Private Wealth Converted To Govt Spoils

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psk836
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Private Wealth Converted To Govt Spoils

Post by psk836 » Sun Jan 13, 2019 10:52 pm

There are two paths to riches, profit and plunder.

Here is yet another example of government plunder.

https://www.bostonherald.com/2019/01/12 ... 2-billion/
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stuporstitionist
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Re: Private Wealth Converted To Govt Spoils

Post by stuporstitionist » Mon Jan 14, 2019 6:09 am

Pensions are earned. Pensions are NOT government spoils.
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psk836
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Re: Private Wealth Converted To Govt Spoils

Post by psk836 » Mon Jan 14, 2019 6:19 am

Yeah. $350,000 per year pensions are earned. Any idea how
Much income you would have had to set aside each year to pay yourself $350,000 per year in retirement?

If you are a government worker it’s zero. Just tell the taxpayer it is his responsibility.
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stuporstitionist
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Re: Private Wealth Converted To Govt Spoils

Post by stuporstitionist » Mon Jan 14, 2019 6:25 am

psk836 wrote:
Mon Jan 14, 2019 6:19 am
Yeah. $350,000 per year pensions are earned. Any idea how.
by skilled work at a well-paying job for years and years. Try it some time.
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brookboy123
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Re: Private Wealth Converted To Govt Spoils

Post by brookboy123 » Mon Jan 14, 2019 6:27 am

Holy cow......most retired teachers in Massachusetts are only paid $50,000 pensions?

I’m so glad that I taught in NYS.

:dance:
🌴🌴🌴
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stuporstitionist
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Re: Private Wealth Converted To Govt Spoils

Post by stuporstitionist » Mon Jan 14, 2019 6:44 am

psk836 wrote:
Mon Jan 14, 2019 6:19 am
Yeah. $350,000 per year pensions are earned. Any idea how
Much income you would have had to set aside each year to pay yourself $350,000 per year in retirement?

If you are a government worker it’s zero. Just tell the taxpayer it is his responsibility.
"The Massachusetts State Employees Retirement System (MSERS) is a defined benefit plan in lieu of Social Security. ... New employees contribute 9% of gross salary, and 11% on salary over $30,000. "

https://www.umassp.edu/hr/employee-hand ... ment-plans



Psk, you'd do a lot better if you came to these discussions armed with FACTS.
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psk836
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Re: Private Wealth Converted To Govt Spoils

Post by psk836 » Mon Jan 14, 2019 8:00 am

So a $3000 annual contribution pays $350,000 annual pension.

Try getting that in the private sector.

How about we forgo that massive government pension system and put them in the same social security ripoff us private sector suckers get.
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Re: Private Wealth Converted To Govt Spoils

Post by stuporstitionist » Mon Jan 14, 2019 8:20 am

psk836 wrote:
Mon Jan 14, 2019 8:00 am
So a $3000 annual contribution pays $350,000 annual pension.
idiot. The people getting $350,000 pensions made 500K/year at their job (University Chancellors, etc).

Try the math on a $55,000/year contribution (11% of 500K) for 20 years with the magic of compound interest. Of course you also need to factor in whatever the government (as employer) contributes.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

Try getting that in the private sector.
I'd love to, but hardly any private sector firms offer pensions any more. Companies have moves from defined benefit plans to defined contribution plans.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

How about we forgo that massive government pension system and put them in the same social security ripoff us private sector suckers get.
1) SS isn't a ripoff.
2) SS is only a part of private sector retirement. It was never meant to be a full retirement plan.
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Re: Private Wealth Converted To Govt Spoils

Post by psk836 » Mon Jan 14, 2019 8:42 am

stuporstitionist wrote:
Mon Jan 14, 2019 8:20 am
psk836 wrote:
Mon Jan 14, 2019 8:00 am
So a $3000 annual contribution pays $350,000 annual pension.
idiot. The people getting $350,000 pensions made 500K/year at their job (University Chancellors, etc).

Try the math on a $55,000/year contribution (11% of 500K) for 20 years with the magic of compound interest. Of course you also need to factor in whatever the government (as employer) contributes.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

Try getting that in the private sector.
I'd love to, but hardly any private sector firms offer pensions any more. Companies have moves from defined benefit plans to defined contribution plans.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

How about we forgo that massive government pension system and put them in the same social security ripoff us private sector suckers get.
1) SS isn't a ripoff.
2) SS is only a part of private sector retirement. It was never meant to be a full retirement plan.
Nobody was "earning" $500,000 per year over their entire career. The magic of government pensions is they typically pay based on average salary over the last five years of employment, and government employees therefore rack up hundreds of hours of overtime during their last five years to max out their pensions.

So state employees get up to $350,000 per year as a payoff for call it $1,000,000 in contributions plus interest. Meanwhile I will have paid in close to $1 million in contributions plus interest into social security to get something like $16,000 per year back. Tell me again how this is comparable.
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stuporstitionist
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Re: Private Wealth Converted To Govt Spoils

Post by stuporstitionist » Mon Jan 14, 2019 9:09 am

psk836 wrote:
Mon Jan 14, 2019 8:42 am
stuporstitionist wrote:
Mon Jan 14, 2019 8:20 am
psk836 wrote:
Mon Jan 14, 2019 8:00 am
So a $3000 annual contribution pays $350,000 annual pension.
idiot. The people getting $350,000 pensions made 500K/year at their job (University Chancellors, etc).

Try the math on a $55,000/year contribution (11% of 500K) for 20 years with the magic of compound interest. Of course you also need to factor in whatever the government (as employer) contributes.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

Try getting that in the private sector.
I'd love to, but hardly any private sector firms offer pensions any more. Companies have moves from defined benefit plans to defined contribution plans.

psk836 wrote:
Mon Jan 14, 2019 8:00 am

How about we forgo that massive government pension system and put them in the same social security ripoff us private sector suckers get.
1) SS isn't a ripoff.
2) SS is only a part of private sector retirement. It was never meant to be a full retirement plan.
Nobody was "earning" $500,000 per year over their entire career. The magic of government pensions is they typically pay based on average salary over the last five years of employment, and government employees therefore rack up hundreds of hours of overtime during their last five years to max out their pensions.

So state employees get up to $350,000 per year as a payoff for call it $1,000,000 in contributions plus interest. Meanwhile I will have paid in close to $1 million in contributions plus interest into social security to get something like $16,000 per year back. Tell me again how this is comparable.
I'm off to work now. I'll address this when I get home this afternoon.
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