The Conservative Cave
Current Events => The DUmpster => Topic started by: thundley4 on March 24, 2010, 09:25:17 PM
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Craftsman (1000+ posts) Wed Mar-24-10 07:48 PM
Original message
Unions 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...
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x8010550
No surprise, some DUmmies think this is a good idea.
Davis_X_Machina (1000+ posts) Wed Mar-24-10 07:55 PM
Response to Original message
2. 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 PM
Response to Reply #2
5. 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 PM
Response to Original message
4. I'd trust my union over my employer to handle my retirement
Your pension is paid for by taxpayers, stupid cow.
hack89 (1000+ posts) Wed Mar-24-10 08:50 PM
Response to Reply #16
18. 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.
:moron: Show one poll that shows people have faith and trust unions? Hell, I don't trust the union I belong to.
Johnyawl (1000+ posts) Wed Mar-24-10 08:05 PM
Response to Original message
9. 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?
DUmmie, this plan has been proposed by congresscritters already.
yodoobo (1000+ posts) Wed Mar-24-10 08:52 PM
Response to Original message
19. Better unions than Wallstreet bankers
Edited on Wed Mar-24-10 08:53 PM by yodoobo
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.
Unions are there to increase their power on the backs of workers. Something that you idiots always accuse the evil corporations of doing.
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The new pyramid to replace SS.
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You are right, proud2BlibKansan is a stupid cow.
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You are right, proud2BlibKansan is a stupid cow.
Cows ain't as stupid as she is..Hell sheep ain't even that stupid
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You are right, proud2BlibKansan is a stupid cow.
The real sad part is this "stupid cow" is teaching young skulls full of mush.... :hammer:
However, it should take most of them about 30 seconds to realize that they are smarter than the teacher....
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The DUmmies may want to rethink this ...
Union Pensions in the Red
Labor 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. ....
http://online.wsj.com/article_email/SB10001424052970203946904574300113800780786-lMyQjAxMDA5MDIwNjEyNDYyWj.html
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The DUmmies may want to rethink this ...
http://online.wsj.com/article_email/SB10001424052970203946904574300113800780786-lMyQjAxMDA5MDIwNjEyNDYyWj.html
Ironically, Andy Stern the leader of the SEIU is on the President's Debt Advisory board. I guess 0Bama didn't think he was running us into debt quickly enough.
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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€
When Bush tried to privatize SocSec in 2005 the libs screamed nothing was wrong with the system.
During the ObamaCoup debate SocSec was held up as an exemplar of a successfully run state program.
The lying has gotten so bad it practically needs to be a capital offense.
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My 401k is doing just fine, thank you. I was fully out of the markets long before the shit hit the fan. They'll get mine over my dead body. I'll bet it all at the track before they get it.
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I had heard of this scheme a couple of months back (can't remember the source) but the day someone tries to touch one penny of anything my husband and I have been saving all these years and replace it with a gov't "pension" stipend, is the day I buy a shotgun and take as many of those SOBs out as I can before they get me! This is absolutely beyond the pale! I am certainly not counting on SS being there when we retire (we're in our mid-40s now) but I AM counting on the $$ we've worked hard for and put away for that purpose. And I'll be damned if I'm going to sit back and let these thugs pass legislation taking it away and replacing it with what our Dear Leader thinks we should be able to live on. :censored: :censored: :bird: :censored:
(yeah, yeah, guess they'll call me just another Tea Party terrorist . . . so be it!)
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Gee, what a great idea...of course those European plans started going tits-up and relying on current taxes to stay afloat about 20 years ago...
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If you don't have emergency plans to get your IRA, SEP IRA, or 401Ks, then you should.
My finger is on the trigger to get everything out, fines and penalties be damned. The wealth is a very, VERY shiny object to a liberal/progressive/communist.
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Cows ain't as stupid as she is..Hell sheep ain't even that stupid
I have to admit cows are dumb enough to sleep in their own droppings, but unlike Union trash, they refuse to eat there!
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I'll pull the plug on my 401 well before these leaches get anywhere close to it! So I pay a penalty, I'll just recoup my losses from my nearest DemonRat congresscritter, perhaps at the end of a "Dirty Harry" Special! Well whata ya say Punk?
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yodoobo (1000+ posts) Wed Mar-24-10 08:52 PM
Response to Original message
19. 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.
Yup, there is that 'ol gimme attitude from the DUmp.
"I would be MORE than happy to give them the $20,000 I have in my 401k as long as I'm allowed to draw out a cool $1,000,000!"
God could these people be any more transparent?
KC
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The DUmmies may want to rethink this ...
http://online.wsj.com/article_email/SB10001424052970203946904574300113800780786-lMyQjAxMDA5MDIwNjEyNDYyWj.html
This is what came to my mind when I first read this topic. If the unions are trying to get other people's 401k's then they MUST need the money.
Yeah, they just want to 'help' you out ..... being the big hearted people they are.
KC