Quote:
Originally Posted by MikeG22
No Dave, some people need to work and not spend all day on PC. Trust me your the last person who will leave me speechless. Pensions, social security, are not ponzi schemes? Hit a nerve or something? Of course they are! You just interpret that as a negative thing, it is how it needs to be.
I paid into the fund for the current retirees which I gladly did for the fact in the future it will benefit me the same. What I fear is what happens when you keep screwing over the current contributors at some point the fund will no longer be funded. Doing things like making contribution caps which NY has done will encourage new hires to deny the system and invest on a conventional retirement plan since the pension is not as valuable. The system will fail if there are no contributions.
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Maybe that's the way yours works, mine from Bell Canada is based on actuarial data and is fully funded. I did much as you did, took less money than I might have gotten elsewhere but knew that they would stand behind their defined benefit pension - they have for 30 years now.