Paralyzed firefighter to lose insurance

[Hermod]

"a pension is deferred compensation"


Oh, and I need to tell you, Steve, I think deferred compensation is a terrible idea, public or private sector. You never can be sure of economic and other conditions in the long run. Deferred compensation assumes an ability [[and willingness) of future people to pay. What if population shrinks? What if there is a depression? What if the life expectancy increases significantly? What if your business/industry withers away? Agreeing to deferred compensation- no matter whether you are the payer or recipient- assumes risk that there will not be an ability to pay.

I think a good case in point to here is the Hatter's union. Because hat making shops were so small, the union negotiated their contracts with the shops so that the shops would pay into the union pension fund for their employees. Unlike the Teamsters [[and a few others) the hatters union pension fund was honestly and prudently run. As hatmakers retired they received a small pension [[though decent by the standards of the day).

What happened was that in 1961, John F. Kennedy went hatless to his inauguration. Overnight, men all over the US quit wearing homburgs, derbies, fedoras, and boaters as a part of being normally dressed outside. There was an almost complete evaporation of the hat business. Hatmaker companies closed their doors and very little was coming in to the pension fund. Legacy pensioners saw their monthly pensions get cut again and again. near the end, $30 a month was a common pension. I am not sure if the union even exists any more. Who is to blame here? Do we blame the workers, the small hat making company owners, the union, or President Kennedy?

[compn]

Hatmaker companies closed their doors and very little was coming in to the pension fund. Legacy pensioners saw their monthly pensions get cut again and again. near the end, $30 a month was a common pension. I am not sure if the union even exists any more. Who is to blame here? Do we blame the workers, the small hat making company owners, the union, or President Kennedy?

i blame the pension idea itself. no one can predict trends and future employment levels.

[Zacha341]

Yep. It's a strong possibility that California and New York and other cities will be next for pension promise-breaking...

i blame the pension idea itself. no one can predict trends and future employment levels.

[Danny]

I feel sorry for that Detroit firefighter losing the lifetime pension for the dead broke City Gov't. Bad times are going to happen to people, so be prepared, ready and say your prayers. Leave your life into God's hands and he will provide your needs. It worked for me.