questionmark Posted May 30, 2016 #1 Share Posted May 30, 2016 Quote One of the nation’s largest multi-employer pension funds said that it is out of ideas for ways to save itself from an impending failure. After the Treasury Department rejected its Hail Mary proposal, which would have substantially cut benefits for some retirees, the Central States Pension Fund has little choice but to turn to a federal insurance program that is supposed to offer a lifeline to troubled pension funds. But there’s one major problem — that program is expected to run out of money, too. The Pension Benefit Guaranty Corp., which insures private pensions, is dealing with long-standing financial woes with the fund that protects multi-employer pension plans. The program, which some experts say wasn’t really intended to be used, was set up more than four decades ago to serve as a backstop for private-sector pension plans. But it has been relied on more than expected by large plans on unsteady financial footing. Read more on The Washington Post 1 Link to comment Share on other sites More sharing options...
Gromdor Posted May 31, 2016 #2 Share Posted May 31, 2016 Hmm. So upwards of 30 million Americans will potentially lose their retirement. Well, we can always look at the bright side- think of the experience they will bring back to the workforce as they work till their last breath! 1 Link to comment Share on other sites More sharing options...
Careful_perspective Posted May 31, 2016 #3 Share Posted May 31, 2016 This makes me sick. 1 Link to comment Share on other sites More sharing options...
Likely Guy Posted May 31, 2016 #4 Share Posted May 31, 2016 1 hour ago, Gromdor said: Hmm. So upwards of 30 million Americans will potentially lose their retirement. Well, we can always look at the bright side- think of the experience they will bring back to the workforce as they work till their last breath! THAT, is some dark humour. Link to comment Share on other sites More sharing options...
Farmer77 Posted May 31, 2016 #5 Share Posted May 31, 2016 Jesus Hairy ****ing Christ people look to Colorado. Clearly im a little biased in the conversation but there is a simple goddamn fix to the problem. 1 Link to comment Share on other sites More sharing options...
White Unicorn Posted May 31, 2016 #6 Share Posted May 31, 2016 23 hours ago, questionmark said: Insurance Sales - $27,608.40 in 14 days! -, OH We have been recruiting and training insurance agents to sell insurance products via telephone since 2007. This above is a realistic income from commissions to sales people, just think of the revenue to executives from all sales and to stockholders. Premiums aren't funding safe portfolios of investments. The same Wall Street executives are doing the same stratagies now as with mortgages. Shadow banking includes credit cards, junk investments sold to pensions and private investors, and insurance products were things back then as well. Same kind of bubble burst happened in the recession with insurance sold as unemployment and life insurance on debt. As claims rolled in insurances such as Central States cancelled insurance before more claims could be made and the consumers were left in the cold with debt they couldn't repay in some cases. Pensions were heavily involved in the ressession and too big for to fail bail outs. FDIC was even underfunded as well until it received foreign investors which were guaranteed by too big to fail repayments. Pension guarantee was hit hard as well, if there's no bailout again we are seeing the losses on income to the lifetime workers. The same Wall Street executives who used and planned these strategies for their own personal profts are still using same strategy in other shadow banking. They have many politicians in their pockets to let government and tax payers pay for their failures. They control the shadow banking strategies and they are the too big to jail individuals. Their affiliated companies under different names were penalized but the high level executives continue their same methods without enforced clawback on their individual gains during these crisis events. 401k plans are are shaky at best because what if there is no social security or private pension left and the young can only invest in them. With them the responsibility totally falls on the individual not the 401k custodian. All funds are limited choices and invested in the stock markets. There's billions out there if we could only stop these currupt wall Street executives who escaped prosecution. Link to comment Share on other sites More sharing options...
+and-then Posted May 31, 2016 #7 Share Posted May 31, 2016 It amazes me that anyone is seriously surprised. 19 T in debt? My only surprise is in how long it's taking the PTB to get their life boat ready so they can bolt and let it all fall into ruin. Anyone have any realistic ideas about how that can be avoided at this point? Link to comment Share on other sites More sharing options...
questionmark Posted May 31, 2016 Author #8 Share Posted May 31, 2016 Just now, and then said: It amazes me that anyone is seriously surprised. 19 T in debt? My only surprise is in how long it's taking the PTB to get their life boat ready so they can bolt and let it all fall into ruin. Anyone have any realistic ideas about how that can be avoided at this point? Well, no... as with every Ponzi scheme. 1 Link to comment Share on other sites More sharing options...
Farmer77 Posted May 31, 2016 #9 Share Posted May 31, 2016 5 minutes ago, and then said: It amazes me that anyone is seriously surprised. 19 T in debt? My only surprise is in how long it's taking the PTB to get their life boat ready so they can bolt and let it all fall into ruin. Anyone have any realistic ideas about how that can be avoided at this point? Fed government legalizes marijuana. Dictate a decreasing annual percentage of tax proceeds go to restore these poor folks retirement funds. Fix the entire national economy while promoting green technologies and healthy alternatives to harmful opiates. Its really freaking simple. 1 Link to comment Share on other sites More sharing options...
questionmark Posted May 31, 2016 Author #10 Share Posted May 31, 2016 1 minute ago, Farmer77 said: Fed government legalizes marijuana. Dictate a decreasing annual percentage of tax proceeds go to restore these poor folks retirement funds. Fix the entire national economy while promoting green technologies and healthy alternatives to harmful opiates. Its really freaking simple. Yeh? An how will Acme smokestack pay for politicians then? 1 Link to comment Share on other sites More sharing options...
Sir Wearer of Hats Posted May 31, 2016 #11 Share Posted May 31, 2016 Once you legalise something, you can tax something. 1 Link to comment Share on other sites More sharing options...
questionmark Posted May 31, 2016 Author #12 Share Posted May 31, 2016 (edited) 7 minutes ago, Sir Wearer of Hats said: Once you legalise something, you can tax something. That is not the problem. The problem is that all these retirement plans are a Ponzi scheme based on continuous growth. Once the growth stops the game is over. And basically that is what we had for the last 8 years. And it is quite irrelevant if we are talking a government or a private investment plan. If we add to that, that the Babyboomers are going onto retirement now causing about as many people to be retired as working you can see that the "plans" go bust. Edited May 31, 2016 by questionmark cat helped me type 1 Link to comment Share on other sites More sharing options...
aztek Posted May 31, 2016 #13 Share Posted May 31, 2016 (edited) 14 minutes ago, Sir Wearer of Hats said: Once you legalise something, you can tax something. alcohol, tobacco are legal, and heavily taxed. if you sell it they can tax it colorado got 135 mil in pot tax, bigger issue is that, the legal weed business steps on too many toes Edited May 31, 2016 by aztek Link to comment Share on other sites More sharing options...
Use your brain Posted June 1, 2016 #14 Share Posted June 1, 2016 So people spent 20+ years giving 40-50% of their total income to the feds, and now they are going to die broke. I think the feds should give them some of their money back if the pensions fail, it would finally be a bailout that was deserved. 1 Link to comment Share on other sites More sharing options...
Frank Merton Posted June 1, 2016 #15 Share Posted June 1, 2016 It is unlikely that people in the US won't get government (or government insured) pensions. They may be reduced and qualification ages may go up and taxes for them may go up, and if nothing else the currency will be debased (the government will orchestrate a spate of inflation). There are many ways a sovereign state can deal with debts that a business or individual cannot do. The way to completely lose a pension is to either have a revolution (all the Communist mainline workers in Russia lost theirs) or have your country in a situation where it can't devalue the currency (such as by joining the European Currency Union). The left-wing would-be dictators in a few Latin American countries did as much (Argentina, Venezuela, and to a less extent in Ecuador and Bolivia and Brazil) simply by promising more than the economy could possibly deliver in the first place, and putting such promises into law. There is a Presidential candidate in the States presently doing that, but he would be unlikely to get any such boondoggles through Congress. Link to comment Share on other sites More sharing options...
+OverSword Posted June 1, 2016 #16 Share Posted June 1, 2016 19 hours ago, Sir Wearer of Hats said: Once you legalise something, you can tax something. The problem being that taxes are used to pay back loans from the fed. 2 Link to comment Share on other sites More sharing options...
White Unicorn Posted June 1, 2016 #17 Share Posted June 1, 2016 On 5/31/2016 at 4:24 PM, questionmark said: That is not the problem. The problem is that all these retirement plans are a Ponzi scheme based on continuous growth. Once the growth stops the game is over. And basically that is what we had for the last 8 years. And it is quite irrelevant if we are talking a government or a private investment plan. If we add to that, that the Babyboomers are going onto retirement now causing about as many people to be retired as working you can see that the "plans" go bust. May I add the answer to the baby-boomers not having enough tax paying workers in the system can be helped by having legal immigrants that pay taxes. Boomers didn't have enough children to make it work and economy hasn't helped either. Link to comment Share on other sites More sharing options...
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