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PostPosted: Thu Mar 15, 2018 12:32 am 
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Go Figure.

McDonald's. The company that invented extra-large fries and soda provides many of its employees with a supersized 401(k) match. McDonald's matches each dollar an employee contributes to the 401(k) plan with three dollars, up to the first 1 percent of pay. For employees age 21 and older who have been with the company for at least a year, the company also matches a dollar for each dollar saved on the next 4 percent of pay. Workers may also receive a discretionary profit sharing match, which was 3 percent last year. The frontloaded matching formula is designed to help employees without a lot of extra income to save to start building their nest egg. "That's a tremendous way to inspire employees at all income levels to participate," says Mellody Hobson, president of Ariel Investments, a Chicago investment firm. Salaried restaurant managers are automatically enrolled in the plan at 1 percent, unless they opt out or change their contribution level. Ninety-eight percent of these managers participate in the 401(k) plan. "This plan is for everyone in the company, from the CEO to the restaurant worker," says Ken Naatz, director of retirement plans at McDonald's. Naatz saved 5 percent of his pay in the 401(k) plan last year and received a 10 percent employer match, including the 7 percent maximum guaranteed match and the 3 percent discretionary match. "This is our only retirement plan. We want it to be really good," Naatz says. "It is designed to retain talented people at McDonald's."

https://money.usnews.com/money/retireme ... 1k-matches


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PostPosted: Thu Mar 15, 2018 6:13 am 
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Go Figure.

McDonald's. The company that invented extra-large fries and soda provides many of its employees with a supersized 401(k) match. McDonald's matches each dollar an employee contributes to the 401(k) plan with three dollars, up to the first 1 percent of pay. For employees age 21 and older who have been with the company for at least a year, the company also matches a dollar for each dollar saved on the next 4 percent of pay. Workers may also receive a discretionary profit sharing match, which was 3 percent last year. The frontloaded matching formula is designed to help employees without a lot of extra income to save to start building their nest egg. "That's a tremendous way to inspire employees at all income levels to participate," says Mellody Hobson, president of Ariel Investments, a Chicago investment firm. Salaried restaurant managers are automatically enrolled in the plan at 1 percent, unless they opt out or change their contribution level. Ninety-eight percent of these managers participate in the 401(k) plan. "This plan is for everyone in the company, from the CEO to the restaurant worker," says Ken Naatz, director of retirement plans at McDonald's. Naatz saved 5 percent of his pay in the 401(k) plan last year and received a 10 percent employer match, including the 7 percent maximum guaranteed match and the 3 percent discretionary match. "This is our only retirement plan. We want it to be really good," Naatz says. "It is designed to retain talented people at McDonald's."

https://money.usnews.com/money/retireme ... 1k-matches

Devil in the details. I'm quite sure that, like most plans, the McDonalds match doesn't vest for five years, which makes it quite cheap for a company whose employees are overwhelmingly short-term and don't stay with the company.

But it looks like they took care of the Director of Retirement plans. Why are we not surprised?

And I'll note something else from your article:

While many companies have reduced or eliminated their 401(k) match over the past few years,

Which is what the long-term plan of corporate America is. Once they eliminate pensions for everyone, then they'll eliminate the matching funds from the company. Then they'll just allow the company-controlled 401(k) plans that the worker is left on his or her own, with no company match at all. Of course, the company will still get kickbacks from the bankers for providing pigeons the bank can steal money from!

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Thu Mar 15, 2018 9:51 am 
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Devil in the details. I'm quite sure that, like most plans, the McDonalds match doesn't vest for five years, which makes it quite cheap for a company whose employees are overwhelmingly short-term and don't stay with the company.

But it looks like they took care of the Director of Retirement plans. Why are we not surprised?

And I'll note something else from your article:

While many companies have reduced or eliminated their 401(k) match over the past few years,

Which is what the long-term plan of corporate America is. Once they eliminate pensions for everyone, then they'll eliminate the matching funds from the company. Then they'll just allow the company-controlled 401(k) plans that the worker is left on his or her own, with no company match at all. Of course, the company will still get kickbacks from the bankers for providing pigeons the bank can steal money from!

Your assumption appears to be incorrect.

https://careers.mcdonalds.com/corporate ... ment-modal

"You are always 100% vested in your 401k account, which includes your contributions and the company matching contributions, as well as any amounts you roll over into the plan."


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PostPosted: Thu Mar 15, 2018 1:13 pm 
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Re McDonalds.

The problem is you are so concerned about making your point, that 'damn the details.'

Their website does seem to indicate that 'for eligible employees' the 401K is 100% vested. But it doesn't define what eligible employees are, nor the matching amount, nor the time it takes to vest in the company contirbution. Not even a hint in either area. (edit: I see the US news article quoted above does indicate some of these things)

But more importantly, most people who work at McDonalds are not McDonald's corporate employees. Most work for the franchisee, which generally set their own policies...(over the past couple of years, this practice has been subject to litigation....McDonalds trying desperately to deny any responsibility for employees in their franchised locations.)

i have no idea what the typical employment length is for corporate employees vs franchise employees, but I'd guess it is significantly different, as is the pay, I'd guess. (Interestingly, I do have a relative who was at one time in a fairly responsible position in their hr department, but I never discussed this with him). At the corporate level, the employee are much less likely to be flipping burgers or cleaning.

I'm not certain what 'the long term plan of corporate America is," or that they are "getting kickbacks from the bankers for providing pigeons the bank can steal money from". However it does appears to be not mainting any long term responsibility for the employee, especially post employment. In the area of pensions, they don't want the long term liability. The McDonalds quotes above are very direct about this. (Somehow, Reps, this attitude of separating a benefit from employment doesn't seem to extend to health insurance.)


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PostPosted: Thu Mar 15, 2018 6:49 pm 
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Re McDonalds.

The problem is you are so concerned about making your point, that 'damn the details.'

Their website does seem to indicate that 'for eligible employees' the 401K is 100% vested. But it doesn't define what eligible employees are, nor the matching amount, nor the time it takes to vest in the company contirbution. Not even a hint in either area. (edit: I see the US news article quoted above does indicate some of these things)

But more importantly, most people who work at McDonalds are not McDonald's corporate employees. Most work for the franchisee, which generally set their own policies...(over the past couple of years, this practice has been subject to litigation....McDonalds trying desperately to deny any responsibility for employees in their franchised locations.)

You make an excellent point. I knew there had to be a catch. Of course, to know if what they're saying on their website is true even for corporate employees, you'd have to see the SPD (Summary Plan Description). The devil is in the details - and you have to go over those closely. They have all kinds of loopholes.

Obviously, since they do NOT accept franchise employees as McDonalds employees, none of this applies to the vast majority of McDonalds employees. There's no way they could have the McDonalds corporate benefits. McDonalds even denies setting pay among its franchises.
Quote:
i have no idea what the typical employment length is for corporate employees vs franchise employees, but I'd guess it is significantly different, as is the pay, I'd guess. (Interestingly, I do have a relative who was at one time in a fairly responsible position in their hr department, but I never discussed this with him). At the corporate level, the employee are much less likely to be flipping burgers or cleaning.

I'm not certain what 'the long term plan of corporate America is," or that they are "getting kickbacks from the bankers for providing pigeons the bank can steal money from". However it does appears to be not mainting any long term responsibility for the employee, especially post employment. In the area of pensions, they don't want the long term liability. The McDonalds quotes above are very direct about this. (Somehow, Reps, this attitude of separating a benefit from employment doesn't seem to extend to health insurance.)

The long-term plan of corporate America is, first, to have nothing to do with retirement plans, or health care, or even minimum wage. The long-term plan is to do away with as much compensation of any sort as possible.

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Thu Mar 15, 2018 9:39 pm 
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Devil in the details. I'm quite sure that, like most plans, the McDonalds match doesn't vest for five years, which makes it quite cheap for a company whose employees are overwhelmingly short-term and don't stay with the company.



Let's recap the 401K Vesting Rules(Department of Labor) from a previous post

"Currently, employers have a choice of two different vesting schedules for employer matching 401(k) contributions. Your employer may use a schedule in which employees are 100 percent vested in employer contributions after 3 years of service (cliff vesting). Under graduated vesting, an employee must be at least 20 percent vested after 2 years, 40 percent after 3 years, 60 percent after 4 years, 80 percent after 5 years, and 100 percent after 6 years. If your automatic enrollment 401(k) plan requires employer contributions, you vest in those contributions after 2 years. Automatic enrollment 401(k) plans with optional matching contributions follow one of the vesting schedules noted above."

"(There are exceptions, such as the SIMPLE 401(k) and the safe harbor 401(k), in which you are immediately vested in all required employer contributions. You also vest immediately in the SIMPLE IRA and the SEP.)"

And the employer has the option of immediate vesting.

From the Bureau of Labor Statistics

"Vesting: How long do you have to wait
before you can leave with your
employer matching contributions?

Twenty-two percent of employees can leave with their
employers contribution at any time, while 69 percent must
wait a period of time, such as one year."

So no 5 year vesting. Worst case at 5 years is 80% vested.


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PostPosted: Thu Mar 15, 2018 9:45 pm 
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McDonald's Eligibility Requirements for 401K

"Eligibility Requirements

Salaried restaurant management employees and staff
employees (including part-time staff employees): You may
make salary deferrals to the 401(k) feature up to 50% of your
eligible compensation beginning the first day of the month on
or after meeting all of the following eligibility
requirements:
• You are at least 21 years of age;
• Have a valid Social Security number on file with
payroll;
• Are on the U.S. payroll of McDonald’s; and
• Have completed one month of service.

If you are a highly compensated employee under Internal
Revenue Service rules (i.e., you earned more than $110,000
from McDonald’s Corporation in 2009 or you will earn more
than $110,000 in 2010), you will not be able to make 401(k)
contributions in your second calendar year of employment until
the first of the month on or after you complete one anniversary
year with at least 1,000 hours of service under the Plan. You
will receive written notification if this restriction applies to you
and you are making 401(k) contributions.

Crew employees and Interns: You may make salary deferrals
to the 401(k) feature up to 50% of your eligible compensation
beginning the first day of the month on or after meeting all of
the following eligibility requirements:
• You are at least 21 years of age;
• Have a valid Social Security number on file with payroll;
• Are on the U.S. payroll of McDonald’s; and
• Have completed one anniversary year with at least
1,000 hours of service.

An “anniversary year” is a 12-month period beginning with
your first day of employment. If you completed less than
1,000 hours of service in your first anniversary year, you
become eligible to participate as of the first day of the month
following the month that you complete 1,000 hours of service
in any subsequent calendar year.
If, for example, you are a crew person who is 21 years old,
started working on April 30, 2009, and completed 1,000 hours
of service by April 30, 2010, you will be eligible to enter
the Plan on May 1, 2010, if you are an active employee on
that date.

If you completed less than 1,000 hours in your first anniversary
year, your 1,000 hours of service would then be computed on
a calendar year basis. If, for example, you did not complete
your 1,000 hours of service by April 30, 2010 in the example
above, but did complete 1,000 hours from January 1, 2010 to
August 31, 2010, you would be eligible to enter the Plan on
September 1, 2010, if you are an active employee on that date."

https://cache.hacontent.com/ybr/R57/009 ... s/PSSP.pdf


If you are one of the estimated 350,000 to 400,000(depending on the source) McDonald's employees then you have a pretty good deal.


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PostPosted: Thu Mar 15, 2018 11:02 pm 
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McDonald's

If you are one of the estimated 350,000 to 400,000(depending on the source) McDonald's employees then you have a pretty good deal.


The most irritating problem for McDonald's employees would probably be those zits. People in their middle ages with zits on their face. All that cooking grease in the air back in the kitchen is what causes it.


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PostPosted: Fri Mar 16, 2018 5:23 am 
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So, the piece on the website was, as usual, incorrect. As I mentioned, you have to look at the SPD for the reality. Anything else is "marketing" - i.e. lies.

The only way workers who aren't part of the management class can get a decent retirement is to bargain for it. Companies don't do anything out of the goodness of their hearts. 401(k)s are a bait and switch - one that folks like Joe have fallen for. "Oh, this is YOURS, YOU have control. You can get rich with this!"

After people forget what pensions were, then they'll stop doing any matching, and the only companies that will have 401(k)s at all are the ones that get kickbacks from the bankers to have them. They they'll require their employees to be in them. For their own good, of course... Nevermind the kickbacks...

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Fri Mar 16, 2018 9:43 am 
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So, the piece on the website was, as usual, incorrect. As I mentioned, you have to look at the SPD for the reality. Anything else is "marketing" - i.e. lies.

The only way workers who aren't part of the management class can get a decent retirement is to bargain for it. Companies don't do anything out of the goodness of their hearts. 401(k)s are a bait and switch - one that folks like Joe have fallen for. "Oh, this is YOURS, YOU have control. You can get rich with this!"

After people forget what pensions were, then they'll stop doing any matching, and the only companies that will have 401(k)s at all are the ones that get kickbacks from the bankers to have them. They they'll require their employees to be in them. For their own good, of course... Nevermind the kickbacks...



As much as I hate to agree with your sorry self :] the last company I worked for started a 401k plan with Wells Fargo where you had to opt out as opposed to opting in. Several of us opted out but were put in the plan by Wells Fargo anyway. It took over a month to straiten it out and get taken off the plan.

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"within weeks of being rid of the likes of you, rid of every fucking one of you,we would begin to see what kind of country this ought to be" Ike Bana 6/14/18


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PostPosted: Fri Mar 16, 2018 11:46 am 
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So, the piece on the website was, as usual, incorrect. As I mentioned, you have to look at the SPD for the reality. Anything else is "marketing" - i.e. lies.

The only way workers who aren't part of the management class can get a decent retirement is to bargain for it. Companies don't do anything out of the goodness of their hearts. 401(k)s are a bait and switch - one that folks like Joe have fallen for. "Oh, this is YOURS, YOU have control. You can get rich with this!"

After people forget what pensions were, then they'll stop doing any matching, and the only companies that will have 401(k)s at all are the ones that get kickbacks from the bankers to have them. They they'll require their employees to be in them. For their own good, of course... Nevermind the kickbacks...


What part of this isn't true?

McDonald's. The company that invented extra-large fries and soda provides many of its employees with a supersized 401(k) match. McDonald's matches each dollar an employee contributes to the 401(k) plan with three dollars, up to the first 1 percent of pay. For employees age 21 and older who have been with the company for at least a year, the company also matches a dollar for each dollar saved on the next 4 percent of pay. Workers may also receive a discretionary profit sharing match, which was 3 percent last year. The frontloaded matching formula is designed to help employees without a lot of extra income to save to start building their nest egg. "That's a tremendous way to inspire employees at all income levels to participate," says Mellody Hobson, president of Ariel Investments, a Chicago investment firm. Salaried restaurant managers are automatically enrolled in the plan at 1 percent, unless they opt out or change their contribution level. Ninety-eight percent of these managers participate in the 401(k) plan. "This plan is for everyone in the company, from the CEO to the restaurant worker," says Ken Naatz, director of retirement plans at McDonald's. Naatz saved 5 percent of his pay in the 401(k) plan last year and received a 10 percent employer match, including the 7 percent maximum guaranteed match and the 3 percent discretionary match. "This is our only retirement plan. We want it to be really good," Naatz says. "It is designed to retain talented people at McDonald's."

https://money.usnews.com/money/retireme ... 1k-matches

Also, keep in mind that "staff" and "crew" aren't management and with 6,500 company restaurants that's a lots "crew".


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PostPosted: Fri Mar 16, 2018 3:05 pm 
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I don't think there is any question, for the most part, if you're working at a McDonalds (restaurant, not corporate) working for a corporate owned store is generally better than working for a franchisee.

The problem is that 85-90 percent of the McDonalds restaurants in the US are franchised, and McDonalds wants to increase that number. Fortune Magazine says that means about 1500 of the 15,000 stores are franchises...and the Franchises set their own wage and benefit structure. Even if you took Librarian's 6500 number (I think that actually relates to the total number of corporate owned stores worldwide, not in the US, so those outside the US might have other benefit structures) that would still leave over 30,000 locations worldwide which are franchises and not receiving those benefits.

But this relates to another complication in the economic structure....not whether 401Ks are good, better or worse than pensions or should be in addition to or instead of pensions.


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PostPosted: Fri Mar 16, 2018 3:12 pm 
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What part of this isn't true?

McDonald's. The company that invented extra-large fries and soda provides many of its employees with a supersized 401(k) match. McDonald's matches each dollar an employee contributes to the 401(k) plan with three dollars, up to the first 1 percent of pay. For employees age 21 and older who have been with the company for at least a year, the company also matches a dollar for each dollar saved on the next 4 percent of pay. Workers may also receive a discretionary profit sharing match, which was 3 percent last year. The frontloaded matching formula is designed to help employees without a lot of extra income to save to start building their nest egg. "That's a tremendous way to inspire employees at all income levels to participate," says Mellody Hobson, president of Ariel Investments, a Chicago investment firm. Salaried restaurant managers are automatically enrolled in the plan at 1 percent, unless they opt out or change their contribution level. Ninety-eight percent of these managers participate in the 401(k) plan. "This plan is for everyone in the company, from the CEO to the restaurant worker," says Ken Naatz, director of retirement plans at McDonald's. Naatz saved 5 percent of his pay in the 401(k) plan last year and received a 10 percent employer match, including the 7 percent maximum guaranteed match and the 3 percent discretionary match. "This is our only retirement plan. We want it to be really good," Naatz says. "It is designed to retain talented people at McDonald's."

https://money.usnews.com/money/retireme ... 1k-matches

Also, keep in mind that "staff" and "crew" aren't management and with 6,500 company restaurants that's a lots "crew".

The problem with McDonald's plan is the "staff and crew" are paid low wages and most of those wages goes to daily living leaving little or nothing to put towards a 401k.

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PostPosted: Fri Mar 16, 2018 4:08 pm 
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Viewer is correct. It doesn't cover the franchise workers - and that's 82% of stores. Plus, McDonald's plans to increase the percentage of franchised stores to 95%.

Of course, the problem with such a 401(k) program for minimum-wage workers is they can't afford to put any money in - when your wages are below poverty level, you can't afford to give that one percent to get a match. So it's quite likely that this fantastic 401(k) plan has little participation from their low-wage workforce. So, hell, you could pledge to match 50% if only tenth of one percent of your employees are contributing. I guess folks like Librarian doesn't realize how tough it is to live on poverty wages.

Plus, most of McDonald's employees have to

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Fri Mar 16, 2018 9:41 pm 
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I don't think there is any question, for the most part, if you're working at a McDonalds (restaurant, not corporate) working for a corporate owned store is generally better than working for a franchisee.

The problem is that 85-90 percent of the McDonalds restaurants in the US are franchised, and McDonalds wants to increase that number. Fortune Magazine says that means about 1500 of the 15,000 stores are franchises...and the Franchises set their own wage and benefit structure. Even if you took Librarian's 6500 number (I think that actually relates to the total number of corporate owned stores worldwide, not in the US, so those outside the US might have other benefit structures) that would still leave over 30,000 locations worldwide which are franchises and not receiving those benefits.

But this relates to another complication in the economic structure....not whether 401Ks are good, better or worse than pensions or should be in addition to or instead of pensions.


As has been pointed out in this thread, defined benefit plans in the private sector are a dying breed. So whether they are or are not better than 401K's is moot. The vast majority of the business community doesn't support defined benefit plans. It's not because they hate the poor or are greedy. The business community prefers certainty and predictability versus open ended obligations that they cannot fix or control. As a business person, I would much rather fund a 401K because that is a fixed and determinable expense and once I have met my obligation under the plan, I do not have future liabilities that stretch beyond a participants employment with the company.


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PostPosted: Fri Mar 16, 2018 11:07 pm 
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As has been pointed out in this thread, defined benefit plans in the private sector are a dying breed. So whether they are or are not better than 401K's is moot. The vast majority of the business community doesn't support defined benefit plans. It's not because they hate the poor or are greedy. The business community prefers certainty and predictability versus open ended obligations that they cannot fix or control. As a business person, I would much rather fund a 401K because that is a fixed and determinable expense and once I have met my obligation under the plan, I do not have future liabilities that stretch beyond a participants employment with the company.

"Business Persons" prefer to just keep all the money for themselves and not give a shit about their employees. Yes, it's about control and greed.

It's funny - all these Fortune 500 companies do everything they can to end pension plans for their workers, but keep them for their executives and CEOs. Some years ago, when United Airlines went bankrupt to shed their pension, they first shielded their executive pension from the bankruptcy court, and still have it.

401(k)s are a scam by bankers to bilk working people. The reason that pensions are a dying breed is that unions have been weakened enough that the companies can get away with scamming their workers.

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Fri Mar 16, 2018 11:44 pm 
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"Business Persons" prefer to just keep all the money for themselves and not give a shit about their employees. Yes, it's about control and greed.

It's funny - all these Fortune 500 companies do everything they can to end pension plans for their workers, but keep them for their executives and CEOs. Some years ago, when United Airlines went bankrupt to shed their pension, they first shielded their executive pension from the bankruptcy court, and still have it.

401(k)s are a scam by bankers to bilk working people. The reason that pensions are a dying breed is that unions have been weakened enough that the companies can get away with scamming their workers.


There are thousands of companies that aren't Fortune 500. My 401K's are doing pretty well. So are my wife's. The last plant I worked in had several employees that retired on their 401K's. People retire on them everyday.


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PostPosted: Sat Mar 17, 2018 12:06 am 
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There are thousands of companies that aren't Fortune 500. My 401K's are doing pretty well. So are my wife's. The last plant I worked in had several employees that retired on their 401K's. People retire on them everyday.

And people go bankrupt when their 401(k)s run out when they outlive them. Joe, c'mon, do you REALLY give a damn about workers or not? Here's the reality:

For nearly 40 years now, we've been hearing that 401(k) plans are the key to a comfortable retirement. By giving a tax break to workers contributing part of their paychecks to their retirement nest eggs, the plans were designed to supplement Social Security benefits and employer pensions.

Instead, they've become substitutes, not supplements, for employer pensions and bulwarks against continuous attacks on Social Security benefits. A new survey from Boston College's Center for Retirement Research demonstrates, however, that 401(k) plans are destined to fail millions of Americans. They're not offered by enough employers, they're not taken up by enough workers, and for most people, their balances aren't large enough to provide for a decent retirement.


You brag about your 401(k) and how you control it. Well, you have a degree in finance. You have yet to admit that maybe those WITHOUT such an advanced degree may not do as well as you as the corrupt bankers steal their money with hidden fees and financial products that are designed to make the bankers money, the workers, not so much.

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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PostPosted: Sat Mar 17, 2018 12:34 am 
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And people go bankrupt when their 401(k)s run out when they outlive them. Joe, c'mon, do you REALLY give a damn about workers or not? Here's the reality:

For nearly 40 years now, we've been hearing that 401(k) plans are the key to a comfortable retirement. By giving a tax break to workers contributing part of their paychecks to their retirement nest eggs, the plans were designed to supplement Social Security benefits and employer pensions.

Instead, they've become substitutes, not supplements, for employer pensions and bulwarks against continuous attacks on Social Security benefits. A new survey from Boston College's Center for Retirement Research demonstrates, however, that 401(k) plans are destined to fail millions of Americans. They're not offered by enough employers, they're not taken up by enough workers, and for most people, their balances aren't large enough to provide for a decent retirement.


You brag about your 401(k) and how you control it. Well, you have a degree in finance. You have yet to admit that maybe those WITHOUT such an advanced degree may not do as well as you as the corrupt bankers steal their money with hidden fees and financial products that are designed to make the bankers money, the workers, not so much.


My experience with these investments is not much different than most. I do not find them to be scams or frauds. If the employee chooses not to invest then it is fairly certain that they are not going to get the same return or benefit as those workers that invest regularly. So the burden of saving is on the employee. In the past we have encouraged participation in these plans but ultimately the decision is the employee’s. Maybe more needs to be done but I don’t see defined benefit plans returning to private industry.


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PostPosted: Sat Mar 17, 2018 12:37 am 
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Joined: Wed May 04, 2011 11:26 pm
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My experience with these investments is not much different than most. I do not find them to be scams or frauds. If the employee chooses not to invest then it is fairly certain that they are not going to get the same return or benefit as those workers that invest regularly. So the burden of saving is on the employee. In the past we have encouraged participation in these plans but ultimately the decision is the employee’s. Maybe more needs to be done but I don’t see defined benefit plans returning to private industry.

Except for the CEOs...

Again, such plans will ONLY return when unions regain their strength, because companies will do as little as possible for their employees. Pensions didn't become commonplace because companies wanted to help their employees, they became possible because workers had the power to bargain for them.

At this point, what we need to do is some other countries do, and strengthen Social Security into a national pension plan.

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glenfs, July 4, 2018:

"You would think that after 8 years of hearing allegations against Bill C and another 8 against President Obama you people would have learned that 90% of those types of allegations just aren't true."


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