General Discussion

A HERETIC I AM

(24,876 posts)

34. None of what you suggest will solve the problem the pension fund is experiencing.

Tue Oct 13, 2015, 12:30 AM

Oct 2015

You just can not get the returns necessary to make up for the loss of contributing members.

If you want to look for a place to lay blame, look to the 40 plus year campaign by conservatives to demonize union membership and the constituent lack of interest on the part of the average American worker, specifically truck drivers.

People seem to think that pension fund money can just be made to magically appear or somehow be guaranteed by government mandate. There is simply no way to expect a contribution of 10% of a salary over the course of 25 or 30 years to miraculously transform into a 60% (or whatever) payout for another potential 30 years.

It is truly unfortunate, but this is a fact (tongue firmly planted in cheek);

People live too long.

Pensions were fine when a worker would work till he was 60 or 65 but had a life expectancy of 80 or less, typically 75 or so. Now people routinely live into their late 80's and as such, you have this increasing pool of aging pension receivers relying on a shrinking pool of pension contributors.

Edit history

Please sign in to view edit histories.

Recommendations

0 members have recommended this reply (displayed in chronological order):

112 replies

= new reply since forum marked as read

Highlight:

My brother's Teamster's Union pension was just cut.... [View all] Punkingal Oct 2015 OP

what in the hell happened? this is not right... CTyankee Oct 2015 #1

The teamster pensions are running out of money. Waldorf Oct 2015 #8

Sustainability... TipTok Oct 2015 #13

who cut it? saturnsring Oct 2015 #2

The union did...they cut most everyone. Punkingal Oct 2015 #6

Omaha Steve posted about this a couple weeks ago. Blus4u Oct 2015 #82

Gov mandated managers that have included Goldman Sachs and Northern Trust. Omaha Steve Oct 2015 #84

Thanks for the link... Punkingal Oct 2015 #92

Glass-Steagall happened. All these pensions are now in the jwirr Oct 2015 #96

I started an entire new post on this Omaha Steve Oct 2015 #98

I consider myself fortunate that my own very small pension SheilaT Oct 2015 #3

yes he gets SS...and he knew this was coming...but it still sucks. Punkingal Oct 2015 #7

Of course it sucks. SheilaT Oct 2015 #10

Me too- I'm 66 now, and still working. I had no idea the percentage was so small. NBachers Oct 2015 #31

I don't think it pays to wait hfojvt Oct 2015 #54

Be sure to investigate thoroughly before pulling the trigger on SS at 62. Blus4u Oct 2015 #81

I plan to collect in late 2016, age 67---not wait to 70 BECAUSE: I had the S.S. Office calculate my WinkyDink Oct 2015 #100

Expect more of this shit unless we elect more like Bernie Sanders. BernieFan57 Oct 2015 #4

Senator Sanders can not alter the fundamentals of math. n/t A HERETIC I AM Oct 2015 #21

Actually he could, if he went nose to nose with the bankers, got rid of the Fed, and PatrickforO Oct 2015 #27

None of what you suggest will solve the problem the pension fund is experiencing. A HERETIC I AM Oct 2015 #34

It isn't magic, nor does it need to be Major Nikon Oct 2015 #53

"A pension fund should never rely on existing workers to fund retirees. " A HERETIC I AM Oct 2015 #63

Well thats what Social Security does philosslayer Oct 2015 #73

Social Security is NOT a pension plan. It's a government sponsored insurance plan. Major Nikon Oct 2015 #91

That's so cute that you would think that. Nuclear Unicorn Oct 2015 #93

Not as cute as not knowing what OASDI stands for. Major Nikon Oct 2015 #95

Oh but it would. Redeeming pensions would be a specific 'project' the government would PatrickforO Oct 2015 #58

Well, until such time that you can convince Congress to do such a thing, it is a rather pointless... A HERETIC I AM Oct 2015 #64

You're right. It doesn't. And Congress won't do a damned thing unless PatrickforO Oct 2015 #65

You mean this, more or less; A HERETIC I AM Oct 2015 #66

That's great! PatrickforO Oct 2015 #67

I believe many of the big integrated steel companies saddled the government with their Blus4u Oct 2015 #85

Printing money without undergirding economic growth causes currency inflation. Nuclear Unicorn Oct 2015 #94

That is a fallacy because inflation is based on too many dollars chasing too few goods and services PatrickforO Oct 2015 #102

Pension funds generally use long term corporate bonds Yupster Oct 2015 #80

Pension funds generally use a wide mix of asset classes. A HERETIC I AM Oct 2015 #108

Yes my 109 years ago Yupster Oct 2015 #109

A bailout like the one proposed by Sanders!!! Omaha Steve Oct 2015 #88

I had one other thought on this. PatrickforO Oct 2015 #103

If congress had not done that, the economy would have collapsed A HERETIC I AM Oct 2015 #107

No put he can with our help stop the investment banks from jwirr Oct 2015 #97

The Teamster pension plan is run by the Teamster Union. former9thward Oct 2015 #101

if you have a pension, be aware someone is working very hard to get rid of it Skittles Oct 2015 #5

You must be mistaken... I've been assured that pensions are GUARANTEED hughee99 Oct 2015 #104

they could have been Skittles Oct 2015 #106

That is dreadful---less than half. virgogal Oct 2015 #9

The teamsters fund doesn't have the money Travis_0004 Oct 2015 #11

Yes... Punkingal Oct 2015 #12

And when driverless trucks come they are really in trouble Travis_0004 Oct 2015 #15

you working on driverless trucks for google LOL snooper2 Oct 2015 #71

No, but the reality is the day is comming. Travis_0004 Oct 2015 #77

Thanks. virgogal Oct 2015 #17

Yea, I will get a lot of flak for this, but I like my 401k fund just fine GummyBearz Oct 2015 #14

Well I'm glad you got yours but the majority of Americans have less than $100000 in liberal_at_heart Oct 2015 #16

The point is still valid Major Nikon Oct 2015 #19

The point might be valid ideology... AOR Oct 2015 #20

This country will have one hell of a wake up call when the generation we played guinea pigs with liberal_at_heart Oct 2015 #23

It's stunning how many of these "libertarian thinkers" think they will be immune... AOR Oct 2015 #26

"Libertarian thinker" GummyBearz Oct 2015 #33

I suspect the irony that the Teamsters endorsed Saint Ronnie in 80 and 84 is lost on that one Major Nikon Oct 2015 #37

The demands and the solidarity of the working class on a whole... AOR Oct 2015 #43

I feel bad for the OP GummyBearz Oct 2015 #45

You say... AOR Oct 2015 #49

I'm a socialist living in a capitalist country GummyBearz Oct 2015 #55

I know this much, and it sounds like you don't... Punkingal Oct 2015 #52

I agree with you on the pioneers of the labor movement GummyBearz Oct 2015 #56

I'm well aware of that scenario GummyBearz Oct 2015 #30

sorry, not buying into the generation war. My father's generation, my generation, and my liberal_at_heart Oct 2015 #51

My father has an awsome pension GummyBearz Oct 2015 #57

I suppose I could add a 4th option Major Nikon Oct 2015 #25

Standard issue red-baiting... AOR Oct 2015 #28

You funny Major Nikon Oct 2015 #36

I can assure you if you're feeling shortchanged... AOR Oct 2015 #38

I don't know if you've noticed... Major Nikon Oct 2015 #39

Says the one who pops out of the lounge... AOR Oct 2015 #44

401K is a right wing talking point! Major Nikon Oct 2015 #48

if you think it's yourself Skittles Oct 2015 #41

Sure, because pensions have been a resounding success Major Nikon Oct 2015 #46

I can make anyone "expert" enough in a single minute whatthehey Oct 2015 #83

I got mine, fuck you all Skittles Oct 2015 #18

Thank you! Punkingal Oct 2015 #24

You got yours AND mine. GummyBearz Oct 2015 #32

LOL Skittles Oct 2015 #40

LOL GummyBearz Oct 2015 #47

that was in reference to YOU, not ME, Einstein Skittles Oct 2015 #50

How is the irony lost on this? GummyBearz Oct 2015 #59

What is your basis for saying you will never get your pension? 'I just know' is not actual basis. Bluenorthwest Oct 2015 #68

You posted at the same time I did GummyBearz Oct 2015 #70

Yep,no 401k when I joined the Union and still none, which is good. Go Vols Oct 2015 #99

Funny, I bet some of the Teamsters thought the same thing... Fla_Democrat Oct 2015 #110

Its a shame they got the choice Go Vols Oct 2015 #112

My parents had pensions with different employers tammywammy Oct 2015 #22

This may be entertaining... Fla_Democrat Oct 2015 #29

Why can't you have both? When 401K's were first brought out, it wasn't suppose to B Calm Oct 2015 #62

yea GummyBearz Oct 2015 #69

PBGC will protect your pension. B Calm Oct 2015 #74

Multi employer is different. MichMan Oct 2015 #86

For a few years I worked with Teamsters, some of whom voted Republican the whole time. brewens Oct 2015 #35

An astonishing number of union members SheilaT Oct 2015 #42

That's been a huge problem. Even those that have never been union have benefitted greatly brewens Oct 2015 #75

Yep. They get paid a good wage with good benefits because they had a strong union. Liberal Veteran Oct 2015 #79

If you ask a lot of the tissue mill guys in my area, they'll tell you they make good brewens Oct 2015 #87

Union households constantly vote 75% or more on election day Omaha Steve Oct 2015 #89

Hoffa allowed UPS to bail MichMan Oct 2015 #60

Theh did pay a few billion when they bailed out. Travis_0004 Oct 2015 #78

Doesn't surprise me. Teamsters is corrupt as hell and even endorse republican candidates. B Calm Oct 2015 #61

Judge Approves Agreement Ending 25 years Government Oversight Of Teamsters Union Omaha Steve Oct 2015 #90

That is awful. Just awful. mnhtnbb Oct 2015 #72

This is where we should print money. abelenkpe Oct 2015 #76

Yep. People will be shocked at first, but it is the only solution, short of rethinking capitalism. reformist2 Oct 2015 #105

Why have taxes and treasury bonds? 1939 Oct 2015 #111