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Looks Like Boeing Isn't Playing Around this Time: Boeing machinists reject contract offer
The IAM voted down Boeing's contract offer today to secure work on the 777X. It would appear Boeing intends to look elsewhere for a location for this work to take place. Going forward it will be interesting to see where the 777X ends up getting assembled. (boeing.mediaroom.com) עוד...Sort type: [Top] [Newest]
Welcome to South Carolina!
Long Beach put their bid in yesterday. Horsepower from LA county to the governor. This will all be interesting
Who can blame the workers? I cannot, and let me explain why.
In the 80's our company unilaterally changed our indexed pension to a 401K. One man lost $100,000 in value four years from his retirement. What did he have to look forward to?
In 1990, my Father retired to nothing despite a union pension. Except the companies decided that with only three men left living, they could not be bothered to make contributions.
In the same period, workers for Wisconsin Steel found out after the plant closed, there was no money in the pension fund. It just evaporated (despite the former owner of the plant, International Harvester maintaining it's obligations before the sale).
What was left for these folks? Social Security? Our elected representatives pat themselves on the back saying they "save" that system, despite their knowing the fact that no one can honestly survive on it.
I woke up in the 90's and got out of that scheme, and have an indexed pension no one can touch, and is self funded. No Social Security. No thoughts in the back of the mind that the company will ignore it's obligations.
Yes, with all that in mind, and your late in your career as many of those machinists who voted, who can really blame them? They spent their whole lives thinking they have that carrot waiting for them at age 60.
Now many here think it's appropriate to change the rules again, for some, so late in the game?
Humbug I tell you!
In the 80's our company unilaterally changed our indexed pension to a 401K. One man lost $100,000 in value four years from his retirement. What did he have to look forward to?
In 1990, my Father retired to nothing despite a union pension. Except the companies decided that with only three men left living, they could not be bothered to make contributions.
In the same period, workers for Wisconsin Steel found out after the plant closed, there was no money in the pension fund. It just evaporated (despite the former owner of the plant, International Harvester maintaining it's obligations before the sale).
What was left for these folks? Social Security? Our elected representatives pat themselves on the back saying they "save" that system, despite their knowing the fact that no one can honestly survive on it.
I woke up in the 90's and got out of that scheme, and have an indexed pension no one can touch, and is self funded. No Social Security. No thoughts in the back of the mind that the company will ignore it's obligations.
Yes, with all that in mind, and your late in your career as many of those machinists who voted, who can really blame them? They spent their whole lives thinking they have that carrot waiting for them at age 60.
Now many here think it's appropriate to change the rules again, for some, so late in the game?
Humbug I tell you!
Your examples illustrate why it's preferable for workers to have their own retirement funds in their own retirement account, invested safely in low-fee long-term investments, balanced over the decades -- more growth earlier in life and more income closer to retirement, when payouts draw down principal.
Your colleague's $100,000 decrease in value may have coincided with the market collapse in 2008. In that case, if your colleague didn't overreact and just let the stock market recover, he'd have the entire $100,000 loss back now, plus a whole lot more.
For very long term investment, like retirement, in which contributions are made over many years and payout is far in the future, some say that investments (like low-fee index funds that track the upward trend of the market) are the best way to accumulate the largest retirement pot. Plus it seems like a safer bet, to bet on the average of the entire market or the entire economy, rather than trust your retirement to continued financial health of the company that you work for in the past to be around to pay your pension decades into the future. Not to mention that you'd have to trust the ethics of every company and union manager with an oversight role over your retirement funds from the first day you start earning your pension until the last day in which you collect a pension payment (which for most people is their entire natural adult life).
Plus when other people have control over your retirement money, they may not always make the best decisions to protect the long-term value of your money. Every time you see union officials or company managers driving around fancy expensive cars and living in huge mansions, you have to worry about your retirement benefits that are only payable decades from now. I don't just mean theft (which happens), I also mean nickel and diming your pension funds legally through fees, for themselves and their friends they hire to 'manage' your funds.
Manage your own funds (by not over-managing them) in your own account, and by not having others over-manage lots of fees out of your money in union or comment pension funds (or even your own retirement account). The problem even carries over to company or union managed 401k accounts. It's just easier to see the effects of their 'funds management' when your name is on the top of an account statement. The stealing (legal and otherwise) also happens in pension funds (just more invisibly).
If you don't get the message -- get your money under your control. If you steal your own money fir a good cause or a bad one, at least it was yours to take. But if you just key it ride, you'll do vest without all those 'fund managers' happily living a lavish lifestyle on your retirement funds.
Your colleague's $100,000 decrease in value may have coincided with the market collapse in 2008. In that case, if your colleague didn't overreact and just let the stock market recover, he'd have the entire $100,000 loss back now, plus a whole lot more.
For very long term investment, like retirement, in which contributions are made over many years and payout is far in the future, some say that investments (like low-fee index funds that track the upward trend of the market) are the best way to accumulate the largest retirement pot. Plus it seems like a safer bet, to bet on the average of the entire market or the entire economy, rather than trust your retirement to continued financial health of the company that you work for in the past to be around to pay your pension decades into the future. Not to mention that you'd have to trust the ethics of every company and union manager with an oversight role over your retirement funds from the first day you start earning your pension until the last day in which you collect a pension payment (which for most people is their entire natural adult life).
Plus when other people have control over your retirement money, they may not always make the best decisions to protect the long-term value of your money. Every time you see union officials or company managers driving around fancy expensive cars and living in huge mansions, you have to worry about your retirement benefits that are only payable decades from now. I don't just mean theft (which happens), I also mean nickel and diming your pension funds legally through fees, for themselves and their friends they hire to 'manage' your funds.
Manage your own funds (by not over-managing them) in your own account, and by not having others over-manage lots of fees out of your money in union or comment pension funds (or even your own retirement account). The problem even carries over to company or union managed 401k accounts. It's just easier to see the effects of their 'funds management' when your name is on the top of an account statement. The stealing (legal and otherwise) also happens in pension funds (just more invisibly).
If you don't get the message -- get your money under your control. If you steal your own money fir a good cause or a bad one, at least it was yours to take. But if you just key it ride, you'll do vest without all those 'fund managers' happily living a lavish lifestyle on your retirement funds.
Walk straight down Main Street. When you pass through the castle you'll be in Fantasyland. That is the place where people who manage their own money find out that that the banks and Wall St. are stealing your equity as fast as you can assemble it. There is some nickel and diming as you say, but it is really a billion here, a billion there, pretty soon you're talking about real money. Apologies to Sen. Dirksen for the use of his quote.
They get their grubby hands on your money no matter where you save it. That's why parking your money in low fee index funds, your investments' yield will equal that of the overall market, and be higher than most actively managed funds, without the churn nor the fees. You may want to balance toward growth early on and income later on, but straight-up index works throughout.
Just put it in, and let it sit there for your retirement. You don't want your money paying for union officials', company managers', nor wall st bankers' lavish lifestyles today. Don't fall into the mistaken belief that it matters who' taking your money. If it isn't you, it's stealing, even when done legally.
Just put it in, and let it sit there for your retirement. You don't want your money paying for union officials', company managers', nor wall st bankers' lavish lifestyles today. Don't fall into the mistaken belief that it matters who' taking your money. If it isn't you, it's stealing, even when done legally.