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Thread: Report: Nearly Half Of Detroiters Canít Read

  1. #251
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    Re: Report: Nearly Half Of Detroiters Canít Read

    Quote Originally Posted by Boo Radley View Post
    You're merely speaking of the variance in pensions plans. Some are done individually, without company contributions. Others are done with matching funds. Among those, some contibute more than others. And if a company or the state believes a package is too much, negotiate better. This is how it should be done. No one is forced to sign anything.
    No, he is talking about a 401k, which is entirely different than a defined pension plan. There is NO negotiation with a 401k. There IS negotiation with pensions since they are most commonly part of a union or government employee contract.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





  2. #252
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    Re: Report: Nearly Half Of Detroiters Canít Read

    Quote Originally Posted by Gill View Post
    No, he is talking about a 401k, which is entirely different than a defined pension plan. There is NO negotiation with a 401k. There IS negotiation with pensions since they are most commonly part of a union or government employee contract.
    When I did my search for that link, I typed in pension plans. They came up. In fact, several hundred saying the same thing. it is not the 401k heading that makes it a pension, but that it is in conjunction with the employment and employer.

    I'm a little busy right now, but will follow up with the link when I get finished.

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  3. #253
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    Re: Report: Nearly Half Of Detroiters Canít Read

    A 401K Plan is an employer-sponsored defined contribution pension plan. Its rich cousin is called a defined benefit plan.

    401K Plan -- employees contribute up to 15% of their incomes. Those contributions are tax deductible. Employers often choose to match contributions or contribute a set or varying percentage on behalf of an employee, tax deductible to the company. Employees have discretion (usually within defined limits) as to how their money is invested; may move it when they leave and have certain other rights the law provides. At retirement, they may begin to take distributions and pay ordinary income tax rates on withdrawals. The 401K's internal return is based upon what investments the participant elects and how successful those investments are over time.

    On the other hand, a defined benefit plan promises that, no matter what return the plan provides over its life, the participant is guaranteed a pension of a certain amount. It is these defined benefit pension plans that are bankrupting states across the USA.
    The devil whispered in my ear, "You cannot withstand the storm." I whispered back, "I am ​the storm."

  4. #254
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    Re: Report: Nearly Half Of Detroiters Canít Read

    Quote Originally Posted by MaggieD View Post
    A 401K Plan is an employer-sponsored defined contribution pension plan. Its rich cousin is called a defined benefit plan.

    401K Plan -- employees contribute up to 15% of their incomes. Those contributions are tax deductible. Employers often choose to match contributions or contribute a set or varying percentage on behalf of an employee, tax deductible to the company. Employees have discretion (usually within defined limits) as to how their money is invested; may move it when they leave and have certain other rights the law provides. At retirement, they may begin to take distributions and pay ordinary income tax rates on withdrawals. The 401K's internal return is based upon what investments the participant elects and how successful those investments are over time.

    On the other hand, a defined benefit plan promises that, no matter what return the plan provides over its life, the participant is guaranteed a pension of a certain amount. It is these defined benefit pension plans that are bankrupting states across the USA.
    Absolutely correct. A set monthly payment is guaranteed for life when a person has a defined benefit pension. With a 401k, the person decides how much, if any, he/she wants to be paid on a monthly basis. The amount in a 401k is dependent on how much the employee put in it, how much the employer matched it, and how well the stock market or other investment did.

    When all the money in the 401k is gone, the person gets no more monthly checks.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





  5. #255
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    Re: Report: Nearly Half Of Detroiters Canít Read

    Quote Originally Posted by MaggieD View Post
    A 401K Plan is an employer-sponsored defined contribution pension plan. Its rich cousin is called a defined benefit plan.

    401K Plan -- employees contribute up to 15% of their incomes. Those contributions are tax deductible. Employers often choose to match contributions or contribute a set or varying percentage on behalf of an employee, tax deductible to the company. Employees have discretion (usually within defined limits) as to how their money is invested; may move it when they leave and have certain other rights the law provides. At retirement, they may begin to take distributions and pay ordinary income tax rates on withdrawals. The 401K's internal return is based upon what investments the participant elects and how successful those investments are over time.

    On the other hand, a defined benefit plan promises that, no matter what return the plan provides over its life, the participant is guaranteed a pension of a certain amount. It is these defined benefit pension plans that are bankrupting states across the USA.
    I don't believe that is wholey true. As noted several times, even doing away with them not solve state finanacial problems. it is more true that states are having difficutlies that make them keeping any ofn the committments difficult.

    The rest of your post seem accurate to me.

    For Gill:

    But even among full-time workers between the ages of 21 and 64, the group most likely to be offered a retirement plan at work, just 54.8 percent utilized the retirement account or pension plan, down from 55.3 percent in 2007.

    Half of Americans Don


    The point of this was to ask for further clarification that only 15% have any pension at all. I find that number skeptical and I don't recall him offering anythign to support hsi number. Did I n miss it?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: Report: Nearly Half Of Detroiters Canít Read

    Quote Originally Posted by Boo Radley View Post
    As noted several times, even doing away with them not solve state finanacial problems
    it is more true that states are having difficutlies that make them keeping any ofn the committments difficult
    completely incoherent

    I don't believe that is wholey true
    dept chair, huh?

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