I was thinking about what I said last night and the comment by the lady above. On a 401k plan, in order to have enough to retire on, one needs to start saving at an early age hopefully and the fund builds.. What I learned in college was that these or any type of investment funds climbs a steep curve near the end. In other words you have to save many years to have enough. I have been on the city for 15 years. You can't just all of a sudden take my pension away. Those on a 401k plan contribute to social securtiy. Then they have social security along with a 401k for retirement. When you hire on with a pension fund such as the city, they do not take out for social security, so we don't get it or get is a a very very reduced rate if we paid in prior to the pension plan. So just rolling with the flow doesn't work for us. It is too late, even if I started saving now in a 401k plan to save enough for retirement. THese plans need 25 or 30 years to build up and their is only a steep curve of the money going up in the latter years of investment. If they want to plan this for new hires that is another issue. I don't think it is a bad attitude to expect what you are promised by any employer and the city should contribute their part like they are supposed to and not spend the money for other things. Why is it the news media and other medias won't publish information on that?
I appreciate your comment. I personally believe the federal government contributed immensely to our current situation and that we should all write our congressmen and women to tell them to ask for our 45 billion or however many billions of dollars they spent to bail companies out who then squandered the money. I think this should be considered a loan and that citizens should get this money back.. It's funny that before the 2008 financial crisis there wasn't nearly as many people and municipalities and states all barking that pension plans are excessive. It is only now that the economy has tanked that all this is occurring. I appreciate you sister, but let's put the blame where it should lie. It is not us everyday workers that are excessive, it's the financial wizards that are and have stolen from us to fund their 3rd and 4th houses, jets, private islands or whatever they spend their millions upon millions of dollars of bonuses on the we gave to them WE NEED OUR MONEY BACK. Thank you.
I haven't read all of these comments, but no one I see has mentioned that when I got hired on as a city employee, I was a private sector worker. When I was hired I was promised a pension plan. Now I and many more have worked for many years expecting a pension. And you idiots that work in the private sector are saying that it is ok to strip us of what we have been promised for so many years. How would you like it if you worked in the private sector, put in money to a penson fund or whatever, then your employer all of a sudden switches the game plan and you are left our standing in the rain. YOU WOULD NOT LIKE IT. I worked hard and studied hard too and paid into the pension fund.
HERE IS ANOTHER THING YOU NEVER HEAR IN THE NEWS MEDIA, BUT YOU DO WHEN YOU WORK FOR THE CITY. THat is, according to what I have heard repeatedly, is that the city has often when economic times are hard NOT PAID THEIR PORTION OF THE PENSION FUND. I would like to see a report on how often this has been done, and how much this has affected this so called insolvency of the pensions.
AND FINALLY HERE IS SOMETHING WE SHOULD ALL AGREE ON. The federal government bailed out financial companies. The same companies turned around and paid their executive high bonuses, some of it with this same money the government gave them. NO ONE HAS GONE TO JAIL. I WANT MY MONEY BACK. THE FEDERAL GOVERNMENT IF THEY CAN BAIL SOMEONE OUT SHOULD ALSO BE ABLE TO GO BACK IN AND GET THAT MONEY BACK WHEN THE INSTITUTIONS BECOME SOLVENT. We should all be writing out senators and asking for your money back. All of you people are blaming what you call the big boss unions as the problem. Unions are not the problem. All we want is a living wage and decent living. The executive getting paid millions and the politicians they have paid off continually for such favor is the problem and unless we all stand up and say NO MORE, will this economy ever get to where it needs to be. Then we won't be having these arguements.
signed -- stolen from by the Feds and local government and pissed.
By Toby Sells
download this issue
click here to see more »