anotherdelay
Senior
- Jun 26, 2012
- 255
- 29
Great post sir. You bring up one of the major reasons I prefer the 401K option over any pension. YOU (WE) control how much can go into the accounts. Pensions (at least the IAMPF) are restricted to a maximum of 40 hours X's what ever is nego per hour and no more, and no make up. At least with the 401K's we can work several thousand hours of overtime each year (or not, if we want) and all of that extra worked hours and money goes right into the 401K accounts which means thousands upon thousands more dollars going in including the companies added % match to the added overtime monies worked in overtime. I don't need any overtime, but I love the fact that I can work any overtime during the catch up program and really slam my retirement account for about 10-20 years and really pad my retirement account. Cannot do any of this with the pensions. And rest assured, I can say it is more than likely the pension will go thru at least 1 or 2 more reductions in benefits paid rather it is to the retirees or the workers still working, they will get hacked more and more until finally they are just gone or hardly any help at all. Example: The pensions and retirement funds and accounts for our police and firefighters here in Dallas were on the verge of exploding and going down the tubes. The temporary fix was just passed to push it off on to the tax payers of Dallas County. It will get into trouble yet again once this Band-Aid wears off.
Thank you, so many great posts by everyone, and its probably a good idea, we keep bringing out our pov, and reiterate all the great posts here. Bob Owens I believe is 100 percent correct on his post, on this Association. The Iampf is desperate, and their desperation is costing their members, Twu, and labor.