Why won't we let Teamsters Pensions fail

originally posted by: PhilbertDezineck

originally posted by: JAGStorm
a reply to: Groot

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

EXACTLY!

What happens to the union money if we go into another great depression? It will all be gone just like all the banking acounts of that time.

I will be ok because all our eggs are not in the same basket.

originally posted by: Groot

originally posted by: PhilbertDezineck

originally posted by: JAGStorm
a reply to: Groot

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

EXACTLY!

What happens to the union money if we go into another great depression? It will all be gone just like all the banking acounts of that time.

I will be ok because all our eggs are not in the same basket.

the whole worlds baskets crashed the last time
.

originally posted by: Sillyolme
a reply to: JAGStorm

I hope they never fail. I collect a pension from the teamsters local 295 from a job I had when I was in my twenties and early thirties.
Its not much but it pays for makeup and other luxuries I want in my life.

It all makes sense now.

originally posted by: Gothmog

originally posted by: olaru12
In O8, my 401k tanked. That's why I'm Union now. Never again.

Union proud, Union strong. imo the American workers need more unions to represent them in the workplace, not less.

So , let me get this straight.
You are proud to give your money (union dues) to folks that take that and...
1) Pay themselves
2) Donate to the Democrats (i.e. pay them off)

Whats left ?
Next to nothing

What could they do with your union dues ?
Set up a shortfall for just such occasions

:

Every union official is elected by the members in both IATSE and SAG. We know exactly how much they will be paid during their tenure. I also receive an annuity. And SAG residuals from every union show I work on. My dues pale in comparison to the economic benefits I receive outside of my wages. And free movies at the theater and DVDs in the mail.

If you are anti Union, don't join one is my only advise. But don't whine when you get ****ked over by the non union outfit you work for. Like Walmart the largest employer in the US.

originally posted by: Groot
I am a member of the International Union of Elevator Constructors union ( IUEC) and have been for the last 32 years.

We paying dues to that union that go to people negotiating our wages and benefits. And I can tell, it is probably one of the best benefits and pay packages of all the blue collar trades.

For every hour that is worked, x amount goes towards health, pension, education and annuity. When I retire in a few years, my pension will equal or even be more than if I am working. If I wait till I am older to retire, the money is even more. This does not include medicare or social security, which I will collect also.

Our financial outlook looks great far into the future considering my pension. This is due to smart investing and great negotiations of our union.

The teamsters are failing due to concessions and poorly ran funds . That is their fault. Not the public's fault.

The problem with defined benefit pensions is that you wind up drawing way more in retirement than you put in which ultimately leads to insolvency which is why practically every pension plan nowadays is nearly bankrupt. You have too many people drawing lucrative benefits in retirement that they'd never get in the private sector if they had to save their own money. In addition, you have fewer contributors to support the retirees... not too mention the underfunding of the pension plans as well.

Should Pension funds have the same protections as Social Security?

a reply to: MRinder

I think its subsidised by the employers who pay into it on their employees behalf. And investments from the fund.
I dont really care as long as it shows up each month in my bank account.
Id keep my luxuries either way. I dont live that close to the edge. The pension is extra.
Hey next week I get to start collecting social security. Thats a much bigger check. LOL

originally posted by: Sillyolme
a reply to: MRinder

I think its subsidised by the employers who pay into it on their employees behalf. And investments from the fund.
I dont really care as long as it shows up each month in my bank account.
Id keep my luxuries either way. I dont live that close to the edge. The pension is extra.
Hey next week I get to start collecting social security. Thats a much bigger check. LOL

Nobody begrudges your pension. What we begrudge is our money being used for your pension when your people did the wrong things. That takes away from our retirement, which everyone is ok with apparently.

a reply to: AndyFromMichigan

They havent failed in the thirty years that they have had my pension in their hands.
They've been at Kennedy Airport since it was built and those companies are not going anywhere and the airport isnt going anywhere so I think I'm safe.

originally posted by: Sillyolme
a reply to: MRinder

I think its subsidised by the employers who pay into it on their employees behalf. And investments from the fund.
I dont really care as long as it shows up each month in my bank account.
Id keep my luxuries either way. I dont live that close to the edge. The pension is extra.
Hey next week I get to start collecting social security. Thats a much bigger check. LOL

Wait... I thought you leftist were against capitalism? You are benefiting from Wall Street investment returns in your pension fund.

a reply to: burdman30ott6

I worked for that pension thank you very much.

Its not like I sat on my ass at a desk reading magazines and filing my nails.

originally posted by: Sillyolme
a reply to: burdman30ott6

I worked for that pension thank you very much.

Its not like I sat on my ass at a desk reading magazines and filing my nails.

We all worked for our money too..

originally posted by: Sillyolme
a reply to: burdman30ott6

I worked for that pension thank you very much.

Its not like I sat on my ass at a desk reading magazines and filing my nails.

It isn't a matter of you working for it...

The issue is that in many cases, the worker does not contribute enough to justify the pension benefit.

For example, if you are a teacher and you get a pension after say 20-25 years of say $60k. That is the equivalent of saving $1.5 million for retirement and drawing 4% annually. How many teachers or anyone making a teachers salary has managed to save $1.5 million? That teacher may have only actually contributed say $100k towards that $1.5 million benefit.

a reply to: olaru12

My portfolio as well but I left it alone and continued to add funds to invest and it has recovered. I should be way ahead of where I am but its better.
Of course it moves like a roller coaster these days so I dont watch it. It gives me agita.

My union kept my kids health, teeth and eyesight in proper working order gave me a decent wage and even helped when I needed a lawyer to close on my house.
If I had retired from the union job I would still have all my benefits but I left there years and years ago and so only get the small pension but hey its something.

There is nothing wrong with the good/well run unions that understand to balance things so they dont kill the golden goose.

The problem is that for every good union there are multiple that suck, and constantly look for help to stay afloat.

UAW is a grand example of a poorly run union, they got so greedy they didn't realize they priced themselves out of the US for a large percentage of the auto workers.

a reply to: Groot

I only worked for the union company for thirteen years. So my pension is just a pittance but its extra money every month.

a reply to: olaru12

If you are anti Union, don't join one is my only advise. But don't whine when you get ****ked over by the non union outfit you work for.

I'm not anti, or for Union, but I am 100% for keeping my own money. If Unions are underwater that is between them and their members. We should not bail them out.

a reply to: Liquesence

Oh just love this.
I was on strike once back in 78 and of course police had to be at the picket line. I was talking to this one cop and his partner pulled him away and told him not to talk to me I was mafioso. I was a 21 year old single mom. But apparently I had the ability to convert to gangster at any time.

originally posted by: Sillyolme
a reply to: burdman30ott6

I worked for that pension thank you very much.

Its not like I sat on my ass at a desk reading magazines and filing my nails.

You're advocating tax dollars potentially bailing out a slush fund you use to keep a steady supply of pink plastic potpurri boots in your unmentionable drawers, Channel No. 5, fresh bags of Werther's Originals, and industrial sized canisters of hair spray to get that perfect cauliflower shaped quaff... that's what I am taking issue with. I don't give a damn what, how, why, or who you did to obtain the pension back in the day, I simply am pointing out the entitlement attitude that you espouse that somehow an unsecured pension used to buy luxuries should fall into the responsibility matrix of the taxpayer if/when the team managing the fund mishandle it to the point where it goes kaput. I can survive perfectly fine knowing you need to pinch some pennies to afford getting your hair did or your nails sharpened because my tax dollars aren't contributing to it.