Skip to comments.Unions want to dump pensions on taxpayers
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 labors 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 ...
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..........
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.
Another direct transfer of wealth from US taxpayers to union parasites. Hope and Change.
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!!!
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."
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.
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.
unions are scams.
i had a ups driver recently tell me
“it’s all bushes’ fault’.
not to mention,
unions are morons.
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 labors rank and file suffer.”
The rank and file should be hunting union administrators down in the streets like the vermin they are.
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!”
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.
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.
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”
I thought the PBGC already did this.
Put “everything on the taxpayer crap” is going to blow up!
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