How Can Equitable Pension Reform Be Achieved ?

[DemocratSinceBirth]

Let me preface my remarks by saying every American is entitled to a dignified retirement which includes the wherewithal to receive good health care, have a nice place to live, money to occasionally go out to eat, see a movie, go on a vacation, et cetera.

For many retirees the above is a pipe dream.

But what is also troubling is I see corporations and municipalities being buried under the burden of future financial obligations in the form of pensions. States and cities shouldn't have to reduce services like police, libraries, and access to public parks so some retirees can earn much more than current workers.

[WinkyDink]

1. Wall Street wanted the pension funds. Wall Street lost them. Let Wall St. replace them.

[forestpath]

8. +1

[cpamomfromtexas]

2. Stop bankruptcies of convenience

See my other posts for details. Read the book Retirement Heist.

If companies file for bankruptcy management and the board should be replaced.

[Swede Atlanta]

6. I completely agree....

When a company files for bankruptcy that means the company operating management and/or its Board of Directors were not competent in their management of the organization. They should be replaced.

What happens, instead, is companies pay existing executives millions and millions in "retention bonuses" to stay on board through the reorganization. Poppycock. Give them a box to carry their crap out and let them walk out in humiliation the day bankruptcy is announced. Stop immediately all golden parachutes or bonuses other than those based on objective "achievements".

Further, personal bankruptcies are limited to one every 7 years and with the so-called bankruptcy reform done during the Bush administration, personal bankruptcies are much more limited and restricted.

Why do we allow companies to go in and out of bankruptcy as often as they want? Each time they suck more and more out of their non-executive employees, their suppliers, their retirees, etc.

Limit reorganization to once every 7 years. Require immediate firing of all executives and board members.

Stop the revolving door of "bankruptcies of convenience".

[TheKentuckian]

3. Corporations and municipalities used those pensions to avoid paying higher wages

Now you are wondering how those workers might be screwed out of pay, pensions, and health care and be told to eat shit?

[DemocratSinceBirth]

4. Folks Are Retiring With Six Figure Pensions

Since the Great Recession hit which incidentally coincided with the top of the real estate market in the summer of 2006 I haven't earned six figures in that entire time period.

There's a big difference in "eating shit" and having a comfortable retirement, a point I addressed:


Let me preface my remarks by saying every American is entitled to a dignified retirement which includes the wherewithal to receive good health care, have a nice place to live, money to occasionally go out to eat, see a movie, go on a vacation, et cetera.

[99Forever]

7. How's about...

... those "corporations and municipalities" live up to the fucking agreements they made in "good faith", for future benefits in lieu of pay? Or does that only count for the 1%er fatcats at the top?