The best outcome is ensuring that the unhappiness is at least equitably managed. Published by Jane the Actuary View all posts by Jane the Actuary
8 thoughts on “Forbes post, “Suck It Up, Buttercup. No One Will Be Happy With Multi-Employer Pension Fixes””
It’s truly amazing that nothing is ever written about how the Governments involvement has destroyed our Central States Pension Fund. They have been trying since it’s conception to gain control of it and succeeded with their Consent decree of 1982. The deregulation of the trucking industry wiped out 11,000 unionized trucking companies who contributed to CSPF. The IRS and it’s antiquated laws covering Multi Employer Pension Funds from letting CSPF become over funded also hurt CSPF. The Government is responsible for the PBGC ‘s failure to set the premiums for the Multi Employer Pension Funds to the levels needed. And the passing of the Multi Employer Pension Reform Act of 2014 wiping out 40 years of ERISA Protection allowing cuts to the existing retirees pensions was the most egregious injustice I’ve ever seen done to the Veterans and elderly people of this country. Nobody ever mentions that the majority of the retirees who are Veterans who gave their all for this country are retirees who will have their retirement savings cut. You also fail to recognize that we are Americans who also paid taxes our entire lives and still pay them. Retirees also spend more money in their community than people realize. The economic tsunami that is going to happen in this country is going to make have devastating effects. We have done nothing wrong and had nothing to do with the investment policies forced on CSPF to use the true Organized Wall Street criminals who mismanagement wiped out our retirement savings. Please look before you speak about our retirement benefits being called a government bailout.
Wisconsin Committee to Protect Pensions
“Plans were not permitted to intentionally overfund their plans during good years to provide a cushion for future declines but were instead obliged, if collective bargaining agreements meant they had “excess” money coming in, to “spend” that money on benefit increases.”
Not true. All they had to do is modify their expected future return downward as asset prices temporarily bubbled up. Generation Greed didn’t increase its own retirement benefits, or underfund those benefits, because it was forced to. It was because they wanted to. And they wanted it rationalized.
The lie that pensions were fully funded, or overfunded, in 2000 as a result of the dot.com bubble is the elder lie of the entire pension mess.
I was an actuary and i left the profession after finishing my asa in 2 years. I was working for Hewitt Associates in Texas during the time those very actuaries were helping Enron set up their ponzi scheme. Even as a young person, it was plainly obvious this was a pump and dump scheme.
I also briefly worked at Northern Trust on multiemployer plans, which have been broke for decades. This is nothing new. Actuaries know all this and they go along with it.
Actuaries are criminals. They know what they are doing. They should be arrested and prosecuted. The entire profession is criminal.
Congress made it their business to deregulation the trucking industry causing tens of thousands of multiemployer contributing Companies to go bankrupt. This is the basic reason my pensionCentral States is failing. Congress has a responsibility. You break it you fix it!
It’s just amazing to see all of central states employees salaries and then to say they are going broke!!!!! And not one of them (So far) are in prison. All I know is I was robbed of $350,000.00-$400,000.00 and all I hear is” the money was miss managed.” All those years I worked went right into central states, teamsters, and who knows who’s else’s pocket. No shame or guilt what so ever. We also are federally insured, (meaning that the company we work for paid EXTRA money every week for us to be insured, kinda like insurance companies) but guess what? Central states said that the government will be broke one year before they will be!!!!! How does that work?????? But the government has an open check book for all the welfare freaks, the lazy ones, and all the legal and ILLEGAL immigrants that won’t work(or will for cash only) or spit more kids out so there low income tax refund check gets bigger. Skies the limit there isnt it? Those are the people that get all the help in the world. The ones that WORK gets robbed blind. By the way the company we work for had to pay $138.00 PER WEEK PER EMPLOYEE for us to get a pension and to be federally insured!!! (I’ve been there for 30 years!!!!) What a kick in the face!!!!! Must be the american way. Kinda like the Madoff story but only different characters. Totally amazing isn’t it?