Congress could soon allow pension plans to cut benefits for current retirees

Congress could soon allow the benefits of current retirees to be cut as part of an agreement to address the fiscal distress confronting some of the nation’s 1,400 multi-employer pension plans.

 

You can count on that as fact. Also, the city, municipal and public employee unions need to be trimmed. These pensions are completely out of wack and the exorbitant benefit packages need to disappear as well.

 

That is why I took my lump sum on Dec 1. Only you can look out for your own interests.

 

You were correct to do so. Never let someone in a corporation, union or government get leverage into your money.

 

Good~! It is about time. There's no reason anyone should get a pension. If you are not working then you should not get any money. That is true whether you're with a company or a public servant.

If you're taking-you're a freeloader. Get out and get a job.

 

This is ILLEGAL and we worked for many years to get our retirement benefits!! It is my time now to sip dry martinis and play the ponies!!

 

If company X promises a pension to employee Y as compensation for service then in no way is it inappropriate for the employee to receive his or her benefit. Companies and governments should not make promises they are ill equipped to deliver upon.

But I agree with one of the prior posts - take the money and run. Lump sum makes sense just specifically for reasons like this. Unless they plan to take it back from you by force!

 

Currently it's illegal. There was a law that was passed around 1975 ish where companies and states needed for fully compensate employees. It is currently under review by congress. A pension is just a promise to pay. Promises are broken all the time.

 

You are a fool. The blotted pensions need to go. We as taxpayers don't owe you a f??king thing FU sponges!

 

I think that would be bloated as opposed to blotted. On second thought perhaps blotted is a better description.

I would also suggest that you direct your portion of the blotted pension toward a worthy cause as you are accruing it as we speak.

 

So much for the "scare tactics"; I am sure they are speaking about municipal, state, federal pensions to begin with. Also, yes people should receive pensions if they have earned them/worked many years/promised, etc. Ethical companies would honor their promise.

 

No ethics in this industry!! What is more important is putting laws in place that eliminate stock options.

 

Problem with the lump sum is if the interest rates go up, you are screwed. Lump sum goes down and you are stuck with a shaky Inuits.

 

AZ rep here who has an absolute understanding of defined benefit pension plans. Yes, as interest rates rise, the amount of a lump sum payout goes down. Interest rates will one day creep back up. if you are able, take your lump sum now, but ALWAYS QUESTION THE CALCULATED AMOUNT! Quite often it is wrong!

 

I don't know any ethical companies. Do you really think the senators will cut their own pension?


http://www.marketwatch.com/story/pension-law-proposal-would-hit-some-retirees-2013-04-15

 

How would you question the calculated amount? The website provides an estimated payout of the pension, why would one expect it to be incorrect?

 

Sorry but, no it is not just public servants. This is happening across all industries not just pharma. It even gets into the 'why' an aggressive/hostile take-over happens.

If a company is sitting on a large cash pile that is used to pay out the retirement benefits, in comes a hostile company who then cries that the 'new' company actually has unpaid debts that must be paid before the retirees~~bam goes your retirement benefits as the new company goes into reorganization.

While it started with public servants it is now a significant part of the new business model.

But, we all want this~~we want it to happen to the 'other guy' but then get upset when it comes our way.

 

Exactly, it will be one size fits all. They will take away medical soon. If all the companies do it no company gains an advantage over the other. Look at IBM, GE and other big companies. They stripped away all benefits legally possible. If the law changes they will go further. Bunch of lawyers and pencil pushers.

 

If you're relying on Merck's ethics, you are in big trouble.

 

I would say, it is our own fault. We allow our politicians to allow laws like this to happen.

And we just voted a whole new lot in~~to do the same exact thing to us all over again.