"Boater" wrote in message
...
BAR wrote:
Boater wrote:
BAR wrote:


The perfect example of why Social Security is going to fail and why we
need to abandon it now. For some people it will be unfair and it will
hurt but that is too bad. Everyone younger than 35 gets no Social
Security but, they still fund it.


Corporations with defined pension programs should not be allowed to
"unfund" their pension liabilities.

That's why the unions should be the clearing house for their members.
Provide 100 workers at a rate of $50 per hour to meet a quota of 500 cars
a day. What the union does with the money is between the union and the
workers.

First rule: Get the money up front.


Well, that's similar to what the construction worker unions do. sort of.

The construction unions negotiate a rate with the contractors...the
contractors pay the workers their hourly paycheck rate and deduct and
forward the required taxes to the feds. The deductions for health and
welfare go directly to the jointly administered union-contractor health
and welfare pension and benefit fund offices. Anyone who has access to any
of the funds at the benefit is bonded. Typically, the trustees retain a
reputable trust funder "advisor" who helps the trustees invest the funds
in "safe" investments that pay a return higher than the anticipated payout
for pensions and other benefits. There are no unfunded liabilities. The
employer for whom the union workers work has no access to the pension
funds.

These are defined pensions, not 401k's. The employer may offer a 401k, but
it isn't typically administered by the joint trustees.







Yup union pension funds. Like the teamsters, plumbers, Ullico, etc. How
many went to jail for those thefts.