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The Future of your Pension
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<blockquote data-quote="The Other Side" data-source="post: 812054" data-attributes="member: 17969"><p>bbsam,</p><p> </p><p>The PBGC went underfunded during the BUSH administration as "he" allowed hundreds of corporations to dump their pension liabilities into the PBGC during his term.</p><p> </p><p>More companies dumped their pensions into the PBGC in 8 years of GW BUSH than in all the previous presidencies combined.</p><p> </p><p>In 2004, the PBGC needed a 15 billion dollar bailout because it ran out of money.</p><p> </p><p>As companies fled this country and took their businesses overseas, they left behind their pension programs in the hands of the PBGC.</p><p> </p><p>An unintended consequence of capitalism. </p><p> </p><p>Our teamster pension program relies on two principles. First, on going employment and growth. We need to continue to have employees paying into the system for years to come ( dollar in dollar out) in order for us all to realize a pension. Once this principle ends, so will the pension program.</p><p> </p><p>The second principle is investments. The Teamsters must make practical investments with the money and avoid the larger mistakes of the past (Enron, Tyco & Worldcom) that they lost their butts on.</p><p> </p><p>If the Teamsters can make reasonable investments in the future, then our pensions will be safe and there for us all.</p><p> </p><p>The Teamsters and the Company together have to grow this company in order to protect it.</p><p> </p><p>Peace.</p></blockquote><p></p>
[QUOTE="The Other Side, post: 812054, member: 17969"] bbsam, The PBGC went underfunded during the BUSH administration as "he" allowed hundreds of corporations to dump their pension liabilities into the PBGC during his term. More companies dumped their pensions into the PBGC in 8 years of GW BUSH than in all the previous presidencies combined. In 2004, the PBGC needed a 15 billion dollar bailout because it ran out of money. As companies fled this country and took their businesses overseas, they left behind their pension programs in the hands of the PBGC. An unintended consequence of capitalism. Our teamster pension program relies on two principles. First, on going employment and growth. We need to continue to have employees paying into the system for years to come ( dollar in dollar out) in order for us all to realize a pension. Once this principle ends, so will the pension program. The second principle is investments. The Teamsters must make practical investments with the money and avoid the larger mistakes of the past (Enron, Tyco & Worldcom) that they lost their butts on. If the Teamsters can make reasonable investments in the future, then our pensions will be safe and there for us all. The Teamsters and the Company together have to grow this company in order to protect it. Peace. [/QUOTE]
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