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03-20-2019, 05:46 PM
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1,095 posts, read 900,539 times
Reputation: 2608
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If you have a defined pension heads up!! Your pension is now in real danger thanks to Trump! 
As usual this man has undone a protection that Obama put in place to protect defined benefits retirees. Before long you might receive a very nasty letter telling you that you pension is now a wreck on the shoals of wall street greed!
Read this all..........
https://www.forbes.com/sites/ashleae.../#12f0c93368ed
Last edited by VTsnowbird; 03-23-2019 at 06:11 PM..
Reason: no political bashing please
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03-20-2019, 05:51 PM
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3,933 posts, read 1,885,503 times
Reputation: 4577
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Ugh
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03-20-2019, 05:51 PM
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5,546 posts, read 7,854,045 times
Reputation: 11125
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why can't you just state your concerns instead of telling people to read a link.
what was done and what is your concern?
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03-20-2019, 05:57 PM
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Location: Montana
1,829 posts, read 2,093,748 times
Reputation: 6222
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Please read the article you posted. It allows retirees the option of a lump sum payout vs. the pension annuity over time, and is how it was prior to 2015 - so Obama was so concerned about the issue, he back doored it to eliminate employers offering an option - in the last year of his administration! There are reasons this is a great option (terminal disease for example) and reasons this is a bad option (get rich quick at the expense of long term financial security), but allowing a retiree a choice is hardly putting "your pension in real danger."
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03-20-2019, 06:07 PM
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1,095 posts, read 900,539 times
Reputation: 2608
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Quote:
Originally Posted by theoldnorthstate
why can't you just state your concerns instead of telling people to read a link.
what was done and what is your concern?
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Why spoon feed only what's important to me rather than lay out the whole story for all to read and decide what's best for them. |
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03-20-2019, 06:13 PM
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1,095 posts, read 900,539 times
Reputation: 2608
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Quote:
Originally Posted by Tuck's Dad
Please read the article you posted. It allows retirees the option of a lump sum payout vs. the pension annuity over time, and is how it was prior to 2015 - so Obama was so concerned about the issue, he back doored it to eliminate employers offering an option - in the last year of his administration! There are reasons this is a great option (terminal disease for example) and reasons this is a bad option (get rich quick at the expense of long term financial security), but allowing a retiree a choice is hardly putting "your pension in real danger."
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If you understood the context of the story it would be clear to you what "can" happen to already retired people. |
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03-20-2019, 06:25 PM
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Location: Seattle
1,930 posts, read 3,703,098 times
Reputation: 4590
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Quote:
Originally Posted by Retired in Illinois
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I'm not sure I understand the issue. I'm receiving a defined benefit and it reads as though I now have an option of receiving a lump sum, as my choice. Is that not correct? |
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03-20-2019, 06:33 PM
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732 posts, read 327,680 times
Reputation: 1102
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Quote:
Originally Posted by Chilkoot
I'm not sure I understand the issue. I'm receiving a defined benefit and it reads as though I now have an option of receiving a lump sum, as my choice. Is that not correct?
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That's how I read it.
I guess the theory is that retirees aren't wise enough to have that option.
To me, it looks like a real windfall to someone with the problem of a shortened lifespan.
Heck, I cashed out a defined benefit pension simply because the break-even was at a surprisingly old age.
Another good reason to do this would be because you trust something like a Vanguard fund more than a company-run plan. That would be worth quite a lot to me. |
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03-20-2019, 06:50 PM
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Location: S-E Michigan
4,050 posts, read 5,314,573 times
Reputation: 9992
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Quote:
Originally Posted by StrawberrySoup
Another good reason to do this would be because you trust something like a Vanguard fund more than a company-run plan. That would be worth quite a lot to me.
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That is why I opted for a Lump Sum when I left my first employer. They are still careening off the shoals of bankruptcy 7 years later.
But a Lump Sum is clearly not a good choice for everyone. |
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03-20-2019, 06:51 PM
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Location: Willamette Valley, Oregon
6,796 posts, read 2,779,986 times
Reputation: 11482
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Once you select your retirement option, at least in Oregon, it can't be changed. We took the option that gave us a pension annuity for my life and my wife's life. Less money up front but better in the long run. She comes from a long lived family, grandmothers who lived well into their 90's. My dad lived to 93 so it was the better option as far as I can tell. As they say, "you pay's you money and you takes you chances."
Also, I don't think the state of Oregon is going to declare bankruptcy any time soon. People not in the State pension system do like to complain about it though.
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