Congress pushing $165 billion union pension bailout

[KissMy]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

 

[boedicca]

This is the pay-off to the unions for supporting the Dems now that Card Check one is going nowhere.

 

[skookerasbil]

screw this !!!!

 

[boedicca]

It's yet more looting of the private sector by career politicians and their cronies.

 

[Toro]

Awesome.

I own a lot of gold.

 

[WillowTree]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

First we are stuck paying for their healthcare, now their pensions.. Dumb libruls

 

[Avatar4321]

At what point do we have to admit that we have no money?

 

[oreo]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

UNBELIEVABLE! Do You Morons who elected this MORON realise what you have done to this country? You have chosen that YOUR kids and grandkids PAY for the retirement of others in the FREAKING private SECTOR of this economy.

You haven't voted for HOPE and CHANGE you voted for all out ECONOMIC slavery to YOUR kids and grandkids.

Don't even refer to YOURSELF as an American anymore--you're DISGUSTING and nothing more than a panty ass wipe.

BTW--TEA PARTY--YOU ROCK.

 

[hortysir]

Nevermind the million other Americans that were forced to watch their 401k plans turn into 101k plans, hunh?!!!
Fucking assholes!!!!

 

[oreo]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

You know I would have loved a "bail-out" during the tech sector crash of 2000, and I am certain that Enron employees who lost everything, including their retirements after working for Enron for decades would have liked a "federal government bailout."

It appears that this administration and democrat controlled government is intent on "only" bailing out UNIONS. Of course they are the number ONE supporter in every single election regardless of what the people they elect really stand for. It's all about the Union worker. Union workers always support DEMOCRATS.

It should have been evident to most of you people that voted for this--during the campaign --magnificantly--rehearsed--perfectly pronounced speeches that Obama spoke about. Union workers were it. If it didn't become clear to you then--then maybe you might have recognized it--that we the taxpayers of this country spent billions to "bail out" the auto unions in this country--in this NEW--"too big to fail" policy of our federal government. If not that--then maybe you saw something in this new take-over of our health care by the Federal Government, in which Obama made a deal--behind closed doors--that guaranteed that Union workers, which are inclusive of Federal government workers--would not be taxed on the medical benefits that they receive from their employer until 5 years later than a non-Union worker.

No you didn't vote for Hope and Change. What you voted for was financial slavery to your kids and grandkids to bail out others that have failed in the "private sector" of this economy whom have made some financial mistakes. And it's all about "saving" the Union vote for the Democrat Party.

Congrats!


BTW--Tea Party--YOU ROCK!

 

[oreo]

Nevermind the million other Americans that were forced to watch their 401k plans turn into 101k plans, hunh?!!!
Fucking assholes!!!!

And I'll bet you didn't get a government bailout. Next question--did you vote for this "hope and change"?

 

[syrenn]

I have two words.

Fuck that!

Sorry union workers your union bosses fucked you over. Ask the union bosses to bail you out.

 

[oreo]

I have two words.

Fuck that!

Sorry union workers your union bosses fucked you over. Ask the union bosses to bail you out.

They don't have to ask their UNION bosse's to bail them out--they elected an adminstration and congress that makes YOU--your kids and grandkids pay for their bail-out.

 

[get_involved]

This is outrageous! The government has no business using taxpayers money for this!

I'm no fan of the Republicans but the Democrats have to be voted out of office in November!

 

[Quantum Windbag]

I cannot believe that these people are even thinking about this. If they do this they will kill the Democratic party for years.

 

[Lumpy 1]

Damn... we are screwed... and our children's, children also...

Obama & Democratic control... pathetic.. simply pathetic...

To bad the pecker heads that voted for this aren't footing the bill...

 

[Madeline]

Something has to be done about the PBGC and soon. It was created to back up private pension funds that pay a "defined benefit" (usually 60% of the highest wage) and so there need be no relationship at all between the contributions made and the benefits owed. There is supposed to be -- pension law is extremely strict -- but there has not been the sort of controls on investments, fees and so forth that were needed. This is a largely disappearing problem; few employers today still offer DB plans and by 2050 or so, everyone entitled to a pay out should be dead.

The PBGC could not handle the obligations it underwrote before any new plans were transferred to its umbrella. The author is 100% correct -- this is the Mother Of All Bail Outs. It may seem painful and unfair but I think it'd be better to convert DB plans into Defined Contribution plans (essentially, into 401(k) plans) and pay out to workers whatever money is there, rather than adding to it.

And these plans managers needs to be investigated, along with the investment counselors and auditors. They didn't get into this mess by following the rules; if laws were broken, people should go to prison.

Pension risk Myopia? | Defined Benefit Plans from AllBusiness.com

Thankies for the heads up on this, KissMy.

 

[Care4all]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

the article is lacking in critical information....

I found this on the site of the Insurance...PBGC

Welcome To PBGC new user button

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of more than 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

I guess I would need to know exactly how this supposed bailout would work?

Do they charge the companies more that decided to buy this insurance for their retirement plans?

If they can recover these funds from the private sector that bought the insurance eventually, then I suppose I could agree to it.

But I have lots and lots of questions about how these corporations mismanaged their pension funds?

the retirements are not paid by unions are they? Retirement pensions are pensions paid by the corporation or business the person works for are they not?

So the BUSINESS that hired union workers messed up, right?

Regardless, if the money comes out of tax payer's money, then I am AGAINST this measure....especially at this time in the game...too many other people have lost their butts in their 401k's that they were forced in to if they wanted any company retirement, much more so that the 38% less these workers are going to receive if no bailout is done for their retirement pensions...

people only having SS as their retirements are going to be forced to take less in benefits when the time comes as well...

where the heck were the gvt agencies that regulates keeping retirement pension funds funded at 80%? What did the corporations or businesses do with the money they were SUPPOSE to be funding their pensions with go to...the boss's salary, the stockholder's profit/earnings?

 

[hortysir]

Nevermind the million other Americans that were forced to watch their 401k plans turn into 101k plans, hunh?!!!
Fucking assholes!!!!

And I'll bet you didn't get a government bailout. Next question--did you vote for this "hope and change"?

Not just "No, but "No hell fuck no".
I saw his voting record from being an IL state senator....A+ rating from Planned Parenthood....his remarks that the Constitution says too much about what the government *can't* do and not enough about what it *should* be able to do.
I payed attention during his campaign when he told Joe that we need to re-distribute the wealth.
I saw him traveling around appealing to the world.
I'm old enough to know that what they call a "community organizer" is what we used to call "agitators".
I saw the Che flag hanging in his Chicago campaign office.
Pile all of that on top of having a middle name of Hussein and you have a perfectly sculpted pile of bullshit.

 

[hortysir]

Congress pushing $165 billion union pension bailout

A Democratic senator is introducing legislation for a bailout of troubled union pension funds. If passed, the bill could put another $165 billion in liabilities on the shoulders of American taxpayers.

The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people.

As FOX Business Network’s Gerri Willis reported Monday, these pensions are in bad shape; as of 2006, well before the market dropped and recession began, only 6% of these funds were doing well.

Although right now taxpayers could possibly be on the hook for $165 billion, the liability could essentially be unlimited because these pensions have to be paid out until the workers die.

The mother of all taxpayer bailouts is right around the corner.

Union bosses want taxpayers to foot the cost for bailing out the labor organizations’ many failing pension plans that millions of their members are counting on to “be there” when they retire. Unfortunately, the average union pension plan has only enough money to cover 62 percent of its financial obligations.

Such a low level of funding puts those plans on the government’s critical list. Pension plans funded below 80 percent are considered “endangered” by the government. Below 65 percent is “critical.” With union membership declining, that puts these funds into a tailspin from which they’ll likely never pull out.

The government’s Pension Benefit Guaranty Corporation only guarantees pensioners $12,000 a year, should their pension plan fail. Good luck retiring on that.

But as the economy sours, there’s increasing pressure to bail out workers from failing unions. Last July, for example, the PBGC agreed to take on $6.2 billion in pension liabilities from bankrupt auto parts manufacturer Delphi. And that’s just one company. In 2007, the PBGC was already running a deficit of nearly a billion dollars. Things will only get worse as the PBGC is expected to assume $86 billion in liabilities by 2015.

the article is lacking in critical information....

I found this on the site of the Insurance...PBGC

Welcome To PBGC new user button

PBGC is a federal corporation created by the Employee Retirement Income Security Act of 1974. It currently protects the pensions of more than 44 million American workers and retirees in more than 29,000 private single-employer and multiemployer defined benefit pension plans. PBGC receives no funds from general tax revenues. Operations are financed by insurance premiums set by Congress and paid by sponsors of defined benefit plans, investment income, assets from pension plans trusteed by PBGC, and recoveries from the companies formerly responsible for the plans.

I guess I would need to know exactly how this supposed bailout would work?

Do they charge the companies more that decided to buy this insurance for their retirement plans?

If they can recover these funds from the private sector that bought the insurance eventually, then I suppose I could agree to it.

But I have lots and lots of questions about how these corporations mismanaged their pension funds?

the retirements are not paid by unions are they? Retirement pensions are pensions paid by the corporation or business the person works for are they not?

So the BUSINESS that hired union workers messed up, right?

Regardless, if the money comes out of tax payer's money, then I am AGAINST this measure....especially at this time in the game...too many other people have lost their butts in their 401k's that they were forced in to if they wanted any company retirement, much more so that the 38% less these workers are going to receive if no bailout is done for their retirement pensions...

people only having SS as their retirements are going to be forced to take less in benefits when the time comes as well...

where the heck were the gvt agencies that regulates keeping retirement pension funds funded at 80%? What did the corporations or businesses do with the money they were SUPPOSE to be funding their pensions with go to...the boss's salary, the stockholder's profit/earnings?

**Whew**

You had me wondering until that highlighted paragraph!!