Would people stick around in this industry?
Note: this is not political, just a what-if. If someone makes this political and gets it deleted, may a thousand scorpions crawl up that someone’s pants.
Well, contracts between a worker and his employer should not be political.
In many countries (I am told) that retirement is run by the government, and not by industry, but I do not think I would want to work there.(Ask the Soviets how that worked out for them) (Or don’t ask them ask some US workers I know, and see what they think all of a sudden.)
My brother works for a firm with no retirement benefits, that is why he cannot retire. But then he works for himself and did not put away a fortune while he was working. Bad Union, I’d say. So yes, people will work where they get paid, benefits or not. All the better if they are working a job that they like.
A BNSF conductor of my acquaintance remained on the job until he could retire and then he was out of there, so even a job you like can turn in to a nightmare.
LION thinks (apolitically, of course) that Health and Retirement should be removed from the contract talks. The Union should talk to the employer as if these did not exist, and require a remuneration package that would allow the employee to provide these things for himself.
If the employer says "I can get you a better deal on health and retirement than you can on your own, and so I’ll provide them, all well and good. If not, maybe the Union should provide them. Or maybe the employee should obtain health and retirement from a third party provider (A fund of some sort?)
The LION has no retirement package, but the rest of the benefits are out of this world. 
ROAR
What do you see as a reason why someone would want to quit if RR retirement were discontinued?
Your question is framed as though RR retirement, as it is, would suddenly go away. So that raises the question of people working under it being compensated for what they have in it if it were to go away.
I do not know what you pay in versus what you get back out, but I am guessing that it is n
Carrot on the stick sort of thing.
RR retirement is a big attraction for this job. It ain’t much, but after a lifetime of this kind of work, it’s nice to see guys that are getting their retirement.
Probably one thing if you’ve been here for 20 years (like walking out of a movie before it ends), but for me? I don’t know. It would be enough for me to really re-think my career.
I guess I don’t understand what you would lose if RR retirement ended and you were paid back for what you had put into it.
Is there some discussion about ending RR retirement?
I have thought about all of these questions regarding social security, but I don’t know how RR retirement works. I know that if you quit, you abandon your previous witholding with no benefit coming back to you.
I’d say the answer would depend on what other options you have available and how old you are. But if you’re fairly young…say under 40 then I wouldn’t count on anyone taking care of your retirement for you. Start saving for that yourself, that way, if it turns out that the world changes by the time your 65 then at least you have your own little nest egg to rely on. I know a few people who thought they had it made in the shade thanks to a generous employer retirement plan when pooof… the world changed and they wake up at age 55 with nothing.
But I sure hope the answer to your question is YES for most people. I would hate to think that anyone would just work at a job they hated because the retirement bennies are good. Personally I’d rather work at something I enjoy until I drop dead…but that’s just me.
First, look at history. RRR was a benefit of railroaders before Social Security. Sometime in the 90’s I think it was, it became administered by SS. I don’t think there is too much to worry about having people leave or not sign into the industry if there are any changes. It would probably become part of SS albeit modified RRR or modified SS.
Well, I don’t figure on there being a retirement. I’m not that naive.
But railroad retirement is used as a major recruitment tool.
Then you’re ahead of the game. Take matters into your own hands and save for your own retirement.
Money paid into a retirement fund for the benefit of you is part of your compensation during your period of employment. The retirement fund belongs to the employees.
If your 50 year old neighbor has a 401-k as his sole source of retirement income but has lost his job and the bank is threatening to repossess his house, what do you suppose the chances are that he will look at that money and say “No, that is for my retirement, I can’t touch it yet”? If he has a $150K hospital bill will it be lost in the collection process or bankruptcy? How many people will use it as collateral on a loan?
If he does clean it out to solve his short tern crisis, what will he do for income when he retires?
Providing your own retirement plan looks good on paper, but the simple fact is a large percentage of the population will be unable or unwilling to manage it until it is needed. If the fund is your sole source of retirement income, many people will outlive the fund.
Defined benefit retirement systems are essential to the country’s fiscal strength.
The ‘behind the scenes’ talk in the budget process gives the feeling that the politicos would like to take the resources of Railroad Retirement and fold it into Social Security and disburse to the retirees at the Social Security rate.
And if that was done, would we get a refund from all we paid above and beyond social security, or would we get a “sorry - sucks to be you” letter?
And even the brand new guys that hire on are thinking about retirement. Whether they’ll ever see it or not, but to totally trash the system in the foreseeable future? It’s a well-known fact that many are retiring in the next 5-10 years (in all RR service, not just T&E), Even with the RR retirement, they are having trouble finding the next generation, so to speak. But without?
More questions than answers.
Get a refund, I doubt it. From what I am reading and hearing this is a real issue though. Our retirement could very well be in danger. Without talking about it any further and getting pissed off about those that want to do this to us I will say that I’m not sure what I would do. It boils my blood. I have nearly 10 years paid into RRR, I enjoy my job, I’m not qualified to do much else, so I just dont know.
They used to build locomotives in London. The plant was owned by a company that couldn’t fail called GM. And then, once upon a time, GM sold their plant to another company, that in turn sold it to another company…that in turn valued their people so much they gave them a deal they couldn’t refuse… $35/hr reduced to $16.50 an hour take it or leave it. If they can do THAT, I wouldn’t count on any company retirement options either. Take matters into your own hands… the world is changing.
Why would anyone let them take the resources of Railroad Retirement and fold it into SS? Wouldn’t it be bad for the railroads and the employees?
This isn’t even the same thing.
That would be where this thread turns political and I’m not going there. That’s not why Zug started this thread, and besides the mods would shut it down with the quickness.
Would it be bad? Yes, at least for those of us who pay our hard earned money into it. Those who are already retired before this proposed robbery takes place should be grandfathered in. Those who retire after could be in for a rude awakening.
That’s of little concern to someone trying to make a name for themselves.
Railroaders, while numerous, are a fairly small group on the whole. Many people don’t even think railroads are a viable form of transportation any more (witness the comment mentioned in another thread about how railroads don’t haul anything any more - they just block crossings to make people late for whatever).
There are those who feel that a group such as the railroaders, who have an established retirement system which provides decent benefits, must somehow be evil, and that we should all benefit from their foresight and planning by redistributing their savings.
Hopefully there are advocates who are keeping an eye on things and who will intervene if such an action is attempted, but we should all know never to say never.
I know that. I brought that up to show how much can change over time. If pay can be halved then what else can be halved or eliminated. That was my point.
Not evil, just out of step with the times. Keep in mind that most people don’t have employer retirement plans and therefore are obligated to manage their