There was a time not long ago that our retirements were held sacred, we could plan our golden years around them.

I guess nothing is sacred, they'll rob us of the value of our 401K plans (after virtually forcing us to invest), shrink Social Security, and now just cut or eliminate earnings invested into retirement plans.

How can they do this, Omaha Steve?

they are making a change to ERISA, which up until now protected retirees (and those with a vested pension) from benefit cuts.

will shut down. Not much hope the President will veto it.

think it was on Politico

on when the pitchforks, torches, and ropes come out

We don't seem to be a revolting people, so to speak.

It's gonna be a long time.

State and County rule changes that allowed delayed payments due to budgetary short falls. Another one was the hit with worthless Mortgage Bonds rated AAA and not worth the paper there printed on. Just ran across a situation were a outside fund consultant f----d over a fund for millions and got probation. Walked away with 12m and a slap on the wrist. Meanwhile the fund members get zero.

Happened to be on that one!

May not be necessary to bother about terms of city employees pensions.

Full story on how this judge has gone back and forth, and theelgal repurcussions affect everyone who holds a pension through any of the many Calif governmental bodies.

http://abovethelaw.com/2014/11/despite-earlier-ruling-stockton-judge-confirms-plan-leaving-pension-obligations-intact/

the percentage of funding has dropped, it is obvious the company plans on dumping it on the PBGC. So does this mean
they can now reduce our benefits rather than default? What about the PBGC will they be able to also cut pensions? I have little faith in this President standing up to them and vetoing it. If the Republicans take the Whitehouse in 2016 the American working class is finished.

But can they cut your pension once you are receiving them. When they took over one of my pensions it was far under the limits at the time. I receive just $201 a month for 17 years service on that job.

"Q: What happens when PBGC takes over as trustee of my plan?

A: PBGC reviews your plan's records to determine the benefits each person will receive. The amount we pay is subject to limits set by law.

If you are already receiving a pension, we will continue paying you without interruption during our review. These payments are an estimate of the benefits that PBGC can pay under the insurance program. We will pay these benefits in the annuity form you chose at retirement, but they may be less than you were receiving from your plan."

(They did this to my Dad. Instead of the $1800/month he was supposed to get, he gets $120/month, thanks to the [7-pages of vulgarity deleted] Reagan and his Republicans...)

Last edited Wed Dec 10, 2014, 09:51 AM - Edit history (1)

Rhetorical question. Don't bother replying, just know that I really feel for your dad. What they did should be criminal.

That was just the final screwing. What the bankruptcy judge allowed before that was truly criminal. You CAN be forced to work for a company for promissory notes, that can only be redeemed for stock (at pennies on the dollar) in a new company the CEO is starting (using the funds from the pension plan), to replace the company he bankrupted. I've always suspected this is the sort of thing you can do if you donate to the 'right' political party...

next couple. I'm afraid for him. They recently became a part of a much larger union that doesn't seem to represent his company employees quite as closely as the union they belonged to before. I know he has a 401k, but his planning for retirement including the date he will retire has been based on the idea of that pension being there. Frightening knowing that it can be negotiated away after taking concessions in pay for decades in order to bolster their retirement security. The pension offers little security at all in the end it would seem.

Sorry to hear about your dad's plight. Best of luck to him going forward.

defined benefit pension plan. Now some SOBs in Washington make it legal to cut our benefits. Why haven't we heard a fucking word from the media, Congress, unions or AARP?

Nothing new don't see an end to their troubles either

Everyone wants the services, but nobody wants to pay for them.

Plus society now days are so selfish they see no reason to raise their taxes to fund anyones pension.

nt

Will have to Incorporate as a Financial Institution in order to be treated right.

The banks overall had the ability to repay the bailout money, and enough have done to that TARP has turned a profit.

How would a pension plan repay a bailout?

... frauds of our time. The nerve to take people's retirement savings away. It's theft. Outright theft. I don't care how they rationalize it. It's theft. High fucking crime.
Makes me want to spit nails.

Listen to their TV rhetoric. All we hear is how social security is going broke. Even though social security is the single fully funded part of government. This decision sets a precedent.

... I don't like GHWB's "New World Order." It gives me a feeling that we're being led around by a rope laced thru a ring in our noses. We have absolutely NO idea what the future is going to look like when they are through, or if they will EVER be through. They (TPTB) are calling all the shots as they go along. Hell I don't think they even know where we are going! Our lives are not our own.

And if we don't get a majority of REAL Democrats back in power, you can bet your sweet bippy that Social Security AND Medicare will be on the chopping block. I was thinking about all this last night, and my mind did venture into the future. What I seen was NOT pretty. I envisioned a time when we will have "economic plagues." The elderly and the needy will die in their homes or in the streets from a combination of no food, no meds, no heat, no shelter at all, no insurance of ANY kind. It will look like the "black death" returned in full force right here on the continent of North America. And the only "pension" we'll have is what we have been able to save in a non-flammable trunk or mattress or in a hole in the ground.

I am convinced that The New World Order is not leading us in the right direction. We digress-ing, instead of progress-ing.

... as far as economics go. And since we're picking and choosing, we can leave all that dysfunctional shite from the old order day in file #86 (i.e., in the trash can.)

Put into the retirement fund, the government/company is off the hook. They cannot keep the money the worker contributed to their retirement. That is why pensions went down from 1800 to 200 dollars. They took out the companies portion of the pension.

... the contributions to retirement accounts were equal (1/2 by the employee and 1/2 by the employer?) And what happened to the contract? Does a contract not mean anything anymore?

They killed our pensions and gave our share back. We had a choice of check (30% taxed), transfer to our 401K, or have it put into a trust fund of THEIR choosing. Senior employees were hurt the most. I would never have come to work here if I knew this was going to happen. Now I'm too old to leave.

They won't lose their pensions, will they? What a nightmare...

When they cut or eliminate our defined pension plans, they are stealing from us. Meanwhile, the CEO and CFO are getting bonuses for saving the corporation money. They are counting on all of the beneficiaries being too old and poor to put up a fight. That is usually a good assessment to the situation. Politicians will do nothing to help, particularly republicans, who would just as soon everyone else just hurry up and die. In my opinion, it really is time to start taking heads.

Something about using depositors' funds to help out the poor dear banks.

Anyone else hear about that.

We are accustomed to getting it from all directions.

Cuts, cuts, cuts.

Are they baiting us for a revolution ???

Those with the least are forced to give up the most.

They are killing the very soul of this country.

Poverty, hunger, unemployment, underemployment, low wages, long hours, and homelessness for the masses.

I am so disillusioned and ashamed of my country's government !!!!!!

the Republicans. We must demand accountability from the Democratic Party.

Its the lesser of 2 evils! We can't be critical of our own team here! We are the LESSER evil!!

Put into motion years ago.