The federal government’s little-known pension heist
mary sanchez writes that retired Teamsters in 37 states are facing drastic cuts to their pensions because of a law enacted last year by Congress. The federal government’s little-known pension.
The pension benefit guaranty corp., the federal agency that backstops pensions, would not be able to withstand the failure of the Central States fund.
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Thirty-nine percent of Americans don’t have the funds available to handle a $400 unexpected expense, per the Federal Reserve.
The federal government’s little-known pension heist When banks are near collapse, Congress bails them out. When union pensions are in mortal danger, Congress changes the law to let them shaft.
· The Social Security Act specifies that the monies in the fund may only “be invested in securities backed by the full faith and credit of the Federal government,” such as treasury bills.
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Most Federal Employees are familiar with the of the FERS retirement program-the basic annuity, TSP investments, and Social Security. But there’s more to the FERS retirement system than these basic components, and we‘ve gathered 6 little-known FERS retirement facts to spark your interest and help you maximize your retirement. 1.
The Pension Benefit Guaranty Corp., the federal agency that backstops pensions, would not be able to withstand the failure of the Central States fund. (The federal program is also in trouble, reporting a $76 billion deficit in mid-November, and its estimated exposure to future losses runs to the hundreds of billions.)
"Too big to fail" means one thing for banks and another thing for union pension funds. When banks are on the verge of collapse, Congress bails them out. When union pension funds are in mortal danger, Congress changes the law to let them shaft retirees. Did you miss that newsflash? So did many of.
Its intention to file for bankruptcy has been known at least since February, but. in the petition are the pension benefit guaranty corp., which is the US government’s. In other words, the acquirer has little or no equity in the deal, and the acquired. Federal Bankruptcy laws need to be changed to allow for. The theft of the American pension.
2019 list of all 50 states that exempt all or a portion of military retirement pay from state income tax. See the 42 states that do offer a tax break. Quick math: 9 states don’t have a personal income tax, 8 states fully tax military retirement pay, 20 states don’t tax retirement pay and 13 tax a portion.
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