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spooky3

(38,867 posts)

43. My Ohio teachers pension was also cut. State pensions

Thu Jul 23, 2015, 12:09 PM

Jul 2015

Are not subject to the part of ERISA that prevents private employers from cutting vested benefits. Unless there is a state constitution that is violated, state employees are often screwed, because there is nothing that otherwise legally prevents the state from doing this. There have been several court cases affirming this, though there are some gray areas.

The Ohio cuts happened even though the state and employees had been paying in what they should. Because of the Bush financial collapse and the Rethug legislature and Kasich, the state made big cuts. The value of my pension was cut by hundreds of thousands of $ and I had to take it early to prevent more cuts from applying.

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Elizabeth Warren HUMILIATES Executive Invited By Senate Republicans [View all] Segami Jul 2015 OP

That was a thing of beauty. arcane1 Jul 2015 #1

Sleazebag is robbing old folks and feels entitled to do so Warpy Jul 2015 #2

Mutant capitalism at its most baldfaced. hifiguy Jul 2015 #3

Predatory capitalism. tclambert Jul 2015 #10

+ a brazilian. hifiguy Jul 2015 #11

That sounds like the neutron bomb--kills the people, but leaves the property unharmed. tclambert Jul 2015 #14

That is why the plutocracy is planning a "Greece for all" across the world. hifiguy Jul 2015 #15

You are absolutely correct. Enthusiast Jul 2015 #46

Wiped the floor with them. Le Taz Hot Jul 2015 #4

But did you see the seriousness in their faces? Liz and Bernie closeupready Jul 2015 #21

Defined benefit pension plans are the gold standard of pension plans, any sale of benefits to these financial pirates should Fred Sanders Jul 2015 #5

Without a defined benefit plan, it's hello Purina. kairos12 Jul 2015 #9

I am intimately familiar with the many benefits of defined benefit pension plans for workers, as is Warren. Fred Sanders Jul 2015 #12

I had a great defined benefit plan --- until Shit Chrisite came along. Hoppy Jul 2015 #25

How does that happen? You had a binding contract! It was your PAY taken away. That is fucked up. Fred Sanders Jul 2015 #28

Creative corporate bankruptcy laws help. Fuddnik Jul 2015 #37

He 'splained how the state doesn't have the money to pay for the pensions. Hoppy Jul 2015 #41

My Ohio teachers pension was also cut. State pensions spooky3 Jul 2015 #43

They'll jack up the price of cat food just for spite meow2u3 Jul 2015 #16

Yep, when that 401k switcheroo from pensions happened in the 90s . . . brush Jul 2015 #23

DBP vs DCB MadCrow Jul 2015 #36

You were one of the smart ones. nt brush Jul 2015 #42

Defined benefit plans use the exact same market that defined contribution plans do Recursion Jul 2015 #60

There is magic...the magic is in who controls the management...the magic is in the peace of mind. Defined benefit. Fred Sanders Jul 2015 #61

Well, sure, if you trust it not to underfund or fail Recursion Jul 2015 #62

K&R..... daleanime Jul 2015 #6

Some consolation that she's not running for president: Qutzupalotl Jul 2015 #7

Warren has more power where she is right now, than as President. -none Jul 2015 #33

Get real. zeemike Jul 2015 #8

Too true! Juicy_Bellows Jul 2015 #13

I have a serious question. Why do the avid HRC supporters avoid threads like this? rhett o rick Jul 2015 #47

DB vs. 401K turbinetree Jul 2015 #17

Ponzi would have rejected 401ks as a swindle too far. kairos12 Jul 2015 #22

Agreed turbinetree Jul 2015 #29

She is amazing. I am glad she is where she is! We need more like Warren! Feeling the Bern Jul 2015 #18

2014? That's all in the PAST! Let's move on. We should look ahead. Spitfire of ATJ Jul 2015 #19

Back in the early 90's, I worked for a financial services firm that would soon be acquired by Citi. Snarkoleptic Jul 2015 #20

What a clear and concise summary of what I find normally mind boggling. snagglepuss Jul 2015 #24

Thanks, Sangglepuss! Snarkoleptic Jul 2015 #26

Was he tesitfying against Glass-Steagell? And did any other senators ask questions regarding jwirr Jul 2015 #27

Plutocrats hate oversight, it makes it harder to steal money from the elderly and the poor. Rex Jul 2015 #30

Selling greed! just us Jul 2015 #31

K & R!!! Thespian2 Jul 2015 #32

She doesn't need to ever back down. She knows she has done her homework. JDPriestly Jul 2015 #50

I have no words to express how much I love Indepatriot Jul 2015 #34

This message was self-deleted by its author Duval Jul 2015 #40

Sleazebags cannot be embarrased! vlyons Jul 2015 #35

Primerica--Let Us Hack Your Life. Bastards. nt valerief Jul 2015 #38

Go Elizabeth Go! nt Duval Jul 2015 #39

that was awesonme but Keep-Left Jul 2015 #44

K&R! This post should have hundreds of recommendations! Enthusiast Jul 2015 #45

I love Elizabeth Warren d_legendary1 Jul 2015 #48

K&R. JDPriestly Jul 2015 #49

Truly a Great Senator, Elizabeth Warren UCmeNdc Jul 2015 #51

Yeah -Humiliated TACFIRE13 Jul 2015 #52

Ouch, that's gotta hurt! passiveporcupine Jul 2015 #53

+1000 smirkymonkey Jul 2015 #54

How I wish she was the woman running for President. jalan48 Jul 2015 #55

Still think there's no difference between the two parties swing voters? IHateTheGOP Jul 2015 #56

It took both parties to deregulate the industry Oilwellian Jul 2015 #57

And Warren is, of course, NOT a repuggie. IHateTheGOP Jul 2015 #64

Gawd I love this woman. n/t senz Jul 2015 #58

Fuckin A Go Vols Jul 2015 #59

I agree she ate their lunch, but sociopaths can't feel humility. Elmer S. E. Dump Jul 2015 #63

But they are not lightening proof. lonestarnot Jul 2015 #65