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captainktainer t1_j0z98ke wrote

Headline should read "Mayor to Retired City Workers: Drop Dead!" Can't imagine why we're having a massive recruitment problem in city government when this is how you can expect to be treated after you've put in your time.

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Karrick t1_j0zdguq wrote

Recruitment and retention problem. What the hell is my incentive to stay? Is my pension next? Are they going to take the money I've paid into that and tell me to fuck off?

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Babhadfad12 t1_j0zst8z wrote

Considering NYC does not have the power to issue new USD, default risk is always be a concern for the lender (or creditor), which is proportional to the political pull of the deferred compensation recipients.

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Karrick t1_j0zuttw wrote

The issue in this case is not the viability of the investments, it's "will the union give away my rights to the pension I paid into at some point in the future?" Because that is the precedent they are setting here.

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Babhadfad12 t1_j0zv7xp wrote

For the recipient, the effect is the same. Call it agency risk instead of default risk. There is plenty of history where deferred compensation agreements such as retiree healthcare and defined benefit pensions were renegotiated.

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Karrick t1_j13myei wrote

I suppose the effect is of the same nature, but this is a complete abrogation of the agent's responsibility. This is the union saying "yeah, even we don't care about the benefits you're promised." It is entirely reasonable to not expect your agent to pull that shit.

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Dont_mute_me_bro t1_j13fldk wrote

ERISA laws would prevent that. Nothing wrong with protesting and organizing over a real loss in deferred compensation (retiree benefits) but conflating it isn't helpful.

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Karrick t1_j13imzw wrote

1, There are explicit exemptions for government retirement plans in ERISA. I'm not an expert, but surface level research says that state/local government plans have more leeway in accounting and reporting practices and are not insured by the pension benefit guaranty corporation.

2, central to the point of this is that the union leadership is telling members to encourage their representatives to change the law to allow for reduced benefits. Even if there are ERISA protections from members now the union leadership is attempting to remove them in the future.

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IsayNigel t1_j0zwttr wrote

The unions are absolutely just as much to blame, and I say this as a union member.

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mowotlarx t1_j11atis wrote

The city unions have been beyond useless, especially the last few years. Watch them roll over for Adams and fuck over workers then tweet about how they're #GettingStuffDone or some nonsense.

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IsayNigel t1_j11u429 wrote

That’s exactly what’s happening honestly

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Backseat_boss t1_j0zjd7z wrote

Well isn’t that fucking the working class over once again, politicians favorite thing to do.

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Pool_Shark t1_j0zoutd wrote

Ah I wonder how much if a kickback he’s getting from the private contractor

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mowotlarx t1_j11annx wrote

Medicare Advantage is a scam. If you're young and think stuff like this doesn't apply to you, just know it will eventually. Let stuff like this slide and by the time we retire we'll have no options left.

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[deleted] t1_j1590vl wrote

[deleted]

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mowotlarx t1_j15a94n wrote

‘The Cash Monster Was Insatiable’: How Insurers Exploited Medicare for Billions

TL;DR: It's a private plan that uses the term "Medicare" to dupe people into thinking it IS Medicare. It offers worse coverage and less doctor options for a higher price. It's bad all around.

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IsayNigel t1_j0zv184 wrote

Absolute fucking scum.

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bsanchey t1_j11otkn wrote

Retirees and active workers need to unite to get rid of the corrupt union leaders who agreed to this. Then we need strong leaders who will play hardball in the new CBAs.

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Dont_mute_me_bro t1_j13fqk1 wrote

DeBlasio could have resolved expired labor agreements before leaving office but he punted. He's painted a Progressive but that maneuver was anything but....

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