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Can you imagine an NFL team having to go on strike!?

https://www.nbcchicago.com/news/local/c ... 63911.html" target="_blank" target="_blank

I’d ‘82 Redskins their ***!!

windshieldbug wrote:Can you imagine an NFL team having to go on strike!?

https://www.nbcchicago.com/news/local/c ... 63911.html" target="_blank"

It has happened more than once. However, the NFL has a product very much in demand and has a very large income stream. Orchestras in general? Not so much.

They say it's because management wants to switch to a 401k plan instead of the defined pension plan for future contributions and that will cause good players to go elsewhere. Now I can appreciate the preference for a defined pension plan - but those are incredibly expensive for an organization - (and why many states (including Illinois) and many cities (including Chicago) find themselves in dire straits due to a massive black hole of unfunded pension liabilities. But, I find the idea that top players will bypass the CSO because they don't have a defined benefit pension plan laughable considering their pay is among the highest of any orchestra anywhere, the numerous side jobs available at local universities, side gigs, pool of private lesson students etc. plus it's a major city and a top flight orchestra. How many other top pay and top playing orchestras are there for top players to bypass the CSO?

They aren't going to get much sympathy as most working people saw their defined benefit pensions disappear long ago.

tofu wrote: They aren't going to get much sympathy as most working people saw their defined benefit pensions disappear long ago.

One of the ways the middle class has been hollowed out is the loss of defined pension plans. Do you see that as a problem?

Or is this the problem: People who still have pension plans are trying to hang on to them. People who unfortunately lost their pensions resent people who still have theirs.

It sounds like you are saying the CSO musicians are doing just a little too well. Time to drag them down a couple of notches.

Hup

The correct term is defined benefit pension plan. Very few organizations still offer these plans, because they are too expensive to maintain.

Mark wrote:The correct term is defined benefit pension plan. Very few organizations still offer these plans, because they are too expensive to maintain.

As well as completely unnecessary.

If I had 15% of my lifetime income (SStax) and a 12% of my lifetime income (6% employer pre tax match) I’d be set.

Anyone under 35 years old that can’t appreciate this is brainless.

But yet, people still want traditional plans and annuities...

I highly doubt a single member of the CSO could be described as "brainless".

Mark wrote:The correct term is defined benefit pension plan.

Sorry, I carelessly left out the word benefit.

I was referring to a previous post, which mentioned defined benefit pensions. Did you happen to see that term in the quote above my post?

Hup

hup_d_dup wrote:

tofu wrote: They aren't going to get much sympathy as most working people saw their defined benefit pensions disappear long ago.

One of the ways the middle class has been hollowed out is the loss of defined pension plans. Do you see that as a problem?

Or is this the problem: People who still have pension plans are trying to hang on to them. People who unfortunately lost their pensions resent people who still have theirs.

It sounds like you are saying the CSO musicians are doing just a little too well. Time to drag them down a couple of notches.

Hup

pfft

Steginkt wrote:I highly doubt a single member of the CSO could be described as "brainless".

There are probably not that many under 35!!

But if there are, they, not being brainless, would understand the benefit of participating in a pre tax co-funded 401k instead of “investing” in a traditional pension plan that is unsustainable.

Let’s put some lipstick on that for the ultimate mixed metaphor!!

Great news
......the Chicago Symphony Orchestra musicians have reached a tentative agreement with the Chicago Symphony Orchestra Association that will end the seven-week long strike. There will be a ratification meeting sometime tomorrow......