General Discussion

a kennedy

(36,352 posts) Thu Jul 18, 2019, 02:32 PM Jul 2019

So now the pensions for at least 10 million people are in trouble?? What the hell??

Ex speaker Bohner was just on CNN with an ex house Democrat discussing the problem.

7 replies

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So now the pensions for at least 10 million people are in trouble?? What the hell?? (Original Post) a kennedy Jul 2019 OP

Can you give us a clue? Whose pensions? When, what happened? nt richsonpoordad Jul 2019 #1

Here, it's the best I could do. nt littlemissmartypants Jul 2019 #3

Govt pensions? Whose pensions? nt Ilsa Jul 2019 #2

Here... littlemissmartypants Jul 2019 #4

There are some private sector pensions underwater... TexasBlueDog Jul 2019 #5

Illinois pensions require a 2/3 vote of the people to change them Bradshaw3 Jul 2019 #6

Thank Ronald Reagan. He signed law to allow corporations to use pensions as operating funds. Midnight Writer Jul 2019 #7

richsonpoordad

(83 posts)

1. Can you give us a clue? Whose pensions? When, what happened? nt

Reply to a kennedy (Original post)

Thu Jul 18, 2019, 02:34 PM

Jul 2019

littlemissmartypants

(34,380 posts)

3. Here, it's the best I could do. nt

Reply to richsonpoordad (Reply #1)

Thu Jul 18, 2019, 02:48 PM

Jul 2019

https://www.daytondailynews.com/news/local/former-speaker-boehner-joins-fight-save-pensions-for-million-retirees/UGgCyBrmL0LrCcHE5fVPLJ/

Ilsa

(64,577 posts)

2. Govt pensions? Whose pensions? nt

Reply to a kennedy (Original post)

Thu Jul 18, 2019, 02:39 PM

Jul 2019

littlemissmartypants

(34,380 posts)

4. Here...

Reply to Ilsa (Reply #2)

Thu Jul 18, 2019, 02:49 PM

Jul 2019

https://www.daytondailynews.com/news/local/former-speaker-boehner-joins-fight-save-pensions-for-million-retirees/UGgCyBrmL0LrCcHE5fVPLJ/

TexasBlueDog

(43 posts)

5. There are some private sector pensions underwater...

Reply to a kennedy (Original post)

Thu Jul 18, 2019, 03:14 PM

Jul 2019

...but the big problem is public sector. Many state and local governments can't meet their commitments to current and future retirees. The big problem is many states desire to renegotiate retirement plans. You're going to be hearing a lot about 'industry standards'. Let's say your public sector union negotiated a 150k annual retirement package for you but a comparable private sector retirement for a similar job pays 40k per year...see where this is going?

This has already come up in NY and Illinois and other places and has been beaten back but the pressure is becoming immense. There have been some successful pension cuts in Fl. Future retirees are already screwed but its the current retirees that face the most danger.

The shortfalls nationwide are in the trillions.

Bradshaw3

(7,964 posts)

6. Illinois pensions require a 2/3 vote of the people to change them

Reply to TexasBlueDog (Reply #5)

Thu Jul 18, 2019, 03:31 PM

Jul 2019

Rauner tried to mess with the pension system there but was shot down by a unanimous Supreme Court vote. Illinois law requires the government to meet three financial obligations - pensions being one of them - before other governmental funding and it takes a two-thirds vote of the people to change it. With so many governmental employees covered by the pensions there, that ain't gonna happen.

Midnight Writer

(25,752 posts)

7. Thank Ronald Reagan. He signed law to allow corporations to use pensions as operating funds.

Reply to a kennedy (Original post)

Thu Jul 18, 2019, 03:38 PM

Jul 2019

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