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Nice Planet IX: Oh that's just GREAT...

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Re: Nice Planet IX: Oh that's just GREAT...

The juxtaposition of the leaf and the pension story is interesting; in both cases, one wishes there was a court of appeal whose sole job was to adjudicate based on the principle, "oh, for Pete's sake!" :) (And yes, I recognize this is impossible because of procedural issues -- I am 75% joking.)
 
Re: Nice Planet IX: Oh that's just GREAT...

joecct said:
Most pensions are lifetime. I think the outrage is that 1 day on the job vets you into the retirement system and puts $30,000 more in his bank account.

Change the law.
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The law has nothing to do with it. Change the contract to require at least some tenure in the position. For example, my work offers a college reimbursement plan if you want to get a degree while working, but you have to reach a certain tenure in order to be eligible (usually around 6 months or a year).
 
Re: Nice Planet IX: Oh that's just GREAT...

It's time to get rid of defined benefit pensions and move towards 401(k) and defined contribution pensions.
 
Re: Nice Planet IX: Oh that's just GREAT...

dxmnkd316 said:
It's time to get rid of defined benefit pensions and move towards 401(k) and defined contribution pensions.
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Because requiring all Americans from the burger flipper on up to be investment gurus to enjoy retirement is clearly not going to have any negative consequences whatsoever.

All that switch does is move the risk from the company/governmental entity to the individual worker. Maybe we should can workers' compensation and unemployment benefits while we're at it.

I'm all for eliminating double dipping and shiat like what that guy in Illinois is doing. But eliminating pensions is one of the worst things to happen to the average American in the last 40 years.
 
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Re: Nice Planet IX: Oh that's just GREAT...

dxmnkd316 said:
It's time to get rid of defined benefit pensions and move towards 401(k) and defined contribution pensions.
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I'm not sure we should respond to the 2006 Financial Crisis by turning over the entirely of the $x trillion in US workers' savings to those same criminals.
 
Re: Nice Planet IX: Oh that's just GREAT...

unofan said:
Because requiring all Americans from the burger flipper on up to be investment gurus to enjoy retirement is clearly not going to have any negative consequences whatsoever.

All that switch does is move the risk from the company/governmental entity to the individual worker. Maybe we should can workers' compensation and unemployment benefits while we're at it.

I'm all for eliminating double dipping and shiat like what that guy in Illinois is doing. But eliminating pensions is one of the worst things to happen to the average American in the last 40 years.
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Do you know a lot of burger flippers that have pension plans? No, neither do I. So what change would this bring to people who work jobs at that level, in industries such as that? No, I don't really see much of a change either. Add to that, the financial industry has plenty of options for people who aren't financial wizards, mainly in the form of mutual funds. Many fund companies even have assets designed for estimated retirement dates (the T. Rowe Price 2030 Fund, Vanguard Target 2050 Retirement Fund etc.). I'm no great Shakes at building a house, but I could certainly get the job done by hiring out the process. Retirement planning isn't much different other than the nature of the product.
 
St. Clown said:
Do you know a lot of burger flippers that have pension plans? No, neither do I. So what change would this bring to people who work jobs at that level, in industries such as that? No, I don't really see much of a change either. Add to that, the financial industry has plenty of options for people who aren't financial wizards, mainly in the form of mutual funds. Many fund companies even have assets designed for estimated retirement dates (the T. Rowe Price 2030 Fund, Vanguard Target 2050 Retirement Fund etc.). I'm no great Shakes at building a house, but I could certainly get the job done by hiring out the process. Retirement planning isn't much different other than the nature of the product.
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For my IRA I have plenty of options, my company's 401k options are abymismal active managed funds with horrible expense ratios.
 
St. Clown said:
Do you know a lot of burger flippers that have pension plans? No, neither do I. So what change would this bring to people who work jobs at that level, in industries such as that? No, I don't really see much of a change either. Add to that, the financial industry has plenty of options for people who aren't financial wizards, mainly in the form of mutual funds. Many fund companies even have assets designed for estimated retirement dates (the T. Rowe Price 2030 Fund, Vanguard Target 2050 Retirement Fund etc.). I'm no great Shakes at building a house, but I could certainly get the job done by hiring out the process. Retirement planning isn't much different other than the nature of the product.
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No, but there were plenty of assembly line workers who had pensions 50 years ago that don't anymore.

Private sector pensions have all but disappeared in this country.
 
Re: Nice Planet IX: Oh that's just GREAT...

Almington said:
For my IRA I have plenty of options, my company's 401k options are abymismal active managed funds with horrible expense ratios.
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It's a slowly growing trend, but more and more 401(k)s are moving towards open-ended options, meaning that they'll allow participants to choose whatever assets they'd like to own so long as they're securitized assets (stocks, bonds, mutual funds - not closely held assets like elephants and such). Other 401(k) providers are incrementally getting there, increasing the number of options from small listings of ten or so choices to fifty or more assets.
 
Re: Nice Planet IX: Oh that's just GREAT...

unofan said:
No, but there were plenty of assembly line workers who had pensions 50 years ago that don't anymore.

Private sector pensions have all but disappeared in this country.
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It's because they're expensive to maintain and rules and regulations have made them more difficult to continue - especially with companies using fewer employees to produce the same number of goods.
 
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