Quote:
Originally Posted by azeth
[You must be logged in to view images. Log in or Register.]
^ Yes and there's absolutely nothing wrong with this. The defined contribution style plan (pension) is a dinosaur, and is inherently designed around an up-market.
Its not to be expected that an entity would assume the gain/loss risk nowadays, and they therefore prefer the 401(k), or in the case of teachers the 403(b)(7).
If anyone wants to talk retirement vehicles, by all means you have my ear.
|
slow down there pal. there is absolutely something wrong with that. the NFL gave the referees contracts when they were hired and those contracts were signed, sealed, and delivered. those contracts included pensions.
secondly, the total pension fund for the refs is less than 100million dollars. the NFL makes multi billions of dollars every year. so its not like they cant afford it. hell, the owners could misplace 100million and it would not effect their lives in the slightest. its the equivalent of u dropping 10 cents on the floor and leaving it there because you also do not need it.
that being said, i do agree with you that the economy sucks and pensions are not the best thing in a struggling but rising economy.
However, THEN DON'T MAKE THE REFS SIGN CONTRACTS. thats where the league fucked up. they hired those refs with the promise of a pension afterwards.
the league will have to do the same thing the gas company is doing. deplete the pension in a legal way (its illegal for a company to just take pension money, it must by law be paid out to employees in pensions, at least in IL, which again is why Integrys bought out Peoples Gas. to use the People Gas pension to pay out pensions to the other employees working under the Integrys umbrella).
new refs will not get pensions in their contracts. after the league depletes the pension somehow, and buys out some of the old timers contracts, the new refs will vote. and it will probably have some 401K perks to get the new guys to vote that way instead of for a pension.
you can bet your ass, the new guys at the gas company are fucked if they vote out the pension.
old guy: "you see that jack hammer?"
new guy: "yessir"
old guy: "that's designed to make breaking up the street much easier"
new guy: ~nods~
old guy: ~hands new guy a hammer and chisel~ "get to work kid"
the end.