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Thread: AS I stated Major pension crisis starting in 2017

  1. #51

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    If there was a real value/substance in paper IOUs/electronic digits, accounts and or government redistributing bureaucrats it would smell like burning BS in every inch of America right now.

  2. #52

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    UPS Braces For $3.8 Billion Charge As Treasury's Pension Benefit Decision Looms

    http://www.zerohedge.com/news/2016-04-30/ups-braces-38-billion-charge-treasurys-pension-benefit-decision-looms

    Treasury is set to decide on the matter by May 7th, and as it turns out, the decision impacts more than just current plan participants...
    During its Q1 earnings call, UPS told investors that if Treasury approves the CSPF plan to cut benefits, the company would have to take a charge of approximately $3.2 to $3.8 billion.

    As part of a collective bargaining agreement with the International Brotherhood of Teamsters when UPS withdrew from the fund in 2007, the company agreed to provide supplemental benefits to any remaining members in the event that certain benefits were lawfully reduced.
    While any income statement impact will be adjusted out by analysts, it will be a significant drain on UPS' cash flow (UPS generated $5 billion in free cash flow in fiscal 2015) as it funds the benefit gap over time.
    What's the Frequency, Kenneth?

    432Hz

  3. #53

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    The US public pensions crisis ‘is really hard to fix’



    The scale of this pension crisis, as it has been dubbed, is huge. The Hoover Institution, a think-tank at Stanford University, estimates that US public pensions collectively have a $3.4tn funding hole. More conservative numbers put the funding gap at around $1tn.
    Few public pension plans are fully funded, meaning they do not have enough money to pay current and future retirees. And the situation is getting worse.



    http://www.ft.com/cms/s/0/36da8bc6-0...#axzz47dJA4qnc

  4. #54

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    Treasury Department Rejects Teamsters’ Central States Proposal to Cut Retiree Benefits

    http://www.wsj.com/articles/treasury-department-rejects-teamsters-central-states-proposal-to-cut-retiree-benefits-1462558028

    Mr. Feinberg said he rejected the plan because it unfairly imposed uneven cuts among retirees, sent notifications to participants that were too technical to be understood and was based on overly rosy assumptions about investment returns. “We at Treasury do not believe that the plan as submitted will reasonably avoid insolvency,” Mr. Feinberg told reporters.


    It is extremely rare for retirees’ pension benefits to be reduced. In most cases, it is illegal, but a 2014 federal law made it possible to impose cuts on participants in some cash-strapped plans covering workers and multiple employers. At Central States, some 270,000 retirees were facing benefit cuts.
    What's the Frequency, Kenneth?

    432Hz

  5. #55

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    [QUOTE=redraspberry;2501501]Treasury Department Rejects Teamsters’ Central States Proposal to Cut Retiree Benefits

    http://www.wsj.com/articles/treasury-department-rejects-teamsters-central-states-proposal-to-cut-retiree-benefits-1462558028

    Mr. Feinberg said he rejected the plan because it unfairly imposed uneven cuts among retirees, sent notifications to participants that were too technical to be understood and was based on overly rosy assumptions about investment returns. “We at Treasury do not believe that the plan as submitted will reasonably avoid insolvency,” Mr. Feinberg told reporters.


    It is extremely rare for retirees’ pension benefits to be reduced. In most cases, it is illegal, but a 2014 federal law made it possible to impose cuts on participants in some cash-strapped plans covering workers and multiple employers. At Central States, some 270,000 retirees were facing benefit cuts.[/QUOTE

    ********So in other words just let it become insolvent because the plan submitted would just kick the can down the road with the same result in the end(insolvency)********. People should be prepared to lose their full pension instead of a cut as Mr. Feinberg stated the plan would not help avoid insolvency. Many should start planning now for when the check stops.
    Last edited by Silver and Gold; 05-08-2016 at 06:43 AM.

  6. #56
    Join Date
    Sep 2012
    Posts
    7,257

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    “Promises” are made to be broken ……… Why anyone would ever believe otherwise I can’t understand.
    Most particularly the endless “Promises to Pay” (The top to bottom Debt as “Money” & Debt as an “Asset” System)
    “BROKEN” !!!! >>>> Who woulda thunk it….. But then again, Just as designed.

  7. #57

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    One of the really bad things i see with the recently retired people, especially in govt jobs, who are guaranteed a nice fat pension, at close to, or even in a few cases more than their employed salaries(due to pension padding by overworking the last year or two before retiring, to bump their perpetual retirement benefits) is that these recently retired all go out and start living the life of riley, buying expensive houses, being able to "qualify" and the banks lovethem, as they have a guaranteed income. They go out and are the ones you see buying big F550 trucks, all blinged out, boats and jet skis, monster motor homes, and excessive comsumption, most all based not on buying smart with cash in hand, but instead on credit, or leasing.

    These folks will be the new destitute, once the pensions collapse, they will no longer be able to afford the big mortgages, etc. And, since most of them were employed most of their life in a job that back in our countries glory years (up until the 1960's) that was literally the job of last resort, for people who were unable to deal with actually meeting minimum skill requirements at a real private sector similar job, they will have no skills other than flipping burgers, or collating expense spreadsheets, and other cubicle type jobs, which are going to be gone..........................

    Look for the freeway offramp signs, coming soon to a town near you, held up by homeless people saying "lost my pension from SEIU, can you spare a dollar, so I can eat"

  8. #58

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    You're absolutely right. I know a young couple in the same boat - she always mentions how thankful she is that she'll be getting a pension…..from Chrysler. I have hinted that perhaps they shouldn't count on it too much, but I don't know what I'm talking about.. Ha, deaf ears.
    'The less we know, the more they fabricate, the easier it is to sell souls.'

    'There is a new price on freedom, so buy into it while supplies last.'

  9. #59

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    Living the dream - Many of them are in their 70`s or 80`s so if the forever talked about calamity doesn`t happen soon, then they certainly were the smart ones.
    Even if it happened tomorrow, they would have lived the best part of their lives extremely well. The future is always uncertain so one needs to live in the here and now.
    Just for record I am not one of these very fortunate retirees. I have a lot of friends and family that are, and they sure do smile a lot.

  10. #60
    Join Date
    Sep 2012
    Posts
    7,257

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    Quote Originally Posted by brutus2 View Post
    Living the dream - Many of them are in their 70`s or 80`s so if the forever talked about calamity doesn`t happen soon, then they certainly were the smart ones.
    Even if it happened tomorrow, they would have lived the best part of their lives extremely well. The future is always uncertain so one needs to live in the here and now.
    Just for record I am not one of these very fortunate retirees. I have a lot of friends and family that are, and they sure do smile a lot.
    The Boomer Generation (aka: The Luckiest Generation and that only via dumb luck / Beneficiary the Debt Gangster System) will be fine ……
    Gen Xers and down ……….
    Best wakeup and assume nothing from nobody. (what other way is there to be IMO)
    “Future Benefits” cuts are long underway (code for Sorry Charlie) and will only continue so.

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