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Craftsman (1000+ posts) Wed Mar-24-10 07:48 PMOriginal messageUnions Want to Take Over Your 401(k) One of the nation's largest labor unions, the Service Employees International Union (SEIU), is promoting a plan that will centralize all retirement plans for American workers, including private 401(k) plans, under one new "retirement system" for the United States.In effect, government pensions for everyone, not unlike the European system and regardless of personal choice.The SEIU, which was integral to the election of Barack Obama as president, is working with the left-leaning Economic Policy Institute (EPI), and the National Committee to Preserve Social Security and Medicare, on SEIU's plan, called "the Retirement USA Initiative."Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.â€http://moneynews.com/StreetTalk/unions-401k-pensions/20...
Davis_X_Machina (1000+ posts) Wed Mar-24-10 07:55 PMResponse to Original message2. A single transportable pension account.... Edited on Wed Mar-24-10 07:56 PM by Davis_X_Machina....not tied to any one employer, in addition to OASDI, can't help but be a good thing, for many of the reasons that breaking the connection between employment and medical insurance is important. Id' rather have a full-faith-and-credit entity holding the kitty, though.
Craftsman (1000+ posts) Wed Mar-24-10 08:00 PMResponse to Reply #25. What if you do not trust that full faith and credit entity? I don't. I at the first sign of this will get my money out and move it out of the country.
proud2BlibKansan (1000+ posts) Wed Mar-24-10 07:59 PMResponse to Original message4. I'd trust my union over my employer to handle my retirement
hack89 (1000+ posts) Wed Mar-24-10 08:50 PMResponse to Reply #1618. The point being that money is the most corrupting substance on earth Union pension funds were the honey that attracted organized crime to the unions in the 60's - it has taken a long time for the Unions to regain a reputation for honesty and integrity.
Johnyawl (1000+ posts) Wed Mar-24-10 08:05 PMResponse to Original message9. yeah, right. Sounds like more fear mongering The SEIU can't even get the Dems to consider card check, how are they gonna get them to consider this?
yodoobo (1000+ posts) Wed Mar-24-10 08:52 PMResponse to Original message19. Better unions than Wallstreet bankers Edited on Wed Mar-24-10 08:53 PM by yodooboI would be thrilled to sign over my small 401k for a guaranteed pension.Its only a matter of time before the bankers take the rest of what they took in 2008.At least a union is there to protect you. can't the same of Bank Of America's CEO.
You are right, proud2BlibKansan is a stupid cow.
Union Pensions in the RedLabor chiefs are doing better than the workers.We’ve all read about underfunded corporate pensions, but here’s an unreported story: Union pensions are even more in the red, and it’s one reason union chiefs are so eager to rig organizing rules to gain more dues-paying members.Only last week, the country’s largest union local re-opened the contract for its 145,000 members two years early and gave up raises and reduced retirement benefits for future hires. The SEIU’s United Healthcare Workers East struck this unusual deal so employers could instead plug a gaping pension hole.In April, the SEIU National Industry Pension Fund—which covers some 101,000 rank-and-file members—announced that its pension has been put into what the feds call “critical status,†or “red zone.†In other words, it lacks the cash to pay promised benefits and may have to cut them. As of 2007, the last year for which it reported results to the government, the fund had 74.4% of the assets needed to pay its benefits.Thirteen of the bigger plans operated for the Teamsters have, together, a mere 59.3% of reserves necessary to cover obligations. Or consider that 26 pension funds at the food workers union, the UFCW, are at 58.7%. Seven locals at the United Brotherhood of Carpenters fare better at 67%. As a rule of thumb the government considers a fund to be “endangered†at below 80%, and in “critical†status at below 65%, and requires them to come up with a plan to get off probation within a decade.You don’t hear labor leaders touting this kind of performance in their organizing riffs, and not many workers are patient enough to review the Form 5500 filings submitted to the IRS and Department of Labor that track these retirement savings. But the data show a steady decline in recent years that can’t be explained merely by the stock market. ....
The DUmmies may want to rethink this ... http://online.wsj.com/article_email/SB10001424052970203946904574300113800780786-lMyQjAxMDA5MDIwNjEyNDYyWj.html
Claiming that the retirement system in place now has "failed most Americans," EPI vice president Ross Eisenbrey, told a labor union publication that "account balances have fallen by a third since late 2007, leaving many older workers unable to retire just as our economy is shedding millions of jobs.â€
Cows ain't as stupid as she is..Hell sheep ain't even that stupid
yodoobo (1000+ posts) Wed Mar-24-10 08:52 PMResponse to Original message19. Better unions than Wallstreet bankers I would be thrilled to sign over my small 401k for a guaranteed pension.Its only a matter of time before the bankers take the rest of what they took in 2008.At least a union is there to protect you. can't the same of Bank Of America's CEO.
