Taxing Pension Plan (union, agent, companies, tax)

[Boo2lowkey]

I just receive news from one of our Union Rep's that the government wants to start taxing the dollars our company pays out weekly to our Pension. Has anyone ever heard of this before? Now our local is looking into hiring lawyers to fight this cause.

[evilnewbie]

Maybe they are mistaken cause I don't understand how they can "tax" pensions when they will also "tax" pensions when it is distributed... that's double taxation and doesn't make any sense to me... maybe the rep is mistaken...

[sweetana3]

Nothing like a rumor. Government employees start them each and every year about certain parts of their pensions.

[KevK]

Originally Posted by Boo2lowkey

I just receive news from one of our Union Rep's that the government wants to start taxing the dollars our company pays out weekly to our Pension. Has anyone ever heard of this before? Now our local is looking into hiring lawyers to fight this cause.

Its a lie.

[Boo2lowkey]

Its true the Gov wants to tax the contribution the company put into our pension plan. I dont know how they will be able to do this or why. I ask other employees about this subject and they confirmed it. Had to make sure I wasn't crazy and that I heard it right. A Union Rep. Agent comes in once a month to pass out Union dues receipts so that will allow me to get more info and understanding about what's going on. He was trying to explain to me last time, but I was in a rush to get out the door. I'll keep you'll posted about this matter. If it will affect us there will be others along the way.

[texdav]

Its sounds like the way companies pay tax on profits that are then distributed to the shareholders and taxed again really.