Posted by Mike (WA) on December 01, 2011 at 08:26:00 from (69.10.197.100):
In Reply to: Re: AA posted by ben brown on December 01, 2011 at 05:35:26:
Unfunded pension liability is going to bust a lot of companies (and municipalities). Bankruptcy is about the only politically feasible way to get out from under huge pensions that were promised in more prosperous times, with little thought to how they would be paid.
In my own case, I was working for Farm Credit Services in '95, and there was a big push to convert everyone from "defined benefits" (pension, so much a month for life) to "defined contribution" (like a 401K- here's this years contribution, good luck). To do that, the company has to give you a lump sum equivalent of your pension, and I was shocked at how little they were proposing to give me. I said no thanks. I started drawing my pension at age 56, am now 63, and have already drawn more than my 401K would have been worth, even with income added back in. If I live to age 70, will have drawn twice as much.
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Today's Featured Article - Hydraulics - Cylinder Anatomy - by Curtis von Fange. Let’s make one more addition to our series on hydraulics. I’ve noticed a few questions in the comment section that could pertain to hydraulic cylinders so I thought we could take a short look at this real workhorse of the circuit. Cylinders are the reason for the hydraulic circuit. They take the fluid power delivered from the pump and magically change it into mechanical power. There are many types of cylinders that one might run across on a farm scenario. Each one could take a chapter in
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