Outrageous public pensions could bankrupt these states
https://finance.yahoo.com/news/outrageous-public-pensions-could-bankrupt-172700274.html
Outrageous public pensions could bankrupt these states
https://finance.yahoo.com/news/outrageous-public-pensions-could-bankrupt-172700274.html
Outrageous public pensions could bankrupt these states
https://finance.yahoo.com/news/outrageous-public-pensions-could-bankrupt-172700274.html
Detroit used the bankruptcy process to slash its promised retiree health insurance benefits from $4.3 billion to $450 million.
32,000 active and retired city workers are affected by the pension cuts and reductions in health care..this is the way other cities will end up going..
In addition to absorbing pension cuts, almost 11,000 retirees and current employees must repay an estimated $212 million in excess interest they accrued in a city-run savings plan, which is separate from the pension fund. The annuity plan guaranteed a 7.9 percent annual return even when the pension lost money, and employees also received bonus interest in some years.
Detroit used the bankruptcy process to slash its promised retiree health insurance benefits from $4.3 billion to $450 million.
32,000 active and retired city workers are affected by the pension cuts and reductions in health care..this is the way other cities will end up going..
In addition to absorbing pension cuts, almost 11,000 retirees and current employees must repay an estimated $212 million in excess interest they accrued in a city-run savings plan, which is separate from the pension fund. The annuity plan guaranteed a 7.9 percent annual return even when the pension lost money, and employees also received bonus interest in some years.
Some of this is correct and some of it is incorrect. Sure, the unions had the companies capitulate early on, especially the mining and auto industry. But it really is more complex and dynamic than it seems. It became evident early on with the auto industry that it would soon become a problem. Pensions came about at a time when people were working longer and dying not too long after they retired. With the advent of the pension, folks began to realize they could retire earlier. This, coupled with people starting to live longer, started to create a drag on company profits. They started to face unique cost problems. For example, it could now become possible for companies to be, in effect, paying out more to retired employees than current employees. So, to be competitive most companies have really gone to the 401K. I am grandfathered in and I am thankful for it. Because only about a third of the companies now still offer a pension.
Interestingly enough, for a few years lately the pensions were smoking the 401Ks. Because of their ability to get into bonds at the right time and the huge amount of money they have to use. Also, they do not have to worry about an individual's date of retirement. Whereas, an individual has to tailor his 401K to his unique situation.
Like I always tell folks: There are basically four ways to plan and save for retirement. One of those is the pension. So be thankful if you have one! I think companies should still offer them---but tweak them to people living longer, etc. Because they are for sure a huge draw for good employees.\
Anyway---there are several ways to look at this issue. And like most issues like this, I do not think either side is completely right or completely wrong.
Some of this is correct and some of it is incorrect. Sure, the unions had the companies capitulate early on, especially the mining and auto industry. But it really is more complex and dynamic than it seems. It became evident early on with the auto industry that it would soon become a problem. Pensions came about at a time when people were working longer and dying not too long after they retired. With the advent of the pension, folks began to realize they could retire earlier. This, coupled with people starting to live longer, started to create a drag on company profits. They started to face unique cost problems. For example, it could now become possible for companies to be, in effect, paying out more to retired employees than current employees. So, to be competitive most companies have really gone to the 401K. I am grandfathered in and I am thankful for it. Because only about a third of the companies now still offer a pension.
Interestingly enough, for a few years lately the pensions were smoking the 401Ks. Because of their ability to get into bonds at the right time and the huge amount of money they have to use. Also, they do not have to worry about an individual's date of retirement. Whereas, an individual has to tailor his 401K to his unique situation.
Like I always tell folks: There are basically four ways to plan and save for retirement. One of those is the pension. So be thankful if you have one! I think companies should still offer them---but tweak them to people living longer, etc. Because they are for sure a huge draw for good employees.\
Anyway---there are several ways to look at this issue. And like most issues like this, I do not think either side is completely right or completely wrong.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
A CEO should be making a hundred times more, if the pilot flying the plane is named Andreas Lubitz.........
..and by the way "freaking" is an euphemism for the "F" word..and tasteless replacement ..
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
A CEO should be making a hundred times more, if the pilot flying the plane is named Andreas Lubitz.........
..and by the way "freaking" is an euphemism for the "F" word..and tasteless replacement ..
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
CEO Pensions
McKesson 115,000 PER YEAR ! Not salary, but a pension
Walmart....113,000 PER YEAR !
Exxon Mobil 68,000 PER YEAR !
Phillip Morris..60,000 PER YEAR !
Not to mention cash bonuses, the golden parachute .
GE, CEO, even gets free tickets to pro basketball games for life. (The cheap B )
So get a life Bowlsoup, start worrying about your neighbor.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
So you are saying that a CEO sitting in an office everyday should make a least 10 times more than a pilot flying several flights a day, risking his life and 150 passengers lives ? If so, You are freaking NUTS.
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