One problem with a LOT of pensions. - Saab General Bulletin Board - Saabnet.com
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One problem with a LOT of pensions.
Posted by NHWayne [Email] (more from NHWayne) on Sat, 5 Jun 2010 07:52:35
In Reply to: Re: Unions and pensions...., pete 
[Profile/Gallery]
, Fri, 4 Jun 2010 21:04:55
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is that the company or government entity does not properly fund the pension - they know the costs and necessary annual contributions to sustain the pension as planned, but they end up diverting the money for other uses (capital investments, paying for that new program, etc.)
Over time, the underfunding gets worse and worse because they not only run a deficit for the current fiscal year, but also never properly fill the hole from the previous year. Similar to how the Fed budgets allowed the "borrowing" of SS money by slating money to the General Funds, but never paying it back.
Of course, there are other st*pid agreements as well - such as in some states, employees are allowed (depending on years of service, occupation, etc) to retire in their 40s which mean they are able to collect pensions for 40 plus years at times. Other bad ideas (to me) include being able to use overtime pay as part of the pension benefit amount which causes many employees to cram the overtime in during the last years before retirement to, sometimes, triple their base pay used for calculation. To me, it should be based ONLY on base pay.
posted by 24.62.2...
Posts in this Thread:
- this month's Car and Driver, john in CT, Thu, 3 Jun 2010 17:18:20
- Unions and pensions...., Mike Lynch
, Fri, 4 Jun 2010 10:48:54 - Re: this month's Car and Driver, REM in Seattle
, Fri, 4 Jun 2010 10:31:59 - Re: this month's Car and Driver, EGD , Fri, 4 Jun 2010 04:00:08
- Another example of inept GM management., Noel, Fri, 4 Jun 2010 05:25:22
- Re: Another example of inept GM management., EGD , Fri, 4 Jun 2010 19:06:04
- Accounting, Accounting, Accounting, Bruce, Fri, 4 Jun 2010 12:09:23
- Re: Another example of inept GM management., JimBlake , Fri, 4 Jun 2010 05:53:31
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