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The State of the "Union"
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<blockquote data-quote="InsideUPS" data-source="post: 1095970" data-attributes="member: 31414"><p>Actually 104Feeder, I did look at the PBGC tables. I am well aware of the skewed insight that TDU can publish which is why I always check multiple sources such as this one for example:<a href="http://www.logisticsmgmt.com/article/big_changes_coming_to_multi-employer_pension_plans_teamsters_ok_greater_use/" target="_blank">Big changes coming to multi-employer pension plans: Teamsters OK greater use of “hybrid” plans - Article from Logistics Management</a></p><p></p><p>BTW....I'm sure that you are also aware that the New England Pension Fund is also having financial difficulty so it's not just CSPF. </p><p></p><p>From Logistics Management</p><p></p><p>Thomas G. Nyhan, administrator for the Central States plan, testified two years ago before the Senate HELP Committee that his plan is in “unprecedented financial crisis.” If no action is taken, Nyhan said his fund could be insolvent in the next 10-15 years.</p><p> </p><p>Nyhan testified that Central States had an operating loss of $2.2 billion in one recent year. It pays out annual benefits of $2.9 billion, but only has annual employer contributions of $675 million. </p><p> </p><p><u>As of February 2011, Central States had just 54,698 active workers to 214,243 retirees—a ratio of 1 active to 4 retirees vs. the 4 actives to 1 retiree in 1980.</u></p><p> </p><p>Aitken is recommending trucking companies belonging to such plans to try and join a hybrid attribution plan. That could save employers up to 40 percent of withdrawal liability, Aitken said.</p><p> </p><p>Aitken is president of the Multi-Employer Pension Plan Alliance (MEPPA), which represents companies trying to obtain relief from pension withdrawal liability.</p><p></p><p>Conclusion: In today's economic climate and as in most investing strategies, a diverse investment in a multitude of savings plans and other assets, (land, rentals, gold, etc.) is you best assurance against catastrophic financial loss. My intention <u>here was express my personal belief </u>about two types of investments. Your opening comment "You've pretty much summarized the Corporate line against pensions, and it's pretty much all wrong." sets the tone that ONLY your belief can be correct. My suggestion was that 401k's and similar investments give the employee more flexibility for example:</p><p></p><p><a href="http://money.cnn.com/retirement/guide/pensions_basics.moneymag/index10.htm" target="_blank">What are the disadvantages of a defined benefit plan? - Ultimate Guide to Retirement</a></p><p></p><p>There is truly no right or wrong to this debate. To each his own....based on risk tolerance, ability to invest, etc... What may be right for you....is not necessarily right for me and my investing style, wants, and ability...</p></blockquote><p></p>
[QUOTE="InsideUPS, post: 1095970, member: 31414"] Actually 104Feeder, I did look at the PBGC tables. I am well aware of the skewed insight that TDU can publish which is why I always check multiple sources such as this one for example:[url=http://www.logisticsmgmt.com/article/big_changes_coming_to_multi-employer_pension_plans_teamsters_ok_greater_use/]Big changes coming to multi-employer pension plans: Teamsters OK greater use of “hybrid” plans - Article from Logistics Management[/url] BTW....I'm sure that you are also aware that the New England Pension Fund is also having financial difficulty so it's not just CSPF. From Logistics Management Thomas G. Nyhan, administrator for the Central States plan, testified two years ago before the Senate HELP Committee that his plan is in “unprecedented financial crisis.” If no action is taken, Nyhan said his fund could be insolvent in the next 10-15 years. Nyhan testified that Central States had an operating loss of $2.2 billion in one recent year. It pays out annual benefits of $2.9 billion, but only has annual employer contributions of $675 million. [U]As of February 2011, Central States had just 54,698 active workers to 214,243 retirees—a ratio of 1 active to 4 retirees vs. the 4 actives to 1 retiree in 1980.[/U] Aitken is recommending trucking companies belonging to such plans to try and join a hybrid attribution plan. That could save employers up to 40 percent of withdrawal liability, Aitken said. Aitken is president of the Multi-Employer Pension Plan Alliance (MEPPA), which represents companies trying to obtain relief from pension withdrawal liability. Conclusion: In today's economic climate and as in most investing strategies, a diverse investment in a multitude of savings plans and other assets, (land, rentals, gold, etc.) is you best assurance against catastrophic financial loss. My intention [U]here was express my personal belief [/U]about two types of investments. Your opening comment "You've pretty much summarized the Corporate line against pensions, and it's pretty much all wrong." sets the tone that ONLY your belief can be correct. My suggestion was that 401k's and similar investments give the employee more flexibility for example: [url=http://money.cnn.com/retirement/guide/pensions_basics.moneymag/index10.htm]What are the disadvantages of a defined benefit plan? - Ultimate Guide to Retirement[/url] There is truly no right or wrong to this debate. To each his own....based on risk tolerance, ability to invest, etc... What may be right for you....is not necessarily right for me and my investing style, wants, and ability... [/QUOTE]
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