my job should not exist

[Kuciwalker]

Seriously, **** this. We should outlaw private pensions entirely and expand the payroll tax and social security.

Alternately, can someone show me the door to the universe where the sane people live?

[Kuciwalker]

"Discrimination in favor of highly-compensated employees is different from discrimination against non-highly-compensated employees." ASDFLKAJ;SDFKLDSLF;ASD;JLK

THE WORST PART IS HE'S TELLING THE TRUTH

[SlowwHand]

Rough day?

[Kuciwalker]

My dad just explained the ERISA vesting and accrual rules to me, and started in on the non-discrimination rules.

[KrazyHorse]

Seriously, **** this. We should outlaw private pensions entirely and expand the payroll tax and social security

No.

Also, what type of discrimination are you talking about?

[Kuciwalker]

Example: cash-balance plans that offer returns above "market rates" [note: this term was used in law 4 years ago and the regulations defining it are still pending] are age discriminatory.

[KrazyHorse]

Don't understand that statement (why such a plan is discriminatory)

[Kuciwalker]

Because if I give $1 at 8% (payable when you are 65) to a 20-year old that is more valuable than $1 at 8% to a 40-year-old.

[KrazyHorse]

Ah, you're saying that the company itself is subsidizing returns. Now I understand.

[Al B. Sure!]

actuaries

[DanS]

Who's offering 8% per annum these days?

[Kuciwalker]

No one, now that it's illegal.

[DanS]

By the way, what's the rate on offer nowadays for 30-year annuities? A couple of years ago, I was quoted prices by Vanguard that implied a little over 5% on a $1 million+ annuity.

PM if you prefer.

[Kuciwalker]

I have absolutely no idea, and am kind of amused at the idea that I would.

[DanS]

I had the vague notion that you started with an insurance company. My bad, if not.