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Thread: AS I stated Major pension crisis starting in 2017

  1. #31

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    The company I worked for 30 years went bankrupt, but is still in business. The pension is funded at 80% currently. If the bankruptcy court agrees then my pension will get a 20% haircut.
    What's the Frequency, Kenneth?

    432Hz

  2. #32

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    What has an estimated $22 billion unfunded taxpayer liability, pays out over $3.74 billion in 'management fees' every ten-years, and costs taxpayers more money annually than the full budgets of thirteen states?

    Answer: Florida's public pension systems

    http://campaign.r20.constantcontact.com/render?m=1109057042871&ca=85dc8382-c702-4a8b-9a9b-e2a675ce58fc
    What's the Frequency, Kenneth?

    432Hz

  3. #33

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    Pensions are ticking time bomb: Pro

    Discussing the risk in pensions worldwide with Charles Millard, Head of Pension Relations & Managing Director for Citigroup.


    http://video.cnbc.com/gallery/?video=3000502379


    http://www.msn.com/en-us/money/video...pro/vi-BBqzX9O

  4. #34

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    Quote Originally Posted by golditiki2 View Post
    Believe me or not, but I guess that the "lumpsum" is already gone...and the system pays the calculated annuities from the incoming payments they get from the actual members.

    My dear well fed dog could not resist to snatch the raw steak from the table, so i cannot for a SINGLE moment believe that those guards of our wealth can resist the temptation not to snatch our money.

    Think twice: like the shrewd bankers found out that it was not necessary to have the gold to cover the goldpaperpromises, it is not necessary for the funds to have all that money gathered, they only have to be able to pay the pensions due as was CALCULATED which is quite another matter than HOLDING the funds.

    Isn't it said somewhere in the Bible:

    " Be the feeble minded blessed because theirs will be Heaven? ".

    I never believed in these pension funds, was forced by law to pay. I was well aware about how it will finish.

    Golditiki2+++
    I Currently do have Lump Sum option with my Company pension. I will take it and run

  5. #35

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    Study Finds Public Pension Promises Exceed Ability to Pay


    Twenty countries of the Organization for Economic Cooperation and Development have promised their retirees a total $78 trillion, much of it unfunded, according to the Citigroup report.

    http://www.cnbc.com/2016/03/18/study...ty-to-pay.html

  6. #36

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    Citing pension woes, S&P just cut N.J's credit outlook to negative

    TRENTON — Standard and Poor's Ratings Services lowered its outlook for New Jersey from stable to negative Tuesday over concerns with the state's declining pension funding levels and growing retirement liabilities.

    Last week, Fitch Ratings assigned New Jersey a stable outlook, though it also warned of New Jersey's mounting retirement liabilities and relatively high debt load. But Standard and Poor's took a dimmer view of the state's financial picture.

    Those retirement benefits costs are putting "significant" pressures on the state, the agency said, and they're made worse by contributing less than recommended by actuaries to keep the system solvent and by unremarkable investment returns.

    The pension fund returned 4.16 percent last fiscal year, and its market value fell below $71 billion at the end of December


    http://www.nj.com/politics/index.ssf...st_cut_nj.html

  7. #37

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    Countdown To Insolvency Begins For Chicago Pensions As State Supreme Court Rejects Reform Bid


    http://www.zerohedge.com/news/2016-0...cts-reform-bid

  8. #38

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    Quote Originally Posted by jrobles376 View Post
    I Currently do have Lump Sum option with my Company pension. I will take it and run
    At what rate of taxation will that lump sum distribution in a single year cost you? 200K income for the year....OMG....you cannot help getting a hair cut.

    I as well have that option, and learned of the trap I was caught in all too late.
    Thomas Jefferson is credited with writing, “When injustice becomes law, resistance becomes duty.” The seceding states in the Civil War period issued a similar declaration using the word “tyranny” as opposed to “injustice.”

  9. #39

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    Quote Originally Posted by vertical1 View Post
    At what rate of taxation will that lump sum distribution in a single year cost you? 200K income for the year....OMG....you cannot help getting a hair cut.

    I as well have that option, and learned of the trap I was caught in all too late.
    I will roll it over into a self controlled IRA and take disbursements over time to avoid tax hit all in one year

  10. #40

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    N.J. pension debt grew to $43.8B last year

    TRENTON — New Jersey's public pension shortfall, already one of the worst in the country, got even bigger in 2015, according to new actuarial reports.

    Unfunded liabilities in the state retirement system for government workers grew to $43.8 billion, as of July 2015. The state system had $85.2 billion in liabilities but just $41.4 billion in assets, 48.6 percent of the money needed to pay for promised benefits

    http://www.nj.com/politics/index.ssf...last_year.html

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