WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: bambooboy On: Thu Mar 16, 2017 2:40 pm

bambooboy
 
Baseburners & Antiques: imperial ringgold
Other Heating: woodstock soapstone,comfort,fisher,federal,fairy oak
Stove/Furnace Make: laundry stove


Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: davidmcbeth3 On: Thu Mar 16, 2017 2:54 pm

I blame us. Who else?

States cannot declare bankruptcy.

Sucks to be us (and our kids).

They'll pop through a new constitutional amendment to address this?

Either that or revolution? Dissolve the union and start over? lol
davidmcbeth3
 
Coal Size/Type: nut/pea/anthra
Stove/Furnace Make: Hitzer
Stove/Furnace Model: 503

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: rberq On: Sat Mar 18, 2017 6:36 pm

The federal Pension Benefit Guarantee Corporation was supposed to avoid this situation by:
(1) Regulating companies to force them to put sufficient amounts of money into their pension funds, and
(2) Taking over paying pensions when pension funds failed in spite of the regulations.
The regulations have been softened so funding amounts are no longer sufficient. And I believe I read that the PBGC is welshing on the promise to bail out failing funds. Reminds me of the Savings and Loan debacle of the 1980s, except for the welshing part.
rberq
 
Hand Fed Coal Stove: DS Machine 1300 with hopper
Coal Size/Type: Blaschak Anthracite Nut
Other Heating: Oil hot water radiators, propane

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: jpete On: Sat Mar 18, 2017 8:17 pm

It's already been happening in spots around the country.

The city of Central Falls had to renegotiate with its pensioners a few years back.

The arbitrator got them in a room and told them "a haircut is better than a beheading "

I would say some of these larger funds won't get the former option.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: waldo lemieux On: Sun Mar 19, 2017 8:49 am

And the whole problem is the cost of healthcare and People living longer....
waldo lemieux
 
Stove/Furnace Make: efm
Stove/Furnace Model: s-20

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: 2biz On: Sun Mar 19, 2017 9:24 am

Nice read at Zero Hedge....Anybody read the blog?

I paid into a retirement system for 30+ years...Only to have the company borrow from it and eventually handing it over to the PBGC because it was underfunded...At 55 I decided to take the hit (reduced 75%) and get what I could from what I paid in. Maybe a good decision based on what I'm reading?

Also in the beginning, I earned what they called Performance Dividend and was put into company stock that I couldn't move. Another "False Promise" of additional income for retirement. When the company finally filed for bankruptcy back in 2007 from all the mismanagement, what would have been $200K+ for retirement wouldn't even buy a Coke at Mc Donalds....

How many hits will I have to take?
2biz
 
Other Heating: Leisure Line AK-110, Firechief FC700e, Propane logs, Propane Ceramic 3 Burner Heater

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: theo On: Sun Mar 19, 2017 9:36 am

If this is true the People need to speak again,,,,, this time louder!!!!
theo
 
Stove/Furnace Make: LL
Stove/Furnace Model: Hyfire 2

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: samhill On: Sun Mar 19, 2017 11:35 am

What my Co. did since they couldn't touch (too much) our retirement fund was to push a new improved retirement fund from all hired on or after that contract date. The new improved fund is entirely controlled by the company, eventually my fund recipients will die off or the fund will deplete, I don't know what will happen upon that time but if I were a new hire I'd be worried.
My wife is due to start receiving her pension next month, not much but more than what we have, over 30 years & having been SSI disabled she couldn't get it until now & at a reduced amt. to boot.
It's all still much better than when my father passed in the 60s, back then it was legal to have a bean counter subtract all strike & sick & injury time from time worked & it all ended with zero for my mother. Hope that isn't the good old days that some want to return us to.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75


Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: Rob R. On: Sun Mar 19, 2017 11:59 am

My wife and I both had/have pension programs from our previous employer. In 2014 they stopped the pension program for all new hires...401K only for them. They also made pension buy-out offers to many of the people that were no longer with the company, but were not yet at retirement age. It was clear to me they were trying to reduce their future pension obligations. We decided to take the lump sum for mine and re-invest it, and leave my wife's pension alone. Time will tell if we made the right choice on that.

Our current employers offer a 401k program, but no pension or retirement benefits.
Rob R.
 
Stoker Coal Boiler: EFM DF520
Hand Fed Coal Stove: Hitzer 50-93
Coal Size/Type: Lehigh Rice
Other Heating: Dad's 1953 EFM Highboy

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: bambooboy On: Sun Mar 19, 2017 1:12 pm

28 years in steelworkers union,(can company) first a merger than a shutdown 3 years later.got small pension&health ins for life for wife& myself.when i turned 65&went on medicare,health ins for me was cancelled but kept for wife till she turned 65.union took it to court&lost very quickly,but judge allowed a monthly stipend of $44 in lieu of health benifits. wife now gets same.workers contacted union about appeal.union told us it would be too costly&not enough of us.bottom line save your money
bambooboy
 
Baseburners & Antiques: imperial ringgold
Other Heating: woodstock soapstone,comfort,fisher,federal,fairy oak
Stove/Furnace Make: laundry stove

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: theo On: Sun Mar 19, 2017 3:08 pm

How you going to save enough money for hospital and doctors bills? Also for med's?
theo
 
Stove/Furnace Make: LL
Stove/Furnace Model: Hyfire 2

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: bambooboy On: Sun Mar 19, 2017 3:17 pm

my answer would be medical savings acct or co-op medical for doctors&drugs&tests,catastophic plan for major medical.don't think pols are going this way i'm afraid
bambooboy
 
Baseburners & Antiques: imperial ringgold
Other Heating: woodstock soapstone,comfort,fisher,federal,fairy oak
Stove/Furnace Make: laundry stove

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: samhill On: Sun Mar 19, 2017 6:31 pm

The savings thing is a lot easier to say than to do, I think back to when I was young & even before marriage & starting a family savings was darn near impossible. I know everyone is different & have different priorities in life but Nam set me back some. Then on to getting married & starting a family even as times & work was there & I did the OT but things come up unexpectedly that were never thought of. I feel sorry for those kids now that can't find a decent job, I at least had 20 some years of steady work before the bottom fell out. Now it's totally different & jobs are few & far between, all these politicians talk like everyone is in the same boat, maybe some should take the time to stop & smell the dandelions as everything is not always roses.
samhill
 
Hot Air Coal Stoker Furnace: keystoker 160
Hand Fed Coal Stove: hitzer 75 in garage
Stove/Furnace Make: keystoker/hitzer
Stove/Furnace Model: koker 160/ hitzer 75

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: rberq On: Sun Mar 19, 2017 8:01 pm

I get a small pension from one employer, and they send an annual disclosure statement saying what percentage of the "proper" amount is actually in the pension fund. Part of the calculation is how much money is held in bonds, and what interest rate can be expected from bonds. When interest rates went to zero after the 2008 crash, the calculations quickly showed the pension plan to be very much underfunded. The solution approved by government regulators was to assume a fictional "traditional" higher interest rate to compensate. In other words, ignore actual rates and just pretend they would get better soon, which of course they haven't. It's pretty obvious who "owns" the regulators.
rberq
 
Hand Fed Coal Stove: DS Machine 1300 with hopper
Coal Size/Type: Blaschak Anthracite Nut
Other Heating: Oil hot water radiators, propane

Re: WORKERS ON FORUM,SAVE YOUR MONEY,RETIREES TIGHTEN YOUR BELT

PostBy: jpete On: Sun Mar 19, 2017 9:30 pm

samhill wrote:The savings thing is a lot easier to say than to do, I think back to when I was young & even before marriage & starting a family savings was darn near impossible. I know everyone is different & have different priorities in life but Nam set me back some. Then on to getting married & starting a family even as times & work was there & I did the OT but things come up unexpectedly that were never thought of. I feel sorry for those kids now that can't find a decent job, I at least had 20 some years of steady work before the bottom fell out. Now it's totally different & jobs are few & far between, all these politicians talk like everyone is in the same boat, maybe some should take the time to stop & smell the dandelions as everything is not always roses.


Jobs are plentiful for those with skills or willing to learn.

The HVAC industry could use double the amount of people available right now. Other trades are in the same boat.

I'm 4 years in and am close to making six figures a year.
jpete
 
Hand Fed Coal Stove: Harman Mk II
Coal Size/Type: Stove, Nut, Pea
Other Heating: Dino juice