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Unions want to dump pensions on taxpayers
The Daily Caller ^ | 04/06/10 | Aleksandra Kulczuga

Posted on 04/06/2010 7:06:18 AM PDT by rvoitier

Legislation introduced last week could shift costs of union pension plans to taxpayers in an attempt to stave off organized labor’s pension funding crisis.

Senator Bob Casey, Pennsylvania Democrat, introduced the Create Jobs & Save Benefits Act of 2010 to address the funding problems faced by union-administered multi-employer pension plans.

Multi-employer pension plans have to cover the benefits of members, even if their companies are defunct.

(Excerpt) Read more at dailycaller.com ...


TOPICS: Crime/Corruption; Front Page News; Government
KEYWORDS: 401k; bustunions; democratcorruption; democrats; economy; inneedosomerestraint; liberalfascism; lping; multiemployerpension; pbgc; pensions; stealthewealth; taxes; unioncorruption; unionpensions; unions
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Dems know their time is limited and they appear to be going for all they can get. They are for what's opposite of what makes/made America GREAT.
1 posted on 04/06/2010 7:06:18 AM PDT by rvoitier
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To: rvoitier

H*** No.


2 posted on 04/06/2010 7:07:07 AM PDT by Uncle Miltie (A MAJORITY (51%) OF TEA PARTIERS ARE DEMOCRATS OR INDEPENDENTS - GALLUP)
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To: rvoitier

I think the headline should read:

Unions want to dump Taxpayers pensions on Unions

They want our 401(k) funds like a heroin addict wants his fix..........


3 posted on 04/06/2010 7:08:11 AM PDT by Red Badger (Education makes people easy to lead, difficult to drive; easy to govern, but impossible to enslave.)
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To: rvoitier
Surprise, surprise, surprise. Unions have got to go, period. It is long, long past time that the NLRA was repealed, root and branch.

Redistribution is Theft, x-small
4 posted on 04/06/2010 7:08:30 AM PDT by Oceander (The Price of Freedom is Eternal Vigilance -- Thos. Jefferson)
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To: rvoitier

A while back Glenn Beck showed a chart of plummeting SEIU pension funds that correlated perfectly with Andy Stern taking over. Personally I think forcing the taxpayers to pick up the tab was the intent all along.


5 posted on 04/06/2010 7:11:51 AM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: rvoitier

Another direct transfer of wealth from US taxpayers to union parasites. Hope and Change.


6 posted on 04/06/2010 7:13:36 AM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: rvoitier

You’ve got to be kidding me? WHEN will people realize that labor unions have becaome partisan political activist groups? Just look at the mining accident in WV yesterday. That mine was cited in the past for not being safe. Did the United Mine Workers Union do anything to improve workplace safety for their members, or just take their dues money to campaign for democrats? It’s maddening!!!


7 posted on 04/06/2010 7:14:00 AM PDT by ConservMommy
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To: rvoitier
Every pension plan in America should become a defined contribution plan.

What was contributed
What was it's actual ROI
Minus what was borrowed and spent on worthless crap.
The rest is what you get to retire on.

Deal with it.

This makes your SS contributions look great until you get to the third line where you realize that the US Gov has borrowed and spent it all leaving you with nothing.

This November you get to "deal with it."

8 posted on 04/06/2010 7:17:11 AM PDT by Politically Correct (A member of the rabble in good standing)
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To: rvoitier

Unions for the most part outlived their usefulness 30 years ago. Now they just soak up money from both ends, the government and the workers.


9 posted on 04/06/2010 7:21:30 AM PDT by kamikaze2000 (You can lead a liberal to truth, but you can't make him think.)
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To: Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; Alexander Rubin; Allerious; ...



Libertarian ping! Click here to get added or here to be removed or post a message here!
View past Libertarian pings here
10 posted on 04/06/2010 7:22:15 AM PDT by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: rvoitier

My guess is the federal pensions are the safest with the military and especially VA payments being at the top of the list. It would require quite a bit of chutzpah to start reducting thouse directly, although there are certainly other ways to indirectly reduce pensions and benefits.


11 posted on 04/06/2010 7:22:16 AM PDT by MSF BU (++)
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To: rvoitier

unions are scams.

i had a ups driver recently tell me

“it’s all bushes’ fault’.

not to mention,

unions are morons.


12 posted on 04/06/2010 7:23:48 AM PDT by ken21 (i am not voting for a rino-progressive.)
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To: rvoitier

How long do unions, who have priced their goods/services out of the market, think they’ll be able to continue leaching off the dwindling ranks of producers in this country?

“More interestingly, pension funds of union staff and officers are well-funded — in the 90-plus percent range — while the funds of labor’s rank and file suffer.”

The rank and file should be hunting union administrators down in the streets like the vermin they are.


13 posted on 04/06/2010 7:25:02 AM PDT by Let's Roll (Stop paying ACORN to destroy America! Cut off their federal funding!)
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To: rvoitier

They did this in Oregon and then after we tried to get rid of it, the state Surpreme Court said it was a contract and couldn’t be repealed.

Learn from CA and OR...”Just Say NO!”


14 posted on 04/06/2010 7:30:22 AM PDT by Zathras
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To: Let's Roll

We should stop forcing employers to play collection agency for the unions and let the unions pass their own collection plate around.

Do that and the unions will begin to fracture in a hurry as disgruntled members begin to rebel with their wallets. After all, a lot of members aren’t members by choice. I was a union member once but it wasn’t because I wanted to be, it was because it was the only way to get the job.


15 posted on 04/06/2010 7:31:27 AM PDT by cripplecreek (Remember the River Raisin! (look it up))
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To: rvoitier

In my view unfunded pension liabilities is the giant elephant in the room. Public pension liabilities need addressing pronto. In my view caps on the amount need to be implemented - equivalent to the maximum social security payout or the actuarial value of the contribution. The fiscal stupidity of a % of highest year salaries has to go. The same goes for private sector union pensions. No bails out without a switch to defined contribution plans.


16 posted on 04/06/2010 7:33:20 AM PDT by bjc (Check the data!!)
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To: Politically Correct

Yes. If the American people do not deal with it this November, then as Billy Joel said,

“Go on and cry in your coffee, but don’t come bitchin’ to me”


17 posted on 04/06/2010 7:36:12 AM PDT by ltc8k6
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To: rvoitier

I thought the PBGC already did this.


18 posted on 04/06/2010 7:40:25 AM PDT by Wolfie
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To: Uncle Miltie
H*** No.

F*** No!!!

19 posted on 04/06/2010 7:40:29 AM PDT by Gay State Conservative (Host The Beer Summit-->Win The Nobel Peace Prize!)
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To: rvoitier

Put “everything on the taxpayer crap” is going to blow up!


20 posted on 04/06/2010 7:40:31 AM PDT by AngelesCrestHighway
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To: rvoitier
Unions want to dump pensions on taxpayers

Why? Why not just make them sign up for welfare instead? They support the party of welfare, so why not just equalize the playing field among democrats? What would they, of all people, have against getting on welfare? Do they think they're somehow better than their fellow Oboma supporters?

21 posted on 04/06/2010 7:46:26 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: rvoitier

So, they are having a problem paying for the rich defined benefit plans they used their power to demand from industry - then put the companies out business with their costs and are stuck. Well you know what they say about paybacks. If it was a company’s pension plan the unions would complain about CEOs salaries and force them to pay. Since they run these plans now, they have no one to blame but themselves. Guess what, those corporate profits you complain about were funding the stock prices in your investment portfolio for the pension. Government isn’t bailing out my 401k losses. After all, the pensions could have all been invested in government securities, but I guess the unions got ‘greedy’. Here is a solution - suck it up and just raise your union dues to cover it or cut benefits.


22 posted on 04/06/2010 7:47:49 AM PDT by GWynand
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To: rvoitier
Let me get this straight. Union leaders misappropriate pension funds by donating them to the Obama campaign, and now instead of going to jail, they get bailed out by the Obama administration? And non-union workers will now be paying the pensions of union workers?

Just as every cop is a criminal, and all the sinners saints . . .

23 posted on 04/06/2010 7:47:50 AM PDT by Hoodat (For the weapons of our warfare are mighty in God for pulling down strongholds.)
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To: rvoitier

Casey, in the finest tradition of Democrats including Hussein, is attempting to buy the union vote.

Just like Hussein did, and then he delivered big time, with the $787 billion “stimulus.”


24 posted on 04/06/2010 7:49:11 AM PDT by dashing doofus (Those who are too smart to engage in politics are punished by being governed by those who are dumber)
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To: GWynand
The Feds are more likely to TAKE OVER your 401k...!!

It HAS been discussed.........

25 posted on 04/06/2010 7:49:52 AM PDT by Osage Orange (A fear of weapons is a sign of retarded sexual and emotional maturity. - Sigmund Freud)
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To: rvoitier
Dems know their time is limited

Couldn't disagree more.

Immigration reform up next

40 More Years: How the Democrats Will Rule the Next Generation

Carville
26 posted on 04/06/2010 7:52:11 AM PDT by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: rvoitier

http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2010/04/05/financial/f180113D14.DTL

“Study: Calif. pensions underfunded by $500 billion”


27 posted on 04/06/2010 7:52:53 AM PDT by ltc8k6
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To: Let's Roll
How long do unions, who have priced their goods/services out of the market, think they’ll be able to continue leaching off the dwindling ranks of producers in this country?

If history is any guide, once they price their goods off the market, the government will step in, take the business away from the stock holders, and then run it at a subsidized loss. Meanwhile, the unions will gain semi-ownership of the business and their cush pensions will go on forever. Isn't fascism wonderful?

28 posted on 04/06/2010 7:53:24 AM PDT by farmguy
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To: rvoitier

unions


29 posted on 04/06/2010 7:56:54 AM PDT by FrankR (Those of us who love AMERICA far outnumber those who love obama - your choice.)
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To: rvoitier

This entire regime is nothing more than a gang of criminals raiding the Treasury.


30 posted on 04/06/2010 7:57:14 AM PDT by Mad_Tom_Rackham (It is the duty of the patriot to protect his country from its government -- Thomas Payne)
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To: rvoitier

“The American Republic will endure until the day Congress discovers that it can bribe the public with the public’s money.” —Alexis de Tocqueville.

de Tocqueville was right about something.


31 posted on 04/06/2010 8:03:29 AM PDT by Rockitz (This isn't rocket science- follow the money and you'll find truth.)
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To: rvoitier

Casey is worthless as a Senator.


32 posted on 04/06/2010 8:04:02 AM PDT by Virginia Ridgerunner (Sarah Palin has crossed the Rubicon!)
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To: rvoitier

They’ll TRY anything.


33 posted on 04/06/2010 8:08:24 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: Oceander

repeal NLRA bump


34 posted on 04/06/2010 8:09:58 AM PDT by CPT Clay (Pick up your weapon and follow me.)
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To: rvoitier

I’ll bet dems back this one - why shouldn’t union retirees get full massive benefits while the rest of the country goes broke? Really. They’re “DEMS” - they’re special.


35 posted on 04/06/2010 8:11:00 AM PDT by GOPJ (http://hisz.rsoe.hu/alertmap/index2.php?area=dam&lang=eng)
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To: rvoitier

http://www.pensiontsunami.com/public.php


36 posted on 04/06/2010 8:15:07 AM PDT by WOBBLY BOB ( FIRE STUPAK: LindaForCongress.com)
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To: rvoitier

Would it make sense to empty out one’s 401K to pay down debt, if this thing gets passed, or before?
I know most people say that’s a no-no, but if the money’s going to be stolen anyway...


37 posted on 04/06/2010 8:21:17 AM PDT by LongElegantLegs ( I have nothing better to do than sit around all night watching a lunatic not turn into a werewolf.)
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To: rvoitier

I do not think so.


38 posted on 04/06/2010 8:23:37 AM PDT by rahbert (I snap my fingers at the foeman's taunts..")
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To: Zathras

If the state constitution is changed, the court wouldn’t have
a say.


39 posted on 04/06/2010 8:27:36 AM PDT by OregonRancher (Some days, it's not even worth chewing through the restraints)
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To: rahbert

What do you not think so?


40 posted on 04/06/2010 8:28:09 AM PDT by rvoitier (Progressives are in the GOP, too.)
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To: LongElegantLegs
Would it make sense to empty out one’s 401K to pay down debt, if this thing gets passed, or before? I know most people say that’s a no-no, but if the money’s going to be stolen anyway...

_______________________________________________

Plenty of time to act before anything like this could ever become law.

That said, how old are you? You will take a 10% hit if you are younger than 59.5 years (on top of income tax).

How much debt do you have and what kind? Paying off a mortgage might make sense if you could pay it all. Then you'd have extra cash every month, but where would you put it?

Does your debt exceed your 401k/IRA holdings?

If you decide to do it get it done this year. Next year the taxes on all income (including unearned income) will rise.

41 posted on 04/06/2010 8:31:07 AM PDT by wtc911 ("How you gonna get down that hill?")
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To: rvoitier

Sucks that we’re going to end up paying for this too. :(


42 posted on 04/06/2010 8:32:46 AM PDT by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: ken21
"unions are scams."

As someone who prepared to defend his home (w/father and brothers) with firearms and whose sister was harassed by the thugs on a dark country road, unions do have a place...in theory.

The theory is to protect workers from a runaway dictator/owner deviating from reasonable wages/conditions.

However, what unions have come to represent is a mean to the end of destroying capitalism by any means. Reasonableness be damned.

43 posted on 04/06/2010 8:34:03 AM PDT by rvoitier (Progressives are in the GOP, too.)
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To: wtc911

I’m in my twenties; Hubby (the worker) early thirties.

Our only debt is credit card and vehicles; under 10k, altogether. We could pay off about 60% with what’s in our 401k(not accounting for extra taxes or penalties). If we did that, we could pay off the remaining 40% in a few months.

Thanks!


44 posted on 04/06/2010 8:37:33 AM PDT by LongElegantLegs ( I have nothing better to do than sit around all night watching a lunatic not turn into a werewolf.)
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To: rvoitier

The blood sucking union thugs & bosses can EAT DIRT as far as I’m concerned and they better keep their hands off our 401K’s and IRA’s.


45 posted on 04/06/2010 8:37:55 AM PDT by Qwackertoo (Make it stop, please.)
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To: rvoitier

That we should pay for union members bennies out of our
pockets. Especially since many of us (contractors/self employed) must pay for our own bennies.

Ef them.


46 posted on 04/06/2010 8:42:05 AM PDT by rahbert (I snap my fingers at the foeman's taunts..")
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To: LongElegantLegs
Leave it where it is and invest it in stocks that pay solid dividends. If you liquidate then you would miss out on your employer's match which is like saying 'no thanks' to free money.

If you can pay off 40% of your debt in a few months then why not pay off 100% of your debt in a year?

47 posted on 04/06/2010 8:42:29 AM PDT by wtc911 ("How you gonna get down that hill?")
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To: Uncle Miltie

Fine. Let’s tell the unions that Social Security will run their pensions. That’ll shut ‘em up!


48 posted on 04/06/2010 8:47:13 AM PDT by Spok (Free Range Republican)
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To: Osage Orange

I will take everything out of it and piss on them when they try to hit me with the tax penalty.


49 posted on 04/06/2010 8:53:13 AM PDT by massgopguy (I owe everything to George Bailey)
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To: rvoitier
That's not the headline. Makes it harder to search for articles. Troubled labor looks to federal government for help on pensions
50 posted on 04/06/2010 8:54:20 AM PDT by PghBaldy (Like the Ft Hood Killer, James Earl Ray was just stressed when he killed MLK Jr.)
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