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#81
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wrote in message ups.com... It's the Pension Benefit Guaranty Corporation and it is still technically not taxpayer-funded. All employers with defined benefit plans pay insurance premiums that in theory will cover the cost of bailouts, assuming that not too many are needed. UAL does not yet break the bank but it comes close. Then, as with the S&L crisis, Congress will end up authorizing a payout from the General Fund. A real problem with insurance like PBGC (and FDIC) is that the prudent companies (or banks) end up paying the cost of those who don't contribute to their employees pensions The real solution is enforcement of contributions by not allowing deferments. Mike MU-2 |
#82
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So was the FSLIC until it became bankrupt.
Mike MU-2 "Jim" wrote in message oups.com... The guarantee comes from the PBGC which is funded by payments from companies, not taxes. -Jim |
#83
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"Bob Fry" wrote in message ... "GP" == George Patterson writes: GP You're thinking of a 401K. A pension used to be a guaranteed GP retirement income in exchange for spending your life working GP for the company. One could argue that you exchanged a higher GP salary for a lower salary and a pension, but no money was GP taken out of your paycheck. I work for the State of California, have a defined-benefit pension, and for sure they take money from my salary to help fund the pension. That must be a reassuring position to be in, giving your retirement money to the State of California. Hope you are building a nest egg separate from what you are giving to California. |
#84
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On Sat, 14 May 2005 03:42:16 GMT, "Dave Stadt"
wrote: I work for the State of California, have a defined-benefit pension, and for sure they take money from my salary to help fund the pension. That must be a reassuring position to be in, giving your retirement money to the State of California. Hope you are building a nest egg separate from what you are giving to California. And then they use it for political purposes! Most people contribute to their pensions. Social Security is also defined-benefit, though it's Congress that gets to define it The difference is that with defined-benefit, it's all based on a promise, whether or not the promise can be fulfilled. A defined-contribution plan has no promise, and usually the worker owns it a lot sooner. The really important part is that he can take it from job to job, or into self-employement, which is not true of most private-sector defined-benefit plans. Since it's based on real assets that belong to the worker, the payout depends on the performance of those assets. In short, it's what some politiciians like to call "a risky scheme," but not half so risky as depending on the promises of companies who may be out of business by the time you retire, and of congressmen who will be retired (on your taxpayer dollar) much more comfortably than you will be. -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#85
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Pension plans are a form of "deferred compensation" and became popular in the United States during the 1930s, when wage freezes prohibited direct pay (in the form of salary) to increase. That's the problem with Wikipedia. Some damn fool typing faster than his mind could follow! I assure you, there were no wage freezes in the 1930, nor were they showing any tendency to increase.. Wages were going *down* in the 1930s! What the Wiki guy meant to say was "during World War II," but he probably couldn't remember what number it was (I, II, III?). -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#86
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On Fri, 13 May 2005 21:24:24 GMT, Bob Moore
wrote: Not at PanAm, the pilot group (unlike the other employee groups) insisted that our pension plan be held by an outside source, in this case, You must thank the wisdom of your negotiators every time you see the Pan Am logo on a rinky-dink start-up airline or training program. -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#87
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On 13 May 2005 05:48:16 -0700, wrote:
It's the Pension Benefit Guaranty Corporation and it is still technically not taxpayer-funded. Neither were the savings & loan associations until the bailout came due. The PBGC overhang is nearly double what it cost us to straighten out the S&Ls. -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#88
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On 13 May 2005 14:33:02 -0700, "Jim" wrote:
The guarantee comes from the PBGC which is funded by payments from companies, not taxes. Just you wait, Henry Higgins! -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#89
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On 13 May 2005 16:26:53 -0700, "Jim" wrote:
The funding for the PBGC does not come from taxes. You will not be paying them. Heh-heh. Where did we hear that before? -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
#90
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On Fri, 13 May 2005 14:26:11 GMT, "Mike Rapoport"
wrote: Social Security was a well thought out, adequately funded program when it was inplemented in 1935. It was a Ponzi scheme, whereby the people bailing out first were repaid by the entry fees of those who joined later. It worked as long as the labor force grew faster than the retirement community. Then somebody discovered the link between cigarettes and lung cancer, and bingo! One of my pals is celebrating his 90th birthday in the Bahamas next February. He got remarried last year. He no longer sails to the Bahamas every fall, but he sails a small boat every day when he's down there. -- all the best, Dan Ford email (put Cubdriver in subject line) Warbird's Forum: www.warbirdforum.com Piper Cub Forum: www.pipercubforum.com the blog: www.danford.net In Search of Lost Time: www.readingproust.com |
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