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I'm always sorry to hear when a working man like yourself gets stiffed. SMH...wow.
Did Union Carbide take care of their executives on their way out the door? Wouldn't be surprised if they did.
I did not get screwed that bad. I still had 20 years to go when Union Carbide disposed of us. There were many within a year or two of collecting that pension. Not sure, but I am betting the top dogs came out alright.
I gotta stick in the corporate world for another 3 years and 8 months until I reach 59.5, then self-employment.
If you think detroit is bad, check out Puerto Rico, Detroit was able to file for bankruptcy to restructure their obligations, Puerto Rico does not.
And before you ask why the hell you care about Puerto Rico....1)it's a us territory so the federal gov't isn't going to sit by and watch it implode, 2) it's a HUGE issuer in the municipal bond market, and your retirement accounts likely hold it
How do we get voters to wake up to the damage our politicians are causing?
How do we get workers to wake up to the damage our unions are causing?
The unions have been too damn weak for a generation to cause much damage.
Union Members ran the Detroit Pension and refused to look at the reality of math and refused to make appropriate changes - now it is busted. The union members are blaming Snyder for realizing that it was broke - rather than the decades of mismanagement by the union.
The MEA teacher's union fought tooth and nail over merely adjusting the expected rate of return from stock investments to a realistic number and now the plan is so damaged Snyder had to reform it in a manner that makes the math work. Of course Snyder's fix is more painful, because it came a few decades later than the fix should have come...and the teachers are blaming Snyder - not the union.
Detroit is another victim of Wall Street's toxic derivatives.
Did Wall Street force the Detroit pension to:
1) Give out bonus pension checks to squander the boom years that should have been kept to offset down years?
2) Guarantee union members a 7.9% rate of return in the optional and additional supplemental investment plan?
3) Create a very generous pension program?
4) Refuse to make changes years ago when it was apparent the math couldn't work?
5) Invest in too risky investments?
Last edited by michiganmoon; 02-16-2014 at 07:44 PM..
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(might be a great COMEDY!!)
