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Topic Title: Promises broken under trumpist capitalism
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Created On: 03/20/2019 11:54 AM
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 03/20/2019 11:54 AM
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RustyTruck

Posts: 33300
Joined Forum: 08/02/2004

It just became easier for employers to dump retirees' pensions

http://www.cnn.com/2019/03/20/...retirement/index.html

New York (CNN Business)Traditional pensions are disappearing in America, and the federal government just made it easier for employers to get rid of them.

With no fanfare in early March, the Treasury Department issued a notice that allows employers to buy out current retirees from their pensions with a one-time lump sum payment. The decision reverses Obama-era guidance, issued in 2015, that had effectively banned the practice after officials determined that lump-sum payments often shortchanged seniors.

Now, advocates for the elderly worry that millions of people receiving monthly pension checks could be at risk.

"Permitting plans - for their own financial benefit - to replace joint and survivor or other annuities with lump-sum payments will reduce the retirement security of both workers and their spouses," AARP Legislative Counsel David Certner said.
Since the 1980s, employers have shifted away from offering defined-benefit pensions, which provide a guaranteed monthly income for as long as someone lives in retirement. Instead, employers now favor 401(k) accounts, a finite pot of money that becomes available at age 59.5.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
 03/25/2019 01:09 PM
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somebodyelse

Posts: 6770
Joined Forum: 06/29/2006

My company is offering this........ It is up to the employee....................IF... If your 401K buyout is 200grand for a 30 year employee...... and you can pay off your house or buy a second house or start a business with the money, maybe its a good deal for you.............IF... If you believe social security is going to change and you will lose SS money because you have an IRA retirement income.... then taking a lump sum and investing it might be the smart move... Take a lump sum and rely on SS checks for your retirement................(like the other 100 million middle and low income retirees)

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 03/25/2019 05:15 PM
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RustyTruck

Posts: 33300
Joined Forum: 08/02/2004

This isn't a voluntary buy out. This is a broken promise and the boss man pockets the loot.
This sort of thing should piss workers off, but they're too busy cheering for trump to own the libs. No time to notice they picked your pocket.

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Capitalism is based on the ridiculous notion that you can enjoy limitless growth in a closed, finite system.

In biology, such behavior of cells is called "cancer".
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