President Biden unveils pension relief for millions of Americans - CBS News

[TexasTowelie]

On a visit to Cleveland, Ohio, President Biden announced details of a plan to address troubled pension funding for millions of Americans. CBS News political correspondent Caitlin Huey-Burns joins Tanya Rivero and Elaine Quijano with more on the plan, how it could impact the midterm elections, and the recently announced departure of the White House communications director.

[Hekate]

1. KnR

[doc03]

2. Ok does this have something to do with the PBGC pensions or what?

[slater71]

8. I have one that pays 62.00 dollars a month when it should be over 300.

[blue-wave]

3. Excellent news Mr. President!!

I hope this covers every pension plan in the country. No one should be asked to work hard for a lifetime, while promised a pension at the end of that work, and face financial devastation while in retirement.

Remember Detroit? The republiCon forced bankruptcy of the city and the pension cuts? They initially attempted to force drastic, poverty level cuts to the hard working people who were promised pensions. They backed off on the drastic part, but still forced cuts that were (or still are) felt for years.

Detroit pension cuts hit civilian workers hardest

https://money.cnn.com/2014/04/17/retirement/detroit-pension-cuts/index.html


This midterm, for reason that America is aging, the Democrats need, no they must, publicize the difference between the republiCons and themselves on this issue.

[MichMan]

4. It covered muti employer pension plans that had liabilities far exceeding their balances

Either due to mis management by the plan administrators with poor investment decisions, overly optimistic expectations of investment returns, or an unfavorable active/retired employee ratio.

These operate completely differently than company single employer pension plans. They are most common in construction,
building trades & trucking unions, and are generally managed by union appointed managers.

[NullTuples]

5. I'm of such mixed feelings on that...

On the one hand, he's bailing out every private equity company that bought a corporation with proper pension funding & siphoned it off as part of the value-sucking before declaring bankruptcy.

On the other, it's politicians and judges faults for allowing accounting practices - or otherwise creating the conditions favorable to it - that virtually guaranteed many pensions would go grossly underfunded.

But at the end of the day, it was the workers who got screwed, just like the students of fraudulent colleges or trade schools.

The socialist in me wants to make sure the workers are provided for, as that was part of the compensation they agreed to decades ago in lieu of higher pay.

But there has to be some sort of accountability!

[KPN]

6. Me too. Without some significant regulatory concessions from the finance community, this

is largely just a bailout of run amok capitalism. What regulations to pre-empt this from happening again another decade or two down the road is largely just a bai has the finance industry agreed to?

[captain queeg]

9. Yeah. I think its a good idea, but it ought to be paid thru taxes on the rich who raided those funds

Otherwise its just more inflation, which the US contiues to build, spnding more than inflow. The rethugs love to talk about the tax and spend Dems. But they are the paety of borrow and spend.

[mucifer]

7. So she had to focus on ONE PERSON quitting and how "bad this looks" when scores of

people had left at this point under trump. That was effed up.