Posted on 03/08/2021 5:32:54 AM PST by zeestephen
Tucked inside the $1.9 trillion stimulus bill that cleared the Senate on Saturday is an $86 billion aid package that has nothing to do with the pandemic. Rather, the $86 billion is a taxpayer bailout for about 185 union pension plans that are so close to collapse that without the rescue, more than a million retired truck drivers, retail clerks, builders and others could be forced to forgo retirement income.
(Excerpt) Read more at msn.com ...
Even if you believe that paying off one political class with money taken from others is OK - you’re wrong if you think these are pensions for Trump voters. Do you really believe the cynical Democrats would give money to support anything they don’t have 100% under their control?
These are bailout for Government-worker pensions in places like IL, NJ, NY, etc…. You know, the one’s pushing trans-genderism or critical race theory on kids in school administrations or managing the corrupt cradle-grave leftist welfare state.
>>How the heck do 185 union pension plans almost go bankrupt when the most basic stock portfolio possible goes up 60%!<<
Woke investing.
Hmmmm... It was my understanding that the rescue was for state and federally ran retirement plans, not privately owned company's... Mismanaged states and cities like NY., Calif. and such...(?)
Sounds like “Teamsters” to me...
Sure wish someone would buck up my retirement funding.
Part of the problem is how these pensions are calculated. Very often a pension is based on the employee’s highest earning years (using three years is common).
So let’s say you’re a police officer, and over your career you averaged $50,000 per year. Your contributions to the pension system will reflect that number.
But in your three highest earning years you averaged $90,000 per year (you got raises, and worked all the overtime you could). You pension will be based on $90,000, not $50,000.
I think I’ll write a check and pay off my kid’s homes. Don’t have the money to cover it but I figure what’s good for government is good for me !!
If they bail these out, more pensions will fail in the future. There is a pension insurance program. And all these pensions are in it. They should not be bailed out. They should be handed over to the pension insurance, the PBGC.
Cuomo, DeBasio and Newsom ..........say thank you for the bailout..
*
Yes, the last 3 (overtime) game is rigging the system.
Biden's entire 7.1 million vote lead over Trump came from California and New York.
Trump ran slightly better than 50-50 in the other 48 states and Washington D.C.
—”How the heck do 185 union pension plans almost go bankrupt when the most basic stock portfolio possible goes up 60%!”
Nothing new here, multiemployer pensions have been underwater FOREVER.
A SYSTEM IS AT BEST HELD TOGETHER WITH DUCT TAPE AND THE DUCT TAPE WAS STOLEN ...
Rube Goldberg at best; a money machine for dirty unions.
And the unions never knew nothing.
Technically every employer is liable for benefits accrued by their employees. Yet they are long gone by payday?
I once knew of a guy that owned a plumbing company and HE did very well financially.
But he seldom paid the benefits to the union for the workers.
In round numbers.
Plumbers are paid $50.00 per hour that is on the paycheck.
AND
About $40.00 for benefits paid to the union. ~$80,000 per year per employee.
The guy had over a dozen plumbers.
If he ‘forgets’ to pay on 10 plumbers; $800,000 in one year.
After a couple of years... this guy and the family babysitter, went out to pick up some groceries.
Leaving the wife and young kids, and never seen again.
Word is he owes the union about ONE and a HALF MILLION DOLLARS.
And now we taxpayers are now paying the thief with intrest.
Democrat bait machine
$$$$$$$ + Pay Back = Votes
-—”Teacher’s Union Healthcare. Teacher’s Union Healthcare. Teacher’s Union Healthcare...”
Nice work!
Before the 0bama years the Illinois Municipal Retirement Fund (IMRF), was a poster boy for proper pension management.
Those days are long gone.
The system was pushed over the edge with NON PAYMENT by the state of Illinois.
To compensate for this the ahole legislators gave them more benefits; which they have not bothered to pay for.
The city of Chicago teachers is a separate entity.
Always a sinkhole for cash.
AND THEN... Daley II and his finance team tossed the teachers a bone to close the deal.
One minor problem, the bone was a line item that had a build-in escalator; that number is now in low earth orbit and headed to the moon and beyond.
About the multiemployer BS, see #32 and multiply by a very large number of events.
Bingo!...operative words “GOVERNMENT WORKERS”....
Free enterprise pension funds have to be financed correctly....even if they are run poorly
Government pensions are used like petty cash accounts.....when they have to be re-funded it's the “GOVERNMENT” (taxpayers)that have to cover the loss...
My job did away with the “best three years” retirement option. Now it’s 50% of your final 12 months of salary, overtime included. BUT, the overtime in your final 12 months cannot be 20% more than the 12 months of your second-to-last 12 month period. So there are some checks and balances to pensions. At least in my department. FWIW.
A good question. But these guys don't just steal from employers, they steal from their membership too.
What set me off investigating and stumbling across that was a state park (in that same wealthy town) that got a brand new reception center, only the finest woods and equipment, even with Herman Miller chairs that had that damn “ American Recovery and Reinvestment Act” in front of it, I got to the point I couldn’t even visualize that sign without having my blood pressure spike.
My poor wife. We would be driving down a highway and see that sign, and it was like finger pushing a button. All she could do was inwardly roll her eyes, being much too considerate and polite to point out my obsessive unhingement.
And now this.
—”even with Herman Miller chairs”
Very few are familiar with the cost of a good office chair $$$.
Typing this while seated in my Herman Miller Ambi!
When I retired, I ask for my chair?
Anything to be rid of me; they said yes.
I used a standing desk for years, the chair was like new.
But it is ancient, my sister found two of them at the local Salvation Army store, $20 each.
Actually, I understand that point of view very very well from a business perspective, buying quality chairs that don’t break down as often – even if they cost more upfront, you pay less replacing them.
(I bought one for myself probably about 20 years ago, and it is in good shape in all respects except for… The hydraulics… I do need to either fix it or buy a new chair… So I haven’t really researched whether this is a user fixable kind of issue where I could buy a kit or something…)
I was using the Herman Miller chairs as shorthand since A lot of people who know what exclaim “Hey! I don’t even have one of those myself!”
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