Posted: 6/12/2009 8:20:20 AM EDT
|
What would you do IF you're told your Pension Fund can't pay its Obligations??
Most States, Counties, Townships are all in Financial Trouble and none of what OUR Federal Government is doing Makes any Sense? 
Why are They so Panicked? 
God Forbid this happens, I'm just looking for an Honest Answer. |
|
Quoted:
What would you do IF you're told your Pension Fund can't pay its Obligations?? Most States, Counties, Townships are all in Financial Trouble and none of what OUR Federal Government is doing Makes any Sense?
Why are They so Panicked?
God Forbid this happens, I'm just looking for an Honest Answer. In San Diego, the County is required to assume the payments to retirees. Also, the retirees get paid before the active personnel. However, if the whole system when belly up, I'd have to go back to work. Maybe as the WalMart greeter. 
|
|
Quoted:
Quoted:
What would you do IF you're told your Pension Fund can't pay its Obligations?? Most States, Counties, Townships are all in Financial Trouble and none of what OUR Federal Government is doing Makes any Sense?
Why are They so Panicked?
God Forbid this happens, I'm just looking for an Honest Answer. In San Diego, the County is required to assume the payments to retirees. Also, the retirees get paid before the active personnel. However, if the whole system when belly up, I'd have to go back to work. Maybe as the WalMart greeter. I think this is really what WE are "Bailing Out". How can a County assume Payments when they are writing IOUs? Weren't the Chrysler Bond Holders supposed to be paid first? 
|
|
Quoted:
Quoted:
Quoted:
What would you do IF you're told your Pension Fund can't pay its Obligations?? Most States, Counties, Townships are all in Financial Trouble and none of what OUR Federal Government is doing Makes any Sense?
Why are They so Panicked?
God Forbid this happens, I'm just looking for an Honest Answer. In San Diego, the County is required to assume the payments to retirees. Also, the retirees get paid before the active personnel. However, if the whole system when belly up, I'd have to go back to work. Maybe as the WalMart greeter. I think this is really what WE are "Bailing Out". How can a County assume Payments when they are writing IOUs? Weren't the Chrysler Bond Holders supposed to be paid first?
Our retirement system is solvent and the County is not paying debts for the retirement system. I am not sure about other systems. ETA: We are part of the "WE" in your scenario. We pay taxes on our retirement, we paid into the retirement system, and we paid taxes prior to retiring. |
|
Quoted:
Quoted:
Quoted:
Quoted:
What would you do IF you're told your Pension Fund can't pay its Obligations?? Most States, Counties, Townships are all in Financial Trouble and none of what OUR Federal Government is doing Makes any Sense?
Why are They so Panicked?
God Forbid this happens, I'm just looking for an Honest Answer. In San Diego, the County is required to assume the payments to retirees. Also, the retirees get paid before the active personnel. However, if the whole system when belly up, I'd have to go back to work. Maybe as the WalMart greeter. I think this is really what WE are "Bailing Out". How can a County assume Payments when they are writing IOUs? Weren't the Chrysler Bond Holders supposed to be paid first?
Our retirement system is solvent and the County is not paying debts for the retirement system. I am not sure about other systems. ETA: We are part of the "WE" in your scenario. We pay taxes on our retirement, we paid into the retirement system, and we paid taxes prior to retiring. When everything Imploded in Sept. '08, "Martial Law" was being threatened and I'm thinking this is one of the Reason why?? "These Pensions are lost, LEOs will resign, so WE will have to declare...." Supposedly, WE are paying into Social Security (FICA) Withholding, but that money is Spent; Lost?? WE the People keep Sacrificing, and what was Guaranteed, Isn't; A Power Grab continues 
Tinfoil Off... 
|
|
If you have a union contract and that contract requires that the county or city or whatever maintains the plan at an actuarially sound level then that has to happen. Taking funds out of qualified ERISA plans or contract guaranteed funds is bad juju and except for the Teamsetrs can land folks in jail. For Teamsters it can be SOP or an opportunity to end up dead.
If you are in a city or county where the plans is not contractually guaranteed, then watch out. It can be raided or let fall below standards in many cases. |
Win a FREE Membership!
Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!
You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.