Central States going broke---
- Thread starter rod
- Start date
rod
Retired 22 years
No need to worry about that. California is beyond help.
PT Car Washer
Well-Known Member
burrheadd
KING Of GIFS
You mother friend
That's the actuarial theory (at that moment in time), and if returns match assumptions, it works and should cover retirees indefinitely.
Your statement also factors in no future increases in monthly benefits for active participants (when they retire), which contradicts expectations.
Remember each active employee is increasing the liability obligation on the fund as they accrue additional credits. So to keep a plan healthy, additional contributions need to be negotiated which seems to be beyond the comprehension of employers when they bargain new contracts if the plan shows high funding levels.
Wally
BrownCafe Innovator & King of Puns
So what extra we contribute is on top of the company's contribution. Not in lieu of.
Pension contributions are based on 40 hours. So the hourly rate that you are not making anymore because you diverted some of it to the pension plan you are losing out on that money on overtime and the company gets the pocket that money
Plus the company is off to pay the matching social security and Medicare benefits on that diverter money and nor Do you get credit for that money for your social security
Unfortunately people do not know how to save for themselves if they did it'd be much better to put that money into your own 401K or IRA
Wally
BrownCafe Innovator & King of Puns
I'm not sure what the exact amount of company contribution is. I know it's a fixed amount for our local, not attached to our hourly rate.
what I'm trying to say is the contributions that you are given away from your paycheck is based on 40 hours
Maybe @BigUnionGuy can elaborate on
I know where I'm at The company is paying over $600 a week entire pension plan it's very closer to 6:30
In some locals have put the raises into their fund and it's still underfunded
People may take personal responsibility for themselves and put money away in 401ks and IRAs
1989
Well-Known Member
That’s good money that could have been spent at the casino. A solid 401K plan.
I seen the writing on the wall
My 401K and my RA are where they need to be
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Take the money and run.
I'm on the fence
I can honestly say I don't know what to do right now
Jkloc420
Do you need an air compressor or tire gauge
Buy some bitcoin
You must like your job more than I liked mine, I was never on the fence about it. I couldn't wait to get out of there.
