Deal reached to allow pension plans to cut benefits

http://www.msn.com/en-us/money/retir...imc?ocid=fbmsn

I don't know the details...is this bill aimed at private pensions or government worker pensions?

I would support changes to the laws that enable cities, counties and states to re-set union contracts and pensions, but not the private sector.

I don't know the details...is this bill aimed at private pensions or government worker pensions?

I would support changes to the laws that enable cities, counties and states to re-set union contracts and pensions, but not the private sector. Originally Posted by Whirlaway

Do pensions in the private sector still exist? My company did away with them years ago, as did most others in the private sector. Strictly contributing to 401k programs now. Another factor contributing to this is the fact that very few people entering the private sector job market stay with companies long enough to earn a pension.

Do pensions in the private sector still exist? Originally Posted by SpeedRacerXXX

Yes.

It has been my understanding that this bill prohibits employees from requiring their employers to fund pension plans, which the employers should have been funding all this time ... although Congress has exercised control over pension plans, funding, and claims ... the cancellation of funding without an offsetting payment to the employees might stir up another case for the Court to consider.

It is somewhat strange at a time when publicity is reporting record growth in companies, which are holding the funds within the companies. Meaning they seem to have the cash, but don't want to pass it to the employees who helped earn the cash, believing they would later benefit from their "investment" of time, money, and energy in the company.

Yes.

It has been my understanding that this bill prohibits employees from requiring their employers to fund pension plans, which the employers should have been funding all this time ... although Congress has exercised control over pension plans, funding, and claims ... the cancellation of funding without an offsetting payment to the employees might stir up another case for the Court to consider.

It is somewhat strange at a time when publicity is reporting record growth in companies, which are holding the funds within the companies. Meaning they seem to have the cash, but don't want to pass it to the employees who helped earn the cash, believing they would later benefit from their "investment" of time, money, and energy in the company. Originally Posted by LexusLover

I contributed not a dime to my pension fund. Great benefit which has disappeared from my company. I found one article that says only 16% of the workers in the private sector are covered by pensions.

Once you do away with a pension you simply can't start it up again. Well, you can, but it makes little sense. Around the same time pensions were removed from our company benefit plan, additional contributions to 401k's were made and a profit sharing plan was introduced in which we received bonuses based on company financial results.

As I said before, since so few employees join a company in the private sector with the intention of staying there for their entire work career, the elimination of pensions affects fewer people than in "the good old days".

I don't know the details...is this bill aimed at private pensions or government worker pensions?

I would support changes to the laws that enable cities, counties and states to re-set union contracts and pensions, but not the private sector. Originally Posted by Whirlaway

Why would you support one and not the other? Philosophically, that makes no sense.

Why would you support one and not the other? Philosophically, that makes no sense. Originally Posted by Yssup Rider

You expect Common Sense in Whirly's thought process?

Why would you support one and not the other? Philosophically, that makes no sense. Originally Posted by Yssup Rider

One is privately funded. The other is funded with tax dollars?

Or do you think that government employees are paid by private companies?