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Cuomo Plans to cut pensions for NEW hires


RTOMan

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My generation is going to have work till the day we drop dead on the face of this earth to pay for the extravagance and the greed of the moron politicians and suits that came before us, so why is this any surprise? My only hope is that I get in before they do this kind of crap so that the day I retire I can take a walk over to the cemetary and piss on all their graves, and then still have enough money to go buy a sandwich before I go home.

 

The whole replacing pensions with 401(k) programs is a SHAM.

 

401(k)'s tell you what you can invest in. They can be run speculatively by financial managers and contribute to the PROBLEM in this country of too many useless investment bankers bilking profits off hardworking Americans.

 

Since the spread of the 401(k) less Americans than ever have money set aside for retirement and more continue working past the retirement age. Those that do set aside often have enough for 5 lifetimes over...they don't need it but they have it and they're going to keep it. Welcome to the failing private sector.

 

Now they want to expand that to the public sector, too. They won't stop until they have everything, you have nothing, and you all get together and get pissed off enough to kill them, take all their money, and start over.

 

Happens every couple hundred years. Guess we're due for another round of revolution soon, oh in the next 50 years or so. Gotta love a society that never learns from the mistakes of the past 3000 years.

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Why the hate for the 401(k)? As explained by a few people on the railway, your pension dies when you do, the 401(k) keeps providing for your family. I've been considering starting one at 3% of my salary in conjunction with my pension.

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Why the hate for the 401(k)? As explained by a few people on the railway, your pension dies when you do, the 401(k) keeps providing for your family. I've been considering starting one at 3% of my salary in conjunction with my pension.

 

Because a 401(k) is essentially an IRA that they limit your investment options in (you must pick from pre-approved "company options").

 

It is a fully privatized retirement with undefined benefits. You must contribute every dollar to it with your own earnings.

 

As an individual investor, you do not have the authority to influence major decisions at those funds or companies in which you invest, which can benefit (or harm) you or your rights as an investor. Large pension plans have that ability as many are significant shareholders in funds and companies.

 

The tax deductibility of your contributions is limited every year. These numbers are not adjusted for inflation. The more prices go up, the more you will need to save. The more you save above the pre-tax "limit", the more taxes you will pay, regardless of your intentions, unless they change it.

 

If you outlive what the actuaries think is your life expectancy, your savings run out when your 401(k) does and then your options become severely limited (reverse mortgage on your house)? Outlive that and you become homeless.

 

Most public agencies contribute nothing to your 401(k) and many private corporations don't either. Meaning you are 100% on your own to save.

 

The idea of a pension has always been to reward a reliable long time employee for a lifetime of servitude to the company or the organization by paying for that person to retire comfortably. That was the old American dream.

 

It's gone.

 

Fellow under 30 crowd...we are completely on our own.

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Why the hate for the 401(k)? As explained by a few people on the railway, your pension dies when you do, the 401(k) keeps providing for your family. I've been considering starting one at 3% of my salary in conjunction with my pension.

 

The other thing I would like to address is this:

 

In old America you and your spouse both had pensions. If you kick the bucket first, she still has a pension and vice versa. That's the way it used to be.

 

OK the 401(k) provides for your family if you go. But that's YOUR MONEY. It better. You paid into it. However, if it runs out, EVERYONE is on their own (also don't forget it gets taxed when it comes out). The risk of running out is a huge gamble to take especially in this age of increasing life expectancy, and again you are assuming people are saving for retirement. For whatever reasons (stupidity, lack of means) most people in this country have very little set aside for retirement. It WILL run out, and that WILL suck...for most people. That's why so many people in this country rely on Social Security...another program that they PAY INTO that has been robbed blind by government so that they can keep their money. Difference in SS is that money is used to plug governmental deficits, so it's not guaranteed to be there once you're eligible.

 

If you are concerned about providing for your family after you are gone...well that's what life insurance is for, not your pension. Your pension is for YOU as a reward for your years of hard work.

 

If you do start a tax deferred account, I would recommend an individual IRA (preferably a Roth if you are eligible) in lieu of a 401(k). Also, if you leave a company, you cannot take a 401(k) with you. You can take the money and transfer to another account (such as an IRA or a different 401(k)) but you will have to do it exactly right or it will suddenly become taxable income if you ever take possession of the money at any time (basically the money must go from the old 401(k) to the new account, directly to the broker to avoid paying taxes...and yes it is a headache, I've done it).

 

If you still are entertaining the possibility of going to NYCT later, that's something you should check because I don't know if SIR and NYCT have the "same" 401(k).

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My generation is going to have till the day we drop dead on the face of this earth to pay for the extravagance and the greed of the morons before us by working, so why is this any surprise? My only hope is that I get in before they do this kind of crap so that the day I retire I can take a walk over to the cemetary and piss on all their graves, and then still have enough money to go buy a sandwich before I go home.

 

The whole replacing pensions with 401(k) programs is a SHAM.

 

401(k)'s tell you what you can invest in. They can be run speculatively by financial managers and contribute to the PROBLEM in this country of too many useless investment bankers bilking profits off hardworking Americans.

 

Since the spread of the 401(k) less Americans than ever have money set aside for retirement and more continue working past the retirement age. Those that do set aside often have enough for 5 lifetimes over...they don't need it but they have it and they're going to keep it. Welcome to the failing private sector.

 

Now they want to expand that to the public sector, too. They won't stop until they have everything, you have nothing, and you all get together and get pissed off enough to kill them, take all their money, and start over.

 

Happens every couple hundred years. Guess we're due for another round of revolution soon, oh in the next 50 years or so. Gotta love a society that never learns from the mistakes of the past 3000 years.

 

While you and I are normally in agreement on most issues would you please clarify those people you call morons. I hope it's the politicians you're speaking about and not the workers. Most people go into NYCT because of the pensions and benefits and not the money in the paychecks. Civil service wouldn't get you rich but it would provide for the worker and the worker's family in the future. Thirty years ago the American people voted for a person, and a party, who had an agenda based on privatization. Amazingly, a great part of the public cheered this agenda even ignoring those who warned them what was going to unfold. They were "proud" to be American. Communism was dead in the USSR and free enterprise became the mantra across the land. Regulations were loosened on business, banking, manufacturers during "Morning in America" days. Guess what? It was all BS, as anyone who ever studied history and/or economics knew all the time. Now industries have failed, banks have failed, home values have sunk, and cities and states are one step away from bankruptcy. Let's privatize Social Security and Medicare" 'cause they're "socialist" programs. Give them 401ks and vouchers. Guess who gets the blame? Politicians say the unionized civil servants and their benefits. Let's pit the public against the workers say the politicians. They (politicians) screwed up big time and to deflect blame they come up with Tier 5, 6, whatever and point fingers at me and others in my position. I'd just like to say that I played the game with the hand I was dealt, haven't ripped off the system , the public,or anyone else as far as I can see so don't blame me. Blame the people you voted for. Sorry for the rant. Carry on.

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Absolutely disgusting. Bank bailouts - no problem. Massive tax cuts for the wealthy - no problem. Multiple wars - no problem. Corporate welfare (i.e. General Electric) - no problem. Converting traffic lanes into pedestrian malls and bike lanes - no problem. Foreign aid - no problem. Closing schools and firehouses - no problem. Shut down senior centers and daycare centers - no problem. Providing workers a dignified pension after a lifetime of work - HUGE PROBLEM!

 

The very people who created the financial mess we're in have not had to shoulder any of the responsibility for their reckless "investments"; in fact, they have received record bonuses with our tax money and we see that corporate profits have never been higher. Our worthy governor has seen fit to allow the Millionaire's Tax to sunrise eliminating billions in revenue and in the same breath warn us about fiscal responsibility and how public workers must "do their share." Well, public workers do their share and more. A pension simply defers wages we've earned to our senior years. This is not a gift!

 

Add to this insult, there was a complete media blackout on last Thursday's labor protest at Wall Street. Over 20,000 working class union workers shutting down Wall Street along with the City Council, the Comptroller, the presidents of the UFT, DC37, AFL-CIO, COBA, etc. and only channel 47 bothered to mention it if you understand Spanish!

 

We're getting screwed by 21st Century robber-barons and their lackeys (e.g. Cuomo, Chyrstie, Walker, Bloomberg, etc). We had better wake up!

 

http://www.uft.org/photos

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The other thing I would like to address is this:

 

In old America you and your spouse both had pensions. If you kick the bucket first, she still has a pension and vice versa. That's the way it used to be.

 

OK the 401(k) provides for your family if you go. But that's YOUR MONEY. It better. You paid into it. However, if it runs out, EVERYONE is on their own (also don't forget it gets taxed when it comes out). The risk of running out is a huge gamble to take especially in this age of increasing life expectancy, and again you are assuming people are saving for retirement. For whatever reasons (stupidity, lack of means) most people in this country have very little set aside for retirement. It WILL run out, and that WILL suck...for most people. That's why so many people in this country rely on Social Security...another program that they PAY INTO that has been robbed blind by government so that they can keep their money. Difference in SS is that money is used to plug governmental deficits, so it's not guaranteed to be there once you're eligible.

 

If you are concerned about providing for your family after you are gone...well that's what life insurance is for, not your pension. Your pension is for YOU as a reward for your years of hard work.

 

If you do start a tax deferred account, I would recommend an individual IRA (preferably a Roth if you are eligible) in lieu of a 401(k). Also, if you leave a company, you cannot take a 401(k) with you. You can take the money and transfer to another account (such as an IRA or a different 401(k)) but you will have to do it exactly right or it will suddenly become taxable income if you ever take possession of the money at any time (basically the money must go from the old 401(k) to the new account, directly to the broker to avoid paying taxes...and yes it is a headache, I've done it).

 

If you still are entertaining the possibility of going to NYCT later, that's something you should check because I don't know if SIR and NYCT have the "same" 401(k).

 

Yes, still entertaining the idea of going over to NYCT from SIRTOA. I think SIRTOA uses the same 401(k) as NYCT, heck the information packet regarding it is all NYCT branded. They also offer a 457 plan as well.

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Absolutely disgusting. Bank bailouts - no problem. Massive tax cuts for the wealthy - no problem. Multiple wars - no problem. Corporate welfare (i.e. General Electric) - no problem. Converting traffic lanes into pedestrian malls and bike lanes - no problem. Foreign aid - no problem. Closing schools and firehouses - no problem. Shut down senior centers and daycare centers - no problem. Providing workers a dignified pension after a lifetime of work - HUGE PROBLEM!

 

The very people who created the financial mess we're in have not had to shoulder any of the responsibility for their reckless "investments"; in fact, they have received record bonuses with our tax money and we see that corporate profits have never been higher. Our worthy governor has seen fit to allow the Millionaire's Tax to sunrise eliminating billions in revenue and in the same breath warn us about fiscal responsibility and how public workers must "do their share." Well, public workers do their share and more. A pension simply defers wages we've earned to our senior years. This is not a gift!

 

Add to this insult, there was a complete media blackout on last Thursday's labor protest at Wall Street. Over 20,000 working class union workers shutting down Wall Street along with the City Council, the Comptroller, the presidents of the UFT, DC37, AFL-CIO, COBA, etc. and only channel 47 bothered to mention it if you understand Spanish!

 

We're getting screwed by 21st Century robber-barons and their lackeys (e.g. Cuomo, Chyrstie, Walker, Bloomberg, etc). We had better wake up!

 

http://www.uft.org/photos

 

Hey, but isn't a Cuomo a Democrat?? I thought New Yorkers wanted him?? Now that he's in office everyone is b*tching and moaning. Well you all wanted him and now this is what you get. If a Democrat can see that we can't sustain these pensions then clearly there is indeed a problem. The pensions aren't the problem. It's that they keep rising as does the cost of living here. Both need to capped quite frankly if the state has any chance of surviving. Property taxes must be capped too.

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Hey, but isn't a Cuomo a Democrat?? I thought New Yorkers wanted him?? Now that he's in office everyone is b*tching and moaning. Well you all wanted him and now this is what you get. If a Democrat can see that we can't sustain these pensions then clearly there is indeed a problem. The pensions aren't the problem. It's that they keep rising as does the cost of living here. Both need to capped quite frankly if the state has any chance of surviving. Property taxes must be capped too.

 

Oh i wanted him??

 

You must have missed my second post...

 

Here let me show it to you again...

 

Yep well they voted for him..

 

I guess they went on "name" basis...

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Oh i wanted him??

 

You must have missed my second post...

 

Here let me show it to you again...

 

LOL... Well if you didn't, congratulations, but plenty of the folks b*tching I'm sure did vote for him.

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LOL... Well if you didn't, congratulations, but plenty of the folks b*tching I'm sure did vote for him.

 

Yup i agree he was bad news i knew it from the get go, lots of others in the transit field knew as well..

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While you and I are normally in agreement on most issues would you please clarify those people you call morons. I hope it's the politicians you're speaking about and not the workers. Most people go into NYCT because of the pensions and benefits and not the money in the paychecks. Civil service wouldn't get you rich but it would provide for the worker and the worker's family in the future. Thirty years ago the American people voted for a person, and a party, who had an agenda based on privatization. Amazingly, a great part of the public cheered this agenda even ignoring those who warned them what was going to unfold. They were "proud" to be American. Communism was dead in the USSR and free enterprise became the mantra across the land. Regulations were loosened on business, banking, manufacturers during "Morning in America" days. Guess what? It was all BS, as anyone who ever studied history and/or economics knew all the time. Now industries have failed, banks have failed, home values have sunk, and cities and states are one step away from bankruptcy. Let's privatize Social Security and Medicare" 'cause they're "socialist" programs. Give them 401ks and vouchers. Guess who gets the blame? Politicians say the unionized civil servants and their benefits. Let's pit the public against the workers say the politicians. They (politicians) screwed up big time and to deflect blame they come up with Tier 5, 6, whatever and point fingers at me and others in my position. I'd just like to say that I played the game with the hand I was dealt, haven't ripped off the system , the public,or anyone else as far as I can see so don't blame me. Blame the people you voted for. Sorry for the rant. Carry on.

 

Sorry if my post was unclear...yes "morons" most DEFINITELY refers to the politicians (from my previous post). The workers have been the most targeted subjects of them and their corporate cronies attacks...first in the private sector and now we are seeing the same grumblings in the public sector.

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Hey, but isn't a Cuomo a Democrat?? I thought New Yorkers wanted him?? Now that he's in office everyone is b*tching and moaning. Well you all wanted him and now this is what you get. If a Democrat can see that we can't sustain these pensions then clearly there is indeed a problem. The pensions aren't the problem. It's that they keep rising as does the cost of living here. Both need to capped quite frankly if the state has any chance of surviving. Property taxes must be capped too.

 

Democrats and Republicans are all the same...they are all RICH.

 

Find me a political candidate that makes under $80,000 a year in TOTAL compensation, and I will vote for that candidate because they *would* act in the best interests of the majority.

 

Problem is after that person gets elected the lobbyist and corporate c***suckers would start trying to buy that person's loyalty too.

 

We are getting to the point in this country where the majority's politics become exceedingly simple, and that's dangerous for everyone: Kill the rich, and eat their children.

 

It sounds nice but the process is always more bloody than people assume. It's a battle that has played out thousands of times in world history and the greedy bastards running this country are determined to gather every penny for themselves and risk the possibility. Too stupid for their own good. As they say, the fall from the top hurts most.

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Absolutely disgusting. Bank bailouts - no problem. Massive tax cuts for the wealthy - no problem. Multiple wars - no problem. Corporate welfare (i.e. General Electric) - no problem. Converting traffic lanes into pedestrian malls and bike lanes - no problem. Foreign aid - no problem. Closing schools and firehouses - no problem. Shut down senior centers and daycare centers - no problem. Providing workers a dignified pension after a lifetime of work - HUGE PROBLEM!

 

The very people who created the financial mess we're in have not had to shoulder any of the responsibility for their reckless "investments"; in fact, they have received record bonuses with our tax money and we see that corporate profits have never been higher. Our worthy governor has seen fit to allow the Millionaire's Tax to sunrise eliminating billions in revenue and in the same breath warn us about fiscal responsibility and how public workers must "do their share." Well, public workers do their share and more. A pension simply defers wages we've earned to our senior years. This is not a gift!

 

Add to this insult, there was a complete media blackout on last Thursday's labor protest at Wall Street. Over 20,000 working class union workers shutting down Wall Street along with the City Council, the Comptroller, the presidents of the UFT, DC37, AFL-CIO, COBA, etc. and only channel 47 bothered to mention it if you understand Spanish!

 

We're getting screwed by 21st Century robber-barons and their lackeys (e.g. Cuomo, Chyrstie, Walker, Bloomberg, etc). We had better wake up!

 

http://www.uft.org/photos

 

Also don't forget Congress recently voting down a measure that would have eliminated corporate tax loopholes that effectively serve as subsidies to the oil industry...the same oil industry that is a leading cause of why we invaded Iraq. The same oil industry that is churning out record profits as commuters face record prices at the pump with few signs of easing.

 

The bill wouldn't have "raised" corporate taxes or punished the little guy. All it would have done is eliminate tax loopholes for the 5 largest oil companies, so as to raise billions of dollars each year and help begin to stem the tide of the exploding deficits of this massively bankrupt nation.

 

And it got voted down, 52-48 in favor, falling short of the 60 needed to pass.

 

Yet every one of the a**holes in the Senate will turn around and say we need to cut spending but that this "blip on the radar" was a nonstarter because it didn't go far enough. Do this for every major industry and rich bankers and you will solve the deficit within 10 years. But they won't.

 

Yet watch them come out and beg for YOU to "share in the sacrifice" when Tier 6 is proposed, tax rates are increased on the working and middle class, and popular tax deductions or unemployment benefits are stripped away or reduced.

 

While they sit in their 3 million f***ing dollar McMansions and play grabass with the bankers that put this once great nation into a hole that is watching us lose ground in every major economic and quality of life index that independently tracks these things...to the point that we have been and will continue to be surpassed, and lose our once worldwide acknowledged place as the world's greatest nation.

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I'm sorry but who was the other option again? It seems no matter which way a vote goes we get screwed.

 

if you mean who was the other candidate for governor his name is carl paladino. yes i agree it does seem that who ever we vote for we get screwed one way or the other.

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