting such extreme benefits beyond take home pay? I doubt any union in the world would look favorably to accepting such a low percentage of total benefits coming in actual take home money. For example, if each employee is making $80K a year, I strongly suspect that they're going to want hourly wages to be way above the $49.5K that they actually take home.
Thanks, I appreciate that.
$48.5K, not $49.5K.
Come back when you understand what they make and the REAL Cost!
Can’t find a site to back your gibberish? It’s all right there o smart one!
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