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New Ideas on Pensions: Use States (Teresa Ghilarducci strikes again!)
The New York Times ^ | March 27, 2012 | Mary Williams Walsh

Posted on 03/27/2012 2:29:30 AM PDT by abb

As growing numbers of baby boomers face retirement with inadequate savings, some state officials are considering a novel proposal to rebuild America’s ailing retirement system — having state pension funds run retirement plans for companies.

Because more companies are ditching their own pension plans or not offering retirement benefits at all, the idea would be to give companies a way to offer a firm pension without having to run the plan themselves.

On Monday, the labor economist Teresa Ghilarducci, who developed the proposal, held a public forum at the New School for Social Research with New York City’s comptroller, John Liu. The forum explored whether companies might want to start offering pensions through a pooled system run by the Bureau of Asset Management, a unit of the comptroller’s office.

Mr. Liu said he was interested because New York City was in “the early stages of a burgeoning retirement crisis,” where more than a third of all retirement-age households had nothing to rely on except Social Security.

He said that more elderly people were turning up in the city’s homeless shelters and that a program to make it easy for employers to offer better retirement benefits might reduce future strain. Lawmakers in Connecticut and California have introduced bills to either study or create such a program and the Pennsylvania state Treasurer has expressed interest, although he has no power to introduce legislation himself. Mr. Liu said he had talked to lawmakers, but had no firm legislative plans.

At the heart of the proposal is something called a cash-balance pension, a hybrid that combines features of a 401(k) plan with those of a traditional pension plan. Workers can watch their benefits grow each year as an account balance, but the assets that secure the benefits are held in a pooled trust.

snip

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


TOPICS: Business/Economy; Culture/Society; Extended News; News/Current Events
KEYWORDS: 401k; pensions; retirement
http://en.wikipedia.org/wiki/Teresa_Ghilarducci
1 posted on 03/27/2012 2:29:34 AM PDT by abb
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To: abb

Death of the private retirement fund. Get out of the peoples business and let private companies guide people toward investments. Union plans are a ponzi scheme. The government who gives you something has the same right to take it away from you. You can watch your balance grow....but you cannot touch it........LOL!


2 posted on 03/27/2012 2:47:38 AM PDT by Michigan Bowhunter
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To: Michigan Bowhunter

http://money.usnews.com/money/blogs/capital-commerce/2008/10/29/401k-foe-teresa-ghilarducci-the-most-dangerous-woman-in-america

401(k) Foe Teresa Ghilarducci, the Most Dangerous Woman in America


3 posted on 03/27/2012 2:58:45 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: abb

The New School of Social Research tells me all I need to know. I’ve been reading about her ideas for years..and they will cause me to take up arms if they even try. Hands off my 401K, madam.


4 posted on 03/27/2012 3:03:24 AM PDT by SueRae (Tale of 2 Towers - First, Isengaard (GOP-e), then, the Tower of Sauron on 11.06.2012)
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To: abb

oh please spare me

one needs only to look at the mismanagement of state pension funds to get an idea of what will happen should states be given conservatorship

specific reference: Calibrokeifornia


5 posted on 03/27/2012 3:10:44 AM PDT by blueplum
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To: blueplum

Exactly. They have done so well in managing their pension systems I want them to run mine.

Geeez.


6 posted on 03/27/2012 3:13:24 AM PDT by Venturer
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To: SueRae

http://www.nytimes.com/2012/03/16/opinion/pension-funds-for-the-public.html

Op-Ed Contributor
Don’t Cut Pensions, Expand Them
By TERESA GHILARDUCCI
Published: March 15, 2012


7 posted on 03/27/2012 3:18:20 AM PDT by abb ("What ISN'T in the news is often more important than what IS." Ed Biersmith, 1942 -)
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To: SueRae

Yes New School (the Bob Kerry hangout) is a nothing more than a RAT think tank masquerading as a university. Tells us all we need to know.


8 posted on 03/27/2012 3:20:37 AM PDT by rod1
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To: abb

Does this mean that we will all be able to retire at age 40, with 80-100% of our peak salary coming to us for the rest of our lives? Is that the model that will be put in place?


9 posted on 03/27/2012 3:23:32 AM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
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To: ClearCase_guy

And at no cost to anybody, it’ll all be free. Along with free health care, free Day Care, Early Childhood, Head Start, K-12 and college education. Reduced cost mortgages, whether you can afford them or not, subsidized solar electricity and 100 mpg hybrid cars. All free, free, free! Free Bubble-Up and Rainbow Stew, as well. Heck, we’re borrowing the money, so no one has to pay. Let’s get it all!


10 posted on 03/27/2012 4:16:48 AM PDT by biggerten (Love you, Mom.)
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To: abb

Governments are financial wizards in the same way they are efficiency and cost-cutting wizards. They’re not.


11 posted on 03/27/2012 4:36:27 AM PDT by 6SJ7 (Meh.)
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To: abb

Thanks,
I was looking for a video of this woman but I couldn’t remember her name.


12 posted on 03/27/2012 5:57:24 AM PDT by know-the-law
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To: rod1

New School is a Commie School, nothing more, nothing less.


13 posted on 03/27/2012 6:05:11 AM PDT by WashingtonSource
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To: abb
... having state pension funds run retirement plans for companies...

...labor economist ...

...New School ...

That's enough reading to know this is another bolshevik grab for control.

14 posted on 03/27/2012 6:10:41 AM PDT by Paine in the Neck (Romney's judicial appointments were more radical than Obama's)
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To: biggerten
All free, free, free! Free Bubble-Up and Rainbow Stew, as well. Heck, we’re borrowing the money, so no one has to pay. Let’s get it all!

All I ever wanted was a free pony but I learned a long time ago that I'm the guy who buys free ponies for others.

15 posted on 03/27/2012 6:36:22 AM PDT by Graybeard58 (Haggai 1, V6.. and he that earneth wages earneth wages to put it into a bag with holes. (My plight))
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To: abb
You can't pay for three workforces, of which one is actually working. Can't do it. Simply math.

And the 401K is a similar thing. It will collapse once enough people hit retirement. Hate to say it, but we are made to work till we can't, not have a second adolescence.

16 posted on 03/27/2012 7:12:30 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: abb

or to put all that into easy to digest sound byte form...

THEY ARE GONNA STEAL YOUR 401K TO PROP-UP FAILING UNION PENSION FUNDS, AND MAKE IT LOOK AS IF THEY ARE DOING YOU A FAVOR IN THE PROCESS.


17 posted on 03/27/2012 7:21:04 AM PDT by Buckeye McFrog
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To: blueplum

hey, they severely restricted your ability to take 401K hardship withdrawls last year.

Methinks they did so for a reason.


18 posted on 03/27/2012 7:22:07 AM PDT by Buckeye McFrog
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To: Buckeye McFrog

what did they change?


19 posted on 04/23/2012 11:07:49 AM PDT by TurboZamboni (Looting the future to bribe the present)
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To: abb
having state pension funds run retirement plans for companies.

That's worked SOOOOOO well here in Illinois.

20 posted on 04/23/2012 11:09:54 AM PDT by Lurker (The avalanche has begun. The pebbles no longer have a vote.)
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To: Michigan Bowhunter
Unionista rats already got their marching orders. this talking point posted yesterday in the Pioneer Press(MN):

Forward Gallop · SubscribeSubscribed · Works at Teamsters Local 320 Taxpayers United of America is another one of those shady 'AstroTurf' groups funded by America's largest corporations. Why would anyone want to lose their pension for a 401(k)? Under a defined benefit plan or a pension, the investing is done for you and you are guaranteed your retirement benefit. That benefit is calculated by your salary and time served. Your pension is guaranteed for the rest of your life. A defined benefit is best for those who are unfamiliar with investing or playing the stock market, and want a guaranteed retirement. The 401(k) plan, or defined contribution, is only worth the money it gains or loses. Because defined contributions rely on the market, you could double your investments, or you could lose it all only a few years before you retire. Your benefits are defined by how well your investments did, and will end when the money is spent. Defined contribution plans are best for those who are wise investors and like to roll the dice by playing the market.

21 posted on 04/24/2012 5:38:00 AM PDT by TurboZamboni (Looting the future to bribe the present)
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