Union pension funds are a disaster at this point. Virtually all are grossly underfunded and it is one of the primary reasons unions will cease to exist in the near future. No employer in his right mind would sign a union contract voluntarily because of the withdrawal liability that employers may owe under the ERISA laws upon termination of the union contract.

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Posted by leeman101

Huntsville, AL

Member since Aug 2020

1500 posts

Posted on 12/22/21 at 6:04 am to JerseyJohn

Yes. Union pension plan with people living longer have turned into basically, a ponsi scheme. They rely on current workers to pay the pensions of retired works. If a company downsizes the house of cards collapses.

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Posted by StringedInstruments

Member since Oct 2013

18367 posts

Posted on 12/22/21 at 6:56 am to thunderbird1100

quote:
Not one to cite Dave Ramsey here but IIRC one of the their Top 3 or 4 professions who end up as net worth millionaires are teachers.

I believe it.

I posted not too long ago about trying to figure out the total value of my teacher retirement pension. I’ll make $2700/month with great benefits at age 58 (using today’s numbers). Plus approximately $500k total in Roth IRA. House will be paid off. Add in social security, and I’ll be comfortable in retirement.

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Posted by CarRamrod

Spurbury, VT

Member since Dec 2006

57433 posts

Posted on 12/22/21 at 8:26 am to notiger1997

quote:
My grandpa retired at 65 and they paid him his a monthly pension until he died at 92 years old

which is the reason they dont work. how can you except a company to pay someone the same salary for another 30 years without work. They were too good to be sustainable. The workers didnt have to save at all while working.

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