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Post by smsmith on May 12, 2023 9:24:47 GMT -6
My pension is through the WI Retirement System. It's always received very high ratings for management and safety. That said, I still get concerned when I see what is happening with many pensions. I'd survive without my pension, but I'd rather not... For me it’s not a question of whether we would survive or not without out it. We will. But where the hell has the money gone is my question?Poor management, poor investments, borrowing against the future, etc. etc. etc.
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Post by MoBuckChaser on May 12, 2023 16:41:39 GMT -6
I called the union hall to find out what is going on. got a recording to leave my name and number so they can call me back. Bet that call never comes.
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Post by terrifictom on May 12, 2023 17:12:34 GMT -6
With the multi employer pensions there was a law passed last year to create a fund so that the pensions would not go broke. Your pension has to file an application to recieve funds to cover all your members owed pensions. They probably already applied. The Treasury Department is processing the applications in order of need. With that said the multi employer pension funds are still required to send all their members notifications that their fund is endangered. Went thru the exact same scenario with my pension thru Central States Pension fund. Got notice in April that are pension was fully funded for next 30 years but would still get our yearly notice that our pension was endangered.
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Post by nhmountains on May 12, 2023 23:26:40 GMT -6
With the multi employer pensions there was a law passed last year to create a fund so that the pensions would not go broke. Your pension has to file an application to recieve funds to cover all your members owed pensions. They probably already applied. The Treasury Department is processing the applications in order of need. With that said the multi employer pension funds are still required to send all their members notifications that their fund is endangered. Went thru the exact same scenario with my pension thru Central States Pension fund. Got notice in April that are pension was fully funded for next 30 years but would still get our yearly notice that our pension was endangered. How can they say they are fully funded for 30 years unless they have 30 years of cash sitting protected and not being invested? It looks like Central States Pension already received $35.8 billion bailout money earlier this year to keep them solvent for now. They were going to go under. mycentralstatespension.org/helpful-resources/pension-crisis#:~:text=The%20PBGC%20has%20approved%20approximately,reaching%20full%20funding%20over%20time.
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Post by MoBuckChaser on May 13, 2023 3:34:56 GMT -6
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Post by caveman on May 13, 2023 3:43:11 GMT -6
unpopular opinion: I wish private pensions were allowed to fail. We already have social security for when the private sector fails, and that is enough government help.
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Post by MoBuckChaser on May 13, 2023 3:45:18 GMT -6
unpopular opinion: I wish private pensions were allowed to fail. We already have social security for when the private sector fails, and that is enough government help. That is like saying I wish your 401K fails..... What? You want even more people living day to day? Or in poverty?
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Post by nhmountains on May 13, 2023 4:23:32 GMT -6
unpopular opinion: I wish private pensions were allowed to fail. We already have social security for when the private sector fails, and that is enough government help. I’d agree to that if we could do away with federal pensions. Why should they be guaranteed? The “ government” has failed us by putting us $30 trillion in debt yet they continue to collect.
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Post by Reagan on May 13, 2023 4:38:02 GMT -6
For every bail out of a bank, pension etc, there is motivation by those running one to fail. It’s economics. Funding failure will create more failure.
They should put financial criminals who run these banks and pensions into the ground in prison. That would deter risk and failure. Instead, our country gives criminals a seat in the cabinet.
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Post by MoBuckChaser on May 13, 2023 4:43:55 GMT -6
For every bail out of a bank, pension etc, there is motivation by those running one to fail. It’s economics. Funding failure will create more failure. They should put financial criminals who run these banks and pensions into the ground in prison. That would deter risk and failure. Instead, our country gives criminals a seat in the cabinet. All these criminals are huge donors to both parties. They ain’t going to jail. Lol
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Post by terrifictom on May 13, 2023 5:45:50 GMT -6
With the multi employer pensions there was a law passed last year to create a fund so that the pensions would not go broke. Your pension has to file an application to recieve funds to cover all your members owed pensions. They probably already applied. The Treasury Department is processing the applications in order of need. With that said the multi employer pension funds are still required to send all their members notifications that their fund is endangered. Went thru the exact same scenario with my pension thru Central States Pension fund. Got notice in April that are pension was fully funded for next 30 years but would still get our yearly notice that our pension was endangered. How can they say they are fully funded for 30 years unless they have 30 years of cash sitting protected and not being invested? It looks like Central States Pension already received $35.8 billion bailout money earlier this year to keep them solvent for now. They were going to go under. mycentralstatespension.org/helpful-resources/pension-crisis#:~:text=The%20PBGC%20has%20approved%20approximately,reaching%20full%20funding%20over%20time. The central states pension was being over saw by the Treasury and labor department. They told the pension what banks and how investments could be made. The pension received 8 billion dollars from UPS pension buy out around 2008 and 2 weeks later the 8 billion buy out money was gone. This was all done under the supervision of Treasury and labor departments. The bank that literally stole the money got bailed out by government but the money that the bank stole from our pension was never replaced. You can call it a bail out but I call it replacing stolen money that the government allowed to happen.
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Post by Reagan on May 13, 2023 7:42:47 GMT -6
For every bail out of a bank, pension etc, there is motivation by those running one to fail. It’s economics. Funding failure will create more failure. They should put financial criminals who run these banks and pensions into the ground in prison. That would deter risk and failure. Instead, our country gives criminals a seat in the cabinet. All these criminals are huge donors to both parties. They ain’t going to jail. Lol No doubt. I said should. I didn’t say what actually happens.
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Post by nhmountains on May 13, 2023 13:49:07 GMT -6
The central states pension was being over saw by the Treasury and labor department. They told the pension what banks and how investments could be made. The pension received 8 billion dollars from UPS pension buy out around 2008 and 2 weeks later the 8 billion buy out money was gone. This was all done under the supervision of Treasury and labor departments. The bank that literally stole the money got bailed out by government but the money that the bank stole from our pension was never replaced. You can call it a bail out but I call it replacing stolen money that the government allowed to happen. I’ll call them thieving bastards. Lol Its like when Mayorkis testifies under oath and with a straight face says the border is secure. They know nothing will happen to them.
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Post by caveman on May 13, 2023 20:25:08 GMT -6
unpopular opinion: I wish private pensions were allowed to fail. We already have social security for when the private sector fails, and that is enough government help. That is like saying I wish your 401K fails..... What? You want even more people living day to day? Or in poverty? No. I do not wish your 401k fails. But if it does, it should be allowed to. I do not want more people living day to day or in poverty. But if that is what their choices result in, then that is what they should get. .... I do want more capitalism and less communism.
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Post by MoBuckChaser on May 19, 2023 5:00:56 GMT -6
So if the idiots in Washington reach a debt ceiling agreement. Does the market continue up? Or is there enough other bad news around to keep it suppressed?
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