Pensions, schmensions, who cares? Go die already

[Michchamp]

More stealing from the poor to give to the rich (link):

New York (CNN Business) - Traditional pensions are disappearing in America, and the federal government just made it easier for employers to get rid of them.

With no fanfare in early March, the Treasury Department issued a notice that allows employers to buy out current retirees from their pensions with a one-time lump sum payment. The decision reverses Obama-era guidance, issued in 2015, that had effectively banned the practice after officials determined that lump-sum payments often shortchanged seniors.

Now, advocates for the elderly worry that millions of people receiving monthly pension checks could be at risk.
​

Remember this next time bank or large corporation declares bankruptcy or asks for a bailout, but still insists they have to pay executive bonuses under the pain of death because they are sacred, inviolable contracts.

Pensions...? those are just agreements on paper with people too poor to hire big time lawyers to defend them...

 

[Spartanmack]

the author of this article knows even less about pensions than you.

For retirees, taking a lump sum is entirely voluntary

...the rules the IRS had set up around mortality tables and interest rates allowed companies to offer lump sums at a significant discount to the actual value...

Those evil, evil corporations...

 

[tomdalton22]

It sounds like it's up to the individual to decide what they want to do.

Nothing wrong with that.

 

[Michchamp]

It sounds like it's up to the individual to decide what they want to do.

Nothing wrong with that.

Yes, multi-billion dollar corporations negotiate with semi-senile old pensioners on fair terms, and the Obama Administration forbid the practice just because.

 

[tomdalton22]

semi-senile old pensioners

ageist!

 

[tigermud]

Maybe so but the libdem plan for equally assured misery for all but the very top .001% isn’t the answer

 

[Spartanmack]

Yes, multi-billion dollar corporations negotiate with semi-senile old pensioners on fair terms, and the Obama Administration forbid the practice just because.

it's against the law for companies to negotiate deals or even accept instructions from people of diminished capacity. and they don't really negotiate those terms. If someone asks what there pension is worth in a lump sum payout, the company performs a net present value calculation based on the terms in the plan document which must comply with rules set forth by the IRS.


It sounds like you should be more upset w/ the government, but you can't get past "government good, corporations bad."