the Pension Protection Act of 2006

[rusty charly]

not sure where to post this, but i got this email from my union.
i thought the pension bill was a BAD idea.
why is my union pushing it?

the email:

http://www.unionvoice.org/campaign/senatepension/6d7ws3rh7w8kd8?

Last week, the House of Representatives passed H.R. 4, the Pension Protection Act of 2006. The bill is designed to mend flaws in the current funding structure of multiemployer defined benefit pension systems and to improve financial security for current and future retirees. As the pension reform legislation is expected to reach the Senate for a vote this week, it is crucial that you contact your Senator to urge them to pass this bill when it comes up for a vote this week.

The bill is designed to address concerns about employers underfunding their pension plans. The bill imposes spending discipline on plans whose funding status is eroding and gives trustees flexibility to address funding shortages and balance their resources to preserve the solvency of multiemployer pension plans.

It is essential that Congress acts to preserve the viability of defined benefit plans, the bedrock of many Americans' retirement security. The bill passed in the House last week will do that. Please contact your Senator to ensure that the Pension Protection Act passes in the Senate.

[loves_dulcinea]

1. saw that recently

if memory serves,

the bastards that have been filing chapter 11 have been defaulting on pensions as a routine matter of alleviating business costs. which, by the way was the purpose of that whole rethug revolution thing, make it so that business' don't have any resposibility to anything but shareholder value. anyhoo, this hoists the cost of the pensioner's due onto a gov't beaureau (fucking spelling) known as the gov't pension benefits assurance (or some such shit).

however, the anecdotes shown stated that the monies received by people under the gov't umbrella was a pittance. where someone should be getting around a couple thousands per month, they got maybe a couple hundred instead.

on top of that, the budget of the beaureau mentioned is awash in red ink. so, what congress has decided to do is change the law so that when cut-throat bastards decide to file bankruptcy, and they are given protection from creditors, then they will have to file a plan to cover pensions within seven years.

i think. please don't take my word for it...

[Sal Minella]

2. I think you're right. I can spell "bureau" but I couldn't have explained

nearly so well as you just did....

[sgxnk]

3. unions and pensions

disclaimer: been union member for most of my life

pensions in general, imo, are a bad idea

companies are moving towards defined contribution vs. defined benefits plan

pensions fall in the latter group, and imo are inferior for a # of reasons vs. the former

many companies are negligent (probably criminally so) in underfunding pensions, and should be punished/rectified

but also, imo, pension systems in general is a flawed way of looking at retirement

defined contribution plans are much better, and also much more portable, which is more important now than it was 50 yrs ago

[loves_dulcinea]

4. only been union

four or five years. i live in a state so red, the joke falls flat.
what you write makes sense.
the * was trying to sell the idea of moving social security in this direction (defined contribution), more or less?
i couldn't listen, my hatred causes me to start shouting over my tv.

[sgxnk]

5. fwiw

many public agency employees work for agencies that opted out of social security

i used to work for one

for several years, i did not pay into Social security

that was excellent for me, because I was able to MUCH more intelligently invest my money than SS does

but i do not agree with doing away with SS, though

[demosincebirth]

6. Pension Bill under fire from Teamsters

Not everyone is happy about this bill




http://www.masslive.com/chicopeeholyoke/republican/index.ssf?/base/news-1/1154331770307330.xml&coll=1