haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
unclemick2 said:
Finally someone who can discourse at my level.
Mikey
United Airlines trying to dump pension obligation
- Thread starter BristolBane
- Start date
Finally someone who can discourse at my level.
Mikey
Spanky
Thinks s/he gets paid by the post
The takeaway is that you cannot count on corporations or the government for pensions or social security. You must take charge of your retirement or your career. Do not be blind and loyal to any organization. Business executives are only looking for their own interests. Politicians are only concerned getting re-relected. Is that it?
Mr._johngalt
Thinks s/he gets paid by the post
- Joined
- Dec 3, 2002
- Messages
- 4,801
Spanky said:
In God we trust. All others are suspect
JG
One takeaway is, retirement as we know it, is going the way of the "dodo bird".
BTW: I have read somewhere that retirement as we know it now is a fairly new invention, probably since FDR. During most of history, people worked until they died or were unable to work anymore. Retirement industry was started to get the old pharts out and give the young workers a shot. Since demographics indicate there's going to be a lot more wizened citizens, maybe the reverse is inevitable.
Another takeaway is cavet emptor. Save your money, LBYM, and provide for your own retirement. This is not a good thing for United Airline workers. But, it is a wakeup for those still working who have enough time to save, save, and save some more.
BTW: I have read somewhere that retirement as we know it now is a fairly new invention, probably since FDR. During most of history, people worked until they died or were unable to work anymore. Retirement industry was started to get the old pharts out and give the young workers a shot. Since demographics indicate there's going to be a lot more wizened citizens, maybe the reverse is inevitable.
Another takeaway is cavet emptor. Save your money, LBYM, and provide for your own retirement. This is not a good thing for United Airline workers. But, it is a wakeup for those still working who have enough time to save, save, and save some more.
I figure I best say something before people start asking "where's
Charlie?"
I learned in '69 when TI had it's first layoff (I was a very young
manager at the time) that you had to look out for yourself. Bought
a laundromat and started plodding toward ER. In '89 they offered
an ER package and I took it at age 55 in a flash.
There was no question in my mind about taking the lump sum vs.
pension ..... no way was I going to depend on the company
lasting for another 30-40 years.
I truly feel sorry for those loosing pension benefits but it is
ridiculous to blame it on high salaries of the executives although
they are grossly overpaid. I can remember the time when auto
workers were making much more than the average hourly
worker and airline pilots were getting rich by most standards.
Poor business decisions including pandering to overdemanding
labor unions was/is the root of many companies problems.
That and the fact that we almost had a free ride after WWII until
the rest of the world re-tooled with modern equipment and
began to hand us our head on a plate.
That's my 2 cents .....
Cheers,
Charlie
Charlie?"
I learned in '69 when TI had it's first layoff (I was a very young
manager at the time) that you had to look out for yourself. Bought
a laundromat and started plodding toward ER. In '89 they offered
an ER package and I took it at age 55 in a flash.
There was no question in my mind about taking the lump sum vs.
pension ..... no way was I going to depend on the company
lasting for another 30-40 years.
I truly feel sorry for those loosing pension benefits but it is
ridiculous to blame it on high salaries of the executives although
they are grossly overpaid. I can remember the time when auto
workers were making much more than the average hourly
worker and airline pilots were getting rich by most standards.
Poor business decisions including pandering to overdemanding
labor unions was/is the root of many companies problems.
That and the fact that we almost had a free ride after WWII until
the rest of the world re-tooled with modern equipment and
began to hand us our head on a plate.
That's my 2 cents .....
Cheers,
Charlie
gratefuled
Recycles dryer sheets
- Joined
- Oct 1, 2004
- Messages
- 178
A few notes...
First of all, you can't tar all execs with the same brush. Some of them have to screw their pants on, true, but others are just playing by the rules...and if the rules don't take adequate care of the "little guy," the difference between a good exec and a good human being is that the good human being makes up the difference.
Another thing about execs...say an executive has a deferred comp plan and the company goes bankrupt. In the eyes of the bankruptcy judge he's just another creditor like pension plan recipients. That is, assuming the executive hasn't required some kind of surety in his package. So is he the criminal or the victim?
Now, these pension plans that are going to the PBGC...they're insured, just not on a one-for-one basis. Pensioners are collecting below par. It's like the FDIC insuring your deposit account for up to $100K. If you have more than that, kiss it goodbye if your bank goes gut-up.
Incidentally, PBGC payouts are not funded by taxpayers. They're funded by premiums from covered plans that are still solvent.
And on that note, I'm knocking off to go fishing.
Ed
First of all, you can't tar all execs with the same brush. Some of them have to screw their pants on, true, but others are just playing by the rules...and if the rules don't take adequate care of the "little guy," the difference between a good exec and a good human being is that the good human being makes up the difference.
Another thing about execs...say an executive has a deferred comp plan and the company goes bankrupt. In the eyes of the bankruptcy judge he's just another creditor like pension plan recipients. That is, assuming the executive hasn't required some kind of surety in his package. So is he the criminal or the victim?
Now, these pension plans that are going to the PBGC...they're insured, just not on a one-for-one basis. Pensioners are collecting below par. It's like the FDIC insuring your deposit account for up to $100K. If you have more than that, kiss it goodbye if your bank goes gut-up.
Incidentally, PBGC payouts are not funded by taxpayers. They're funded by premiums from covered plans that are still solvent.
And on that note, I'm knocking off to go fishing.
Ed
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