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Calgunners in Service This forum is a place for our active duty and deployed members to share, request and have a bit of home where ever they are.

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  #1  
Old 12-12-2013, 8:29 AM
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Default Ret. Pay CUTS for those under 62 years old, "Diet COLA"

http://www.armytimes.com/article/201...S05/312100038/

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  #2  
Old 12-12-2013, 10:00 AM
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Its starting to happen everywhere. Reality is that we (local, state and federal governments) can't afford the retirements for people. Its also trickling into the private sector. Its very sad but the writing has been on the wall for a long time. Personally I think Vets get the absolute short end of the stick on this one as they are the ones who protect us and serve this country. We can do without a lot of state/local government employees and our lives typically don't depend on them...nor do they put their lives at risk for us (with the exception of course for Police/Fire).
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Old 12-12-2013, 10:04 AM
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With the string of Wall Street cases of blatant fraud and misappropriating funds and then receiving government bailouts for their actions, I'm surprised there will be retirement programs even available going forward.
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Old 12-12-2013, 2:36 PM
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My wife doesn't think this can happen to her. She will learn the truth far before she retires. But this is the problem with defined benefit programs. Too easy to change the benefit before or after time comes to collect. Negotiation is meaningless.

At least with defined contribution you are (more) in the driver's seat. Like a true farmer, you reap what you sow.
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Old 12-12-2013, 7:18 PM
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After wasting billions and billions for welfare, wars with out profit .Corporate bailouts and foreign aid, the Goose has laid it last golden egg. The pay and retirement packages are too expensive for the value received. Remember these people don't produce anything, they just cost and cost .
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Last edited by Sunday; 12-12-2013 at 7:20 PM..
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  #6  
Old 12-12-2013, 7:25 PM
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Quote:
Originally Posted by Lifeon2whls View Post
Its also trickling into the private sector. Its very sad but the writing has been on the wall for a long time.
Trickling?

Defined benefit pensions in private industry have been gone for a long time.
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Old 12-12-2013, 7:30 PM
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Trickling?

Defined benefit pensions in private industry have been gone for a long time.
baloney. Plenty of small startup companies out there that offer defined benefit because they are age based. The young folks get nothing (and if they are smart they opt out) and the CEO being close to retirement can funnel tens (or hundreds) of thousands of company money into his own catch-up fund that pays constant as soon as the company folds.

Assuming the board is filled with sycophants and idiots. Not uncommon.
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Old 12-13-2013, 6:50 AM
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baloney. Plenty of small startup companies out there that offer defined benefit because they are age based. The young folks get nothing (and if they are smart they opt out) and the CEO being close to retirement can funnel tens (or hundreds) of thousands of company money into his own catch-up fund that pays constant as soon as the company folds.

Assuming the board is filled with sycophants and idiots. Not uncommon.
It is precisely small start ups that do not generally offer defined benefit plans. The typical start up deal is come work for us and we'll give you stock that may or may not turn out to be worth anything.

It sounds to me that you may not know what a defined benefit plan is. Defined benefit plans do not have " catch up funds."
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Old 12-13-2013, 7:51 AM
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Originally Posted by Cnynrat View Post
It is precisely small start ups that do not generally offer defined benefit plans. The typical start up deal is come work for us and we'll give you stock that may or may not turn out to be worth anything.

It sounds to me that you may not know what a defined benefit plan is. Defined benefit plans do not have " catch up funds."
I probably don't.

What I DO know is, is what our CEO put into effect through John Hancock, What John Hancock offered and how they explained the benefit program, including whether they called it defined contribution or defined benefit, and I know what my CEO is doing to funnel thousands upon thousands to his own retirement.

I also know the "typical" start up deal, and how what our startup is doing differs.

Sounds more to me like you know what a "typical" defined benefit program is, and not the program offered by John Hancock.
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Old 12-13-2013, 10:15 AM
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Defined contribution and defined benefit plans are polar opposites.

Defined benefit plans are highly regulated by fed.gov. As such, while they may vary in some of the details, in terms of their overall structure they are all very similar. In a defined benefit plan it is not possible for a CEO to "funnel thousands upon thousands into his own retirement." He's going to get a benefit that is a function of his years of service and his salary, and the formula used to calculate his benefit is the same for every other employee that is part of the pension plan. He'll get a larger benefit due to his higher salary, but that's all.
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Old 12-13-2013, 10:23 AM
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you can't tell me the formula used isn't specifically contrived to maximize the pension for the CEO and provide nothing for the guys at the bottom. I know what the formula is and why the CEO picked this plan.
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Old 12-13-2013, 10:31 AM
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Be curious to see what I get in 14 years!
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Old 12-13-2013, 10:33 AM
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Time Warner Cable still has pensions but they are few and far between. company match 401k is a solid route.. just have to stay on top of your investments.
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  #14  
Old 12-13-2013, 10:38 AM
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Originally Posted by Whiterabbit View Post
you can't tell me the formula used isn't specifically contrived to maximize the pension for the CEO and provide nothing for the guys at the bottom. I know what the formula is and why the CEO picked this plan.
Yes, I can.

If it is a defined benefit plan (you have not convinced me that it is), he will naturally receive a higher benefit due to his higher salary. No need to contrive the formula.

What you are suggesting is that the benefit formula is nonlinear, which they are not.
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Old 12-13-2013, 10:47 AM
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Quote:
Originally Posted by Ninety View Post
Time Warner Cable still has pensions but they are few and far between. company match 401k is a solid route.. just have to stay on top of your investments.
This is typical of what has happened in corporate America. Some employees may still have grandfathered defined benefit plans, but by and large companies have moved to defined contribution plans. Defined contribution plans can provide solid retirement benefits, but the risk of whether that actually happens is borne by the employee, not the employer.

I suspect my company is not atypical. Our defined benefit plan was frozen a few years ago: we get whatever benefit we've accrued. Going forward we have a defined contribution plan, which in our case takes the form of an additional contribution to our 401k account.
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