UnThreaded | Threaded | Whole Thread (43) | Ignore Thread Prev | Next
Author: telegraph Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1491  
Subject: Re: Retirement in danger Date: 10/27/2008 3:56 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 2
"You never say never, but I think it extremely unlikely that existing and already accrued pension benefits can or will be cut. As I mentioned I do believe they can "freeze" the pension or give less credit for *future* years of service... or they can stop putting new hires into it... but I really, really think any attempt to cut earned pension benefits, based on years of service already worked, would be DOA."

Some cities decide what the 'percentage' which is earned by years of service is,...the figure out the last 3 'average earnings'....which in many union based jobs, suddenly winds up being 100% greater than the base salary of the employee...all of a sudden,there is 40 hours a week of overtime.....and premium pay, of course..... for a year .......(put in by others)....to help the guy retiring get a pension based upon a bogus number.....next year they help out someone else with 'extra hours'....maybe the employee works 20 extra hours, some others kick in a hour or two of their overtime....(for cash under the table)...

and the guy retires with 35years or 35% of twice or three times his base pay....... or about 100% of pay.......

The NYC unions were famous for that.....

Suddenly, the last 3 years had fantastic earnings...the guy about to retire 'got all the overtime'..... heck...the next year, he might even appear to help out the next guy retiring...for a few bucks off the books...to 'work' over time for 2-3 hours in place of the nest guy to retire.....

I wouldn't be surprised if the transit folks and others weren't pulling the same scam.

You limit it to base pay and save a bundle....but you got a big fight with the unions....


t.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (43) | Ignore Thread Prev | Next

Announcements

Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Value Hounds

My Big Fat Greek Splat
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement