The dying big guy posts about broke union pensions, gets no love

[I_B_Perky]

The links:

http://www.democraticunderground.com/11178170 
http://www.democraticunderground.com/102410005
http://www.democraticunderground.com/10027252811

The OP:

Omaha Steve (56,304 posts)

‘Devastating’ proposed pension cuts rock Teamsters in Midlands

This story mentions Bernie twice. The story is not about Bernie. Hosts I will move it to GD-P by request. It will b x posted in OS Labor & Socialist-progressive.

I ask there be no replies in this post about the mention of Bernie. It is not the reason of this post. Free free to make those replies in OS Labor & Socialist-progressive.

OS

http://www.omaha.com/news/metro/devastating-proposed-pension-cuts-rock-teamsters-in-midlands/article_5f03ab36-1665-5c44-a254-17c1c8ec9370.html

POSTED: SUNDAY, OCTOBER 11, 2015 12:30 AM
By Joseph Morton / World-Herald staff writer

WASHINGTON — Retired truck driver Don Ziemba of Missouri Valley, Iowa, knew the letter was coming, but it still arrived last week like a punch to the gut.

Proposed pension cuts would reduce his monthly payment by more than half, from $2,800 to $1,281.

“It was very devastating,” said Ziemba, 69. “I was glad I was sitting down when it happened. It was a real shock to see that it came to this point.”

Retirees across the country received similar letters last week detailing just how much they stand to lose under cuts proposed by the Teamsters’ Central States Pension Fund.

FULL story at link.

Seems the union pension fund is going broke.

The original article:

http://www.omaha.com/news/metro/devastating-proposed-pension-cuts-rock-teamsters-in-midlands/article_5f03ab36-1665-5c44-a254-17c1c8ec9370.html

I was amused at this:

Unions have tried for years to get congressional help on underfunded pensions, but Congress has resisted any kind of bailout. Instead, it made a change to the law late last year that allows multi-employer pension plans projected to be insolvent in the foreseeable future to reduce benefits in an effort to keep the fund afloat.

Oops! I thought the unions were the greatest thing since sliced bread!  Seems that they want the government to bail them out.

So did the dems help out their brothers?

He said pension funds tried to get the federal government to help them out several years ago when Democrats had majorities in both the House and Senate, but were unsuccessful.

Nope. Too busy passing obozocare.  Dem voters voting against their best interests again.

One would expect the dump to jump all over this. Do they?

Nope.  I guess the big guy, who is counting his ever lessening days on this Earth, just can't get no dump love.

[thundley4]

So the unions took thousands and thousands of dollars in dues from these retirees, money that the workers could have invested themselves, and promised them a secure retirement based on a pyramid scheme that basically works like Social Security.

[I_B_Perky]

So the unions took thousands and thousands of dollars in dues from these retirees, money that the workers could have invested themselves, and promised them a secure retirement based on a pyramid scheme that basically works like Social Security.

Buying Dem politicians is expensive!   

[franksolich]

Probably the big guy had better sit down and brace himself.

I'm sure there's more cuts in pensions to come, and not just for truck drivers.

It'll be a while, since Omaha's not a corrupt machine-run blue city that long ago squandered funds, but sooner or later, yeah, sure, it's going to happen.

But probably the big guy counts on himself finally being terminalized before it does, and so he doesn't care.

[I_B_Perky]

Probably the big guy had better sit down and brace himself.

I'm sure there's more cuts in pensions to come, and not just for truck drivers.

It'll be a while, since Omaha's not a corrupt machine-run blue city that long ago squandered funds, but sooner or later, yeah, sure, it's going to happen.

But probably the big guy counts on himself finally being terminalized before it does, and so he doesn't care.

And going to leave his poor wife in the lurch. And he does not care. Only thing the big guy, who is dying, cares about is his worthless fat ass. I suspect he would feed his wife spanish fly and let her loose in a room full of horny ISIS men if it was to benefit him financially.

[Carl]

From the article.

Nyhan said that the fund has produced returns that compare favorably with trusts of similar size over the years and that the real crux of the issue is that there is simply no way to make up for the fund’s $2 billion annual gap between contributions and payouts.

No shit and even the DUmbfuks can grasp that it seems.

Response to Kang Colby (Reply #3)

Mon Oct 12, 2015, 12:46 AM

Star Member A HERETIC I AM (15,137 posts)
4. That's because many think that a pension fund just magically poops out money...

in some wistful, non risky, non investment, government bond safe way that takes a 10% of salary contribution over 25 years and makes that an 80% payout for 30 years.

yeah....it's nonsense.

How does dipping a toe in the reality pool feel?
Now do you realize what you just posted is the economic "plan" that the left has pushed for decades?

[FiddyBeowulf]

It will b x posted in OS Labor & Socialist-progressive.

They really feel the need for these to be separate?

[SVPete]

Nyhan said that the fund has produced returns that compare favorably with trusts of similar size over the years and that the real crux of the issue is that there is simply no way to make up for the fund’s $2 billion annual gap between contributions and payouts.

That current retirees are being affected means this under-funding - and parallel mismanglement - has been going on for decades. Instead of demanding the government bail them out, union members should be seeking their unions' manglers' heads on sticks! Or, less hyperbolically, union manglers' asses in prison!

[FiddyBeowulf]

So the unions took thousands and thousands of dollars in dues from these retirees, money that the workers could have invested themselves, and promised them a secure retirement based on a pyramid scheme that basically works like Social Security.

It is Scott Walker's fault. Had he not run for Governor of WI, fought and won the recall effort and then run and won reelection the unions would not have spent so much union pension money in trying to defeat him.

[SVPete]

Forgot to mention ... CA's pension funds for state workers and for teachers are administered by state bureaucrats. Between under-funding to create the illusion of a balanced budget and playing PC political games with investments, those pensions funds are disasters looking for a time and location to implode.

I wonder how many other states' have been doing the same @#$%!

[thundley4]

Forgot to mention ... CA's pension funds for state workers and for teachers are administered by state bureaucrats. Between under-funding to create the illusion of a balanced budget and playing PC political games with investments, those pensions funds are disasters looking for a time and location to implode.

I wonder how many other states' have been doing the same @#$%!

Illinois, for one.

[I_B_Perky]

Forgot to mention ... CA's pension funds for state workers and for teachers are administered by state bureaucrats. Between under-funding to create the illusion of a balanced budget and playing PC political games with investments, those pensions funds are disasters looking for a time and location to implode.

I wonder how many other states' have been doing the same @#$%!

21 according to this article in 2012:

http://www.governing.com/blogs/by-the-numbers/state-pension-systems-funded-ratios-financial-health.html

More up to date... have to scroll down to the bottom to see all states:

http://www.pewtrusts.org/en/research-and-analysis/issue-briefs/2015/07/the-state-pensions-funding-gap-challenges-persist