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Author Topic: Teachers union sues Florida over new pension law  (Read 2588 times)

Offline Que82

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Re: Teachers union sues Florida over new pension law
« Reply #15 on: June 21, 2011, 06:10:57 PM »
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Scott, who was in Washington, D.C., on Monday, said that asking employees to contribute to their retirement "makes all the sense in the world," noting that private-sector retirement benefits are far less generous and require employees to contribute.

Not only is this statement not true but there is a HUGE difference btwn a pension and IRA or 401K.

The bigger question is do the governor and the legislature have to contribute to THEIR retirement bennies? :shrug:  Of course not...more of the "do as I say, not as I do" mentality... ::)
Explain to me the HUGE difference between a pension, IRA and 401K. My employer pays 3% of my gross salary into my 401K on an annual basis....I pay the rest....everyone that I know of who works in the private sector pays the bulk of their retirement ... be it a pension, IRA or 401K. Welcome to the real world folks. GO VIKINGS!!!

Pardon ???

Unless things have changed since I started working a pension is funded primarily by the employer.  Some places have employee contributions some don't.  For those that require an employee contribution the employee has no option.  A 401K is funded primarily by the employee and the employer can opt whether or not to contribute. 
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Offline y04185

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Re: Teachers union sues Florida over new pension law
« Reply #16 on: June 21, 2011, 09:38:46 PM »
Where is the money coming from? 

At least he's not doing what that coward Tim Kaine did when he was governor.  He made state employees take a furlough day after he left office.  He made sure he and his cronies didn't have to lose a day of pay.
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Offline Que82

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Re: Teachers union sues Florida over new pension law
« Reply #17 on: June 21, 2011, 10:45:54 PM »
Where is the money coming from? 

At least he's not doing what that coward Tim Kaine did when he was governor.  He made state employees take a furlough day after he left office.  He made sure he and his cronies didn't have to lose a day of pay.

Please don't mention furloughs.  10 days so far.  :no:
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Offline Cholly

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Re: Teachers union sues Florida over new pension law
« Reply #18 on: June 21, 2011, 11:18:23 PM »
Quote
Scott, who was in Washington, D.C., on Monday, said that asking employees to contribute to their retirement "makes all the sense in the world," noting that private-sector retirement benefits are far less generous and require employees to contribute.

Not only is this statement not true but there is a HUGE difference btwn a pension and IRA or 401K.

The bigger question is do the governor and the legislature have to contribute to THEIR retirement bennies? :shrug:  Of course not...more of the "do as I say, not as I do" mentality... ::)

Nor do they have to "tighten their belts" as we were told to do earlier this year. The salaries for the legislative section are not on the earlier mentioned website either.

^^^EXACTLY!!!

What others FAIL to realize is people who have IRAs (which are personal) and 401Ks (which are sponsored by an employer) as their primary retirement vehicles MAKE MUCH MORE MONEY THAN THOSE OF US WHO HAVE PENSION PLANS.

The pension plan is litterally PART of the compensation package.

These teabaggers are TAKING MONEY OUT OF OUR POCKETS... FOR TAX BREAKS FOR THE WEALTHY!!!

The FRS is in EXCELLENT shape, so this employee contribution is STRICTLY to provide more money for the rich!  >:(


« Last Edit: June 22, 2011, 11:45:54 AM by Cholly »


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Offline uchighlander

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Re: Teachers union sues Florida over new pension law
« Reply #19 on: June 22, 2011, 09:50:31 AM »
Quote
Scott, who was in Washington, D.C., on Monday, said that asking employees to contribute to their retirement "makes all the sense in the world," noting that private-sector retirement benefits are far less generous and require employees to contribute.

Not only is this statement not true but there is a HUGE difference btwn a pension and IRA or 401K.

The bigger question is do the governor and the legislature have to contribute to THEIR retirement bennies? :shrug:  Of course not...more of the "do as I say, not as I do" mentality... ::)
Explain to me the HUGE difference between a pension, IRA and 401K. My employer pays 3% of my gross salary into my 401K on an annual basis....I pay the rest....everyone that I know of who works in the private sector pays the bulk of their retirement ... be it a pension, IRA or 401K. Welcome to the real world folks. GO VIKINGS!!!

Pardon ???

Unless things have changed since I started working a pension is funded primarily by the employer.  Some places have employee contributions some don't.  For those that require an employee contribution the employee has no option.  A 401K is funded primarily by the employee and the employer can opt whether or not to contribute. 
Thank you for the explanation. What irratates me is that some people seem to think they have a god given right to certain benefits that aren't and never have been guaranteed.....and on top of that....they want them FREE. GO VIKINGS!!!

Offline Cholly

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Re: Teachers union sues Florida over new pension law
« Reply #20 on: June 22, 2011, 11:47:27 AM »
::)

It's NOT a GOD given right; it's NEGOTIATED!!  :crazy:

You know; like a 5 day work week? Like sick leave and salary?



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Offline Golden Kitten

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Re: Teachers union sues Florida over new pension law
« Reply #21 on: June 22, 2011, 12:15:44 PM »
Quote
Scott, who was in Washington, D.C., on Monday, said that asking employees to contribute to their retirement "makes all the sense in the world," noting that private-sector retirement benefits are far less generous and require employees to contribute.

Not only is this statement not true but there is a HUGE difference btwn a pension and IRA or 401K.

The bigger question is do the governor and the legislature have to contribute to THEIR retirement bennies? :shrug:  Of course not...more of the "do as I say, not as I do" mentality... ::)
Explain to me the HUGE difference between a pension, IRA and 401K. My employer pays 3% of my gross salary into my 401K on an annual basis....I pay the rest....everyone that I know of who works in the private sector pays the bulk of their retirement ... be it a pension, IRA or 401K. Welcome to the real world folks. GO VIKINGS!!!

Pardon ???

Unless things have changed since I started working a pension is funded primarily by the employer.  Some places have employee contributions some don't.  For those that require an employee contribution the employee has no option.  A 401K is funded primarily by the employee and the employer can opt whether or not to contribute. 

Thank you 82 and Cholly. Pensions are generally retirement plans that are funded by employers - be they public or private. The amt of that funding is usually based on what is bargained in the contract or what the municipality decides it can afford to pay. Some of you will remember Enron and what happened to those folks and their pensions.  I am a trustee of our pension plan there are a whole lot of legal requirements that are required - a lot of changes were put into place AFTER those jackals ran off with the money of those people.

With 401ks, employers are getting off light. They sponsor the plan and some will match up to 10% of what you put in - but you are basically using your own money to save for your retirement - and you pay outrageous penalties if you take any money out. There are certain tax breaks that you may receive at some point...


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Offline Wildman78

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Re: Teachers union sues Florida over new pension law
« Reply #22 on: June 22, 2011, 12:24:40 PM »
Seems to me what is being lost or glossed over in this discussion is that pensions have historically been viewed as additional compensation for public employees whose pay is for the most part, lower than employees in the private sector performing comparable tasks.
« Last Edit: June 22, 2011, 12:36:43 PM by Wildman78 »

Offline Golden Kitten

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Re: Teachers union sues Florida over new pension law
« Reply #23 on: June 22, 2011, 12:32:50 PM »
Same applies in most of the private sector - particularly those with union contracts... :nod:


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Offline Cholly

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Re: Teachers union sues Florida over new pension law
« Reply #24 on: June 22, 2011, 12:33:35 PM »
Seems to me what is being lost or glossed over in this discussion is that pensions have historically been viewed additional compensation for public employees whose pay is for the most part lower than employees in the private sector performing comparable tasks.

EXACTLY!!!  >:(


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Offline soflorattler

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Re: Teachers union sues Florida over new pension law
« Reply #25 on: June 22, 2011, 01:27:49 PM »
Quote
Scott, who was in Washington, D.C., on Monday, said that asking employees to contribute to their retirement "makes all the sense in the world," noting that private-sector retirement benefits are far less generous and require employees to contribute.

Not only is this statement not true but there is a HUGE difference btwn a pension and IRA or 401K.

The bigger question is do the governor and the legislature have to contribute to THEIR retirement bennies? :shrug:  Of course not...more of the "do as I say, not as I do" mentality... ::)
Explain to me the HUGE difference between a pension, IRA and 401K. My employer pays 3% of my gross salary into my 401K on an annual basis....I pay the rest....everyone that I know of who works in the private sector pays the bulk of their retirement ... be it a pension, IRA or 401K. Welcome to the real world folks. GO VIKINGS!!!

Pardon ???

Unless things have changed since I started working a pension is funded primarily by the employer.  Some places have employee contributions some don't.  For those that require an employee contribution the employee has no option.  A 401K is funded primarily by the employee and the employer can opt whether or not to contribute. 

Thank you 82 and Cholly. Pensions are generally retirement plans that are funded by employers - be they public or private. The amt of that funding is usually based on what is bargained in the contract or what the municipality decides it can afford to pay. Some of you will remember Enron and what happened to those folks and their pensions.  I am a trustee of our pension plan there are a whole lot of legal requirements that are required - a lot of changes were put into place AFTER those jackals ran off with the money of those people.

With 401ks, employers are getting off light. They sponsor the plan and some will match up to 10% of what you put in - but you are basically using your own money to save for your retirement - and you pay outrageous penalties if you take any money out. There are certain tax breaks that you may receive at some point...

GK, in our industry, our pension plan is funded wholly by the employees, including corporate CEOs on down, through what is called a tax (not SS because we neither pay into, nor draw from it). in some of our companies, 401Ks are only matched to a certain percent for some (management) and not matched for others (the rank and file).

Neither is negotiated. The pension contribution starts automatically once you're employed. The 401K is an option.

Offline westcoastaggie

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Re: Teachers union sues Florida over new pension law
« Reply #26 on: June 22, 2011, 01:31:55 PM »
Seems to me what is being lost or glossed over in this discussion is that pensions have historically been viewed as additional compensation for public employees whose pay is for the most part, lower than employees in the private sector performing comparable tasks.

So basically the State of Florida is using this back channel to further reduce the pay of public employees? That seems really shady to me.

But since this was a negotiated part of the compensation package for those employees, I believe that this case will definitely have legs. It seems that the state is in breach of the contract.

What do the Lawyers think? 

Offline Brother Tony

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Re: Teachers union sues Florida over new pension law
« Reply #27 on: June 22, 2011, 02:18:29 PM »
DAYUM DA LAWYERS...THEY'LL GET PAID FIGHTING THIS CRAP OR LOBBYING THESE JIVE TURKEYS!  :shrug:

IT'S 3% OUT OF MY CHECK, TAKING AWAY FROM KIDS STARTING JULY 1...THAT'S ALL THAT MATTERS!  >:( :brickwall:
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Offline Golden Kitten

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Re: Teachers union sues Florida over new pension law
« Reply #28 on: June 22, 2011, 03:48:44 PM »
soflo,

So y'all have a defined benefit plan pension and 401K?


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Offline soflorattler

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Re: Teachers union sues Florida over new pension law
« Reply #29 on: June 22, 2011, 06:01:29 PM »
soflo,

So y'all have a defined benefit plan pension and 401K?

Our pension plan provides benefits based on your salary and years of service. However, it is not administered by an "employer". Employers in our industry have nothing to do with our pension and 401K plans accept to collect and forward the funds to the (pension) trust and the fund managers of your choosing. What the employers do provide is- if an employee retire with the full years of service (30), and has reach the eligibility age for full retirement (60), then you take with you the same level of medical benefits that you had while employed. For us, that include vision, hearing, dental, and health.

In addition to our full pension, our spouses receive half again more of our pension. Meaning that, if an employee receive a pension of $4000 a month, his/her spouse will receive an additional separate check for $2000.


 

 

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