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United Automobile Workers of America (UAW)

16701 messages,  Last post on Nov 20, 2009 at 3:39 AM

You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires

What is this discussion about? Automotive News


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#6372 of 16701
Re: Even with competitive wages [62vetteefp] by steve_ HOST
Dec 16, 2008 (11:09 am)
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Replying to: 62vetteefp (Dec 16, 2008 10:55 am)

There used to be a loophole that let public employees opt out of Social Security. I think most State of Alaska employees still aren't in the Social Security system. link.
#6373 of 16701
Re: Even with competitive wages [steve_] by gagrice
Dec 16, 2008 (11:33 am)
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Replying to: steve_ (Dec 16, 2008 11:09 am)

I think it was only those in public service type jobs. I don't know of any that do not pay in now. I cannot imagine any private sector companies not having to pay. Maybe he is referring to people working contract that failed to pay self employment taxes. You work for cash and do not file you would not get SS.
#6374 of 16701
Re: Even with competitive wages [snookered] by gagrice
Dec 16, 2008 (11:41 am)
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Replying to: snookered (Dec 16, 2008 9:56 am)

After all, pensions are heavily invested in the stock market.
 
Since 1990 pension funds are highly regulated. If the fund falls under a certain percentage the company has to make up the difference or get fined. Most pension funds that are left are pretty safe. It is 401k that gives each individual control of his pension. You can put it in very safe investments or very risky. It is the risky ones that are taking a beating in this market.
#6375 of 16701
Re: Even with competitive wages [62vetteefp] by snookered
Dec 16, 2008 (11:55 am)
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Replying to: 62vetteefp (Dec 16, 2008 10:55 am)

When one pays into a Pension, they don't have to pay SS. It is assumed that you will never need SS.
#6376 of 16701
Re: In the background [steve_] by tlong
Dec 16, 2008 (11:58 am)
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Replying to: steve_ (Dec 16, 2008 9:16 am)

Of course, if you are a temp at Toyota, then it's sayonara.
 
Well, that is the meaning of temp...
#6377 of 16701
Re: Even with competitive wages [gagrice] by snookered
Dec 16, 2008 (12:02 pm)
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Replying to: gagrice (Dec 16, 2008 11:41 am)

The Key words being "pretty safe". How about the 50 Billion scamed by Bernie Madoff? Some Pensions were hit hard by this scum bag. Regulations are just more steps to be taken to find a loop hole.
#6378 of 16701
Re: Even with competitive wages [snookered] by gagrice
Dec 16, 2008 (12:35 pm)
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Replying to: snookered (Dec 16, 2008 11:55 am)

When one pays into a Pension, they don't have to pay SS
 
That is not true at all. Someone gave you some bum information. I paid into SS and a pension for 46 years before I retired. I paid into a 401k in addition to my pension for 8 years. There is no legal way to get out of paying into Social Security. Or I would have done it. Biggest rip-off in the country.
#6379 of 16701
Re: Even with competitive wages [snookered] by gagrice
Dec 16, 2008 (12:40 pm)
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Replying to: snookered (Dec 16, 2008 12:02 pm)

Not sure where you came up with that info. The Fiduciaries of a pension plan can be held accountable for shady investments. I do not believe the law would allow any investment in an off shore hedge fund as Madoff was supposedly running. He took advantage of greedy people with his higher than realistic dividends. Madoff did get some Israeli charities with his scam. I do not know of any USA pensions that invested in his scheme.
#6380 of 16701
Re: In the background [steve_] by gagrice
Dec 16, 2008 (12:47 pm)
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Replying to: steve_ (Dec 16, 2008 9:16 am)

They are paying employees full salary and shifting them to other work at the factory, from maintenance and cleaning to yard work.
 
I have gone round and round with Rocky on this subject. My contention is you are on the payroll and the boss asks you to sweep the floor. There should not be work rules that keep you from doing what he asks. Just because you are a lug nut assembler does not mean you should not do what ever needs to be done within your capability. Strict rules have hogtied the B3 for way too long. Time to file for BK and get out of those contracts. Hire people that want to work and are willing to do what it takes to make GM some money.
 
I would bet those Toyota workers that are out mowing the grass instead of standing in the unemployment line are happy they work for a well run company.
#6381 of 16701
Re: Even with competitive wages [snookered] by 62vetteefp
Dec 16, 2008 (1:17 pm)
Reply

Replying to: snookered (Dec 16, 2008 11:55 am)

When one pays into a Pension, they don't have to pay SS. It is assumed that you will never need SS.
 
What companies are allowed to do this?

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