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Old Yesterday, 09:20 AM
 
Location: Albuquerque NM
1,677 posts, read 1,545,722 times
Reputation: 3699

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I am a retired federal employee with a moderate sized pension that is more than 50% of my retirement income. About the safest pension you can have. But the annual Cost of Living Adjustment (COLA) formula for my "second tier" pension is already less generous than the Social Security COLA and there has been some talk in Congress/White House of doing away entirely with this COLA. I do get a little nervous that the pension could be seriously eroded by the time I am in my 80's but that is one reason that I worked a couple of extra years to pad my retirement income so I should be okay. The future of Social Security is more troubling as it could easily be cut 20% for higher taxable incomes in about 10-15 years from now. All of my retirement income is taxable except for a small Roth IRA and I am single so I feel that I am a target.
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Old Yesterday, 09:22 AM
 
2,393 posts, read 611,340 times
Reputation: 4186
Quote:
Originally Posted by MI-Roger View Post
So my fear is the plans will go bankrupt and I may be subject to "claw-back" of a portion of my Lump Sum payment as part of the PBGC program to provide some level of pension income to the hundreds of thousands of eligible retirees.
I'm curious: is claw-back a power of the PBGC?
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Old Yesterday, 09:28 AM
 
2,393 posts, read 611,340 times
Reputation: 4186
Quote:
Originally Posted by wendellgee View Post
I don't worry about my pension going bankrupt. It is a multi employer pension and is always over 100% funded.
Quote:
Originally Posted by numsgal View Post
DH's pension is 138% funded according to the May newsletter. It is a multi-employer plan.

If you don't mind my asking, which multi-employer plans are these? All I read about are multi-employer plans that are in trouble, not multi-employer plans that are on sound financial footing.
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Old Yesterday, 09:43 AM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,298 posts, read 1,969,289 times
Reputation: 3289
Oregon PERS, assumed growth rate for 2020-2022, = 7.2%.
https://www.oregonlive.com/politics/...ssumption.html

My FA is telling clients to expect 3-4% real growth (meaning more money needs to contributed to IRA, Roth, annuities) if clients want the same standard of living in retirement as in their current working years.
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Old Yesterday, 09:45 AM
 
Location: Sylmar, a part of Los Angeles
4,058 posts, read 2,590,094 times
Reputation: 8726
California is approaching a trillion in public employee union pension debt. The politicians ignore it, never say anything.
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Old Yesterday, 09:49 AM
 
Location: SoCal
13,762 posts, read 6,534,991 times
Reputation: 10296
Quote:
Originally Posted by V8 Vega View Post
California is approaching a trillion in public employee union pension debt. The politicians ignore it, never say anything.
They are taxing their way out of it.
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Old Yesterday, 09:50 AM
 
Location: Western Colorado
11,137 posts, read 12,563,450 times
Reputation: 26392
Are you nervous that your pension will be eliminated?

Nope, mine is written into the state constitution where I retired from.
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Old Yesterday, 09:55 AM
 
536 posts, read 150,235 times
Reputation: 1331
Our pensions are from the state and are secure.
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Old Yesterday, 10:26 AM
 
Location: Scottsdale, AZ
7,999 posts, read 4,900,703 times
Reputation: 29284
Quote:
Originally Posted by jasperhobbs View Post
Who are the so called experts predicting future stock market returns?

The usual experts, relatives and acquaintances our brand-new posters cite.
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Old Yesterday, 11:16 AM
 
Location: Ypsilanti, MI
2,484 posts, read 3,699,384 times
Reputation: 4875
Quote:
Originally Posted by RationalExpectations View Post
I'm curious: is claw-back a power of the PBGC?
I don't know, but I understand that pension reductions are within the PBGC tool-lot for resolving bankrupted plans. Claw-backs on pension and have been implemented in other countries, which means next to nothing.
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