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StatGirl

(519 posts)

6. They did, but . . .

Wed Oct 1, 2014, 07:08 PM

Oct 2014

. . . surely they knew they would be the last in line to get anything in the event of bankruptcy. This should have been written into the contract.

I thought it was a Democratic principle that wages supersede any other type of debt. Pension plans -- private or public -- should be considered deferred wages, and they should belong to the employees.

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CalPERS gets dreaded decision: Judge rules Stockton can sever its city pensions [View all] Newsjock Oct 2014 OP

People who have paid in should receive benefits.... pipoman Oct 2014 #1

The investors paid in too. nt Dreamer Tatum Oct 2014 #2

They did, but . . . StatGirl Oct 2014 #6

It's called the law, not a Democratic principle. Dreamer Tatum Oct 2014 #10

Are these the same "investors" that got bailed-out in 2008? KansDem Oct 2014 #12

Obviously not. nt Dreamer Tatum Oct 2014 #13

So no one connected with Wall Street had investments in CALPers? KansDem Oct 2014 #19

investors take a risk CreekDog Oct 2014 #35

except those funds are invested. nt Dreamer Tatum Oct 2014 #41

Hell, let's keep the race to bottom in full throttle! NutmegYankee Oct 2014 #3

You said it, my friend. senseandsensibility Oct 2014 #4

Benefit plans exist to add benefits to working pipoman Oct 2014 #54

Because defined pensions are good for workers, 401Ks good for the thieves that rob workers. n/t jtuck004 Oct 2014 #8

Absolutely! Veilex Oct 2014 #15

If a defined benefit pension obligation can be massively decreased in BK court (like this rulling) kelly1mm Oct 2014 #36

Defined benefits don't prevent stupid business decisions, or indebting your city for more than jtuck004 Oct 2014 #56

My longest stint at any one company (actually the .gov) was 7 years. My pension kelly1mm Oct 2014 #57

But lawyers who wanted to stick their hands in their money wrote in the advantagous terms you jtuck004 Oct 2014 #58

I certainly agree with your last sentence. We truely do live in interesting times! nt kelly1mm Oct 2014 #60

Yeah, no.... pipoman Oct 2014 #53

But I have to live in this reality, where we don't have "...401k, properly managed...". jtuck004 Oct 2014 #55

AT&T still have pensions for their managers and tech's. My husband is under (I think) 5 different Hestia Oct 2014 #66

Had enough yet?! Earth_First Oct 2014 #5

You have no idea what will happen if this ballyhoo Oct 2014 #7

It will stand, and you will see more across the country over the next few years. jtuck004 Oct 2014 #9

This is why the government has wanted to take away ballyhoo Oct 2014 #14

where has the gov't stated... dhill926 Oct 2014 #16

I'll let google handle your question. Pack some ballyhoo Oct 2014 #17

Crackers, Cheez Wiz and a 6 pack of Old Milwaukee ok? dhill926 Oct 2014 #22

You'll need to wear a special hat. enki23 Oct 2014 #46

Yep. WTF? CTyankee Oct 2014 #20

Lets say you are right. Hoppy Oct 2014 #24

I'm a teamster on a withdrawal ballyhoo Oct 2014 #26

I agree there is and will be anger. But there is no place to focus that anger. Hoppy Oct 2014 #29

That's because the 1% work hard to keep the anger focused at the wrong people. NutmegYankee Oct 2014 #31

There are plenty of places for the aggrieved to ballyhoo Oct 2014 #32

"It's a big club, and you ain't in it." RufusTFirefly Oct 2014 #33

Another Detroit to be fleeced and sold to the lowest bidder. blkmusclmachine Oct 2014 #27

Just like they took down other jurisdictions when the same thing happened? Hoppy Oct 2014 #28

Any place else but where it is happening, maybe. The City of Stockton could probably ballyhoo Oct 2014 #34

"...the way a bankrupt retail chain can exit a bad lease at a shopping center. " KansDem Oct 2014 #11

I feel like we're living in 1930's Germany some days. blkmusclmachine Oct 2014 #18

Wow. Ruby the Liberal Oct 2014 #21

That is correct NV Whino Oct 2014 #25

California Public Employes don't pay into social security. They pay into CALPERS, which ballyhoo Oct 2014 #30

You are wrong Fiendish Thingy Oct 2014 #39

You are right. I couldn't find the CALPERS site I ballyhoo Oct 2014 #42

Not true tularetom Oct 2014 #51

Yes. I know. See post 42. ballyhoo Oct 2014 #52

Depends Fiendish Thingy Oct 2014 #38

You are right. I explained in prior post to you. ballyhoo Oct 2014 #43

With Citizens United, a mayor can accept a million dollar campaign contribution in exchange McCamy Taylor Oct 2014 #23

But if the investment company is on the ball Crash2Parties Oct 2014 #62

Cities have been underfunding pensions for years Travis_0004 Oct 2014 #37

Fund the Pensions and Use a Reasonable Rate of Return on Investments branford Oct 2014 #50

It's wage theft. Starry Messenger Oct 2014 #40

Exactly. But that may not work right now-- ballyhoo Oct 2014 #44

I know, we need to light a fire under some asses for this round. Starry Messenger Oct 2014 #45

I've thought about this myself more than once, Starry. It's maddening. freshwest Oct 2014 #47

The answer is no. former9thward Oct 2014 #61

This makes me sick A Little Weird Oct 2014 #48

We are retired on calpers marlakay Oct 2014 #49

I have been paying into Pers for onecaliberal Oct 2014 #59

Why is there a bankruptcy? seabeckind Oct 2014 #63

This must be for future retirees Fiendish Thingy Oct 2014 #64

The "people" get the shaft again. nt ladjf Oct 2014 #65

We have to start calling pensions "deferred compensation" yurbud Oct 2014 #67