Jane the Actuary
All bailout. No reform. Ugh!
View all posts by Jane the Actuary
Jane the actuary or Elizabeth Bauer or whatever you call yourself…
I’m certain you have all the qualifications, education and wherewithall to make a very informed opinion concerning Multi-Employer Pension Plans I will not doubt that for a minute. In all of your articles you have omitted the one most very important aspect of your diatribe. The pensioner that has paid into those pension plans thinking he would be “OK” in his/her twilight years and be able to live a comfortable life collecting his “EARNED” pension plus his social security check. Both of which were guaranteed that pensioner by the government. One under ERISA passed in 1974 and the SS promised in 1935. What do we do, where do we go when the pension plan operators says: “We are going broke and your benefits will cease in 2024!” Call to my district representative: “Sir, I need your help?” Reply: “I’ll keep you in mind when it comes up for discussion on the floor of the house son!’ (SON??.. I’m 30 years older then this………representative?)
I’ve got a very large steak in my retirement. I worked 34 years to get $3400 per month in pension benefits. I took 15% off that total to assure my wife that she would have enough to live on after I pass on! I sent $490 of my pension check to the federal government to assure my taxes were paid according to my pension and social security benefits! In short, I did everything I was supposed to do. In 2014 that all changed and since than 10.5 million people have been sitting on pins and needles waiting to see what their futures will be. The pleasant retirement envisioned by people like me or……..welfare!
Wow! Just Wow!
You who never met or talked to Chris, except maybe for a story. You who never knew Butch, and what a good kind man he was. In fact “Jane” you never factor into the human element of the impact to these people at all.
You showed up in 2018. So you weren’t there when MPRA passed nor did you see the looks on these guys faces when their worlds were falling out from underneath them because they were losing up to 70% of their pensions. You have no clue how these people banded together to halt those cuts, and save their deferred compensation.
Glad as an actuary, you have time to write stories about all of this.
Most of these guys never attended their children’s events and were gone for days at a time. How many hours you work? 9 to 5? Ha! These guys worked 70 hours plus, every week for 20, 25, or thirty years or longer.
You think it was easy? Most have bad backs, ear problems, and gyms, weren’t exactly on the interstates back in the day, Jane. And what would you have these older people do? You think since they know only one thing that they should just get back in the trucks and drive again?
Now, I will tell you I am disappointed. Not because these people have some hope, but because those people who were running this into the ground in the first place, who used the money to fly first class, to exotic locales and to spend more time engaging Congress than doing their jobs. Those actuaries such as yourself, are no doubt paid to produce number that looked better than the truth, but then money talks, and they make a pretty penny from these pensions so why not just keep the charade going.
Oh, yes, like you Jane, I am disappointed that money is thrown at the problem with nary a whimper on transparency, accountability and oversight, in these pensions.
But I am glad these older American’s who were always vital will see some hope for the first time in over 6 years.
Now, is it worth the idiots running this walking away free? Well, if Trump walks away free, I guess it’s just the new American way! At least those who deserve it will get something out of it, finally. Good bye Jane, and enjoy whatever or whoever you are.
I justed wanted to comment on your article by praising your insights. I’m a 32 year member of one these failing multi-employer pension plans, as well as ,of course, a tax payer.My concern is that there is no structural changes in the bill and I am curious what your thoughts are in regards to the chance of something like this even being able to pass reconsilation.?
Rick:The markup of the Butch Lewis Emergency Pension plan Act of 20121 did pass Reconciliation on February 11Th. Votewas 25yeah-18 nay. Amendments to the bill failed by the same vote. It now goes to the next step.PBGC premiums will increase every year whether enough is another thing. If you go on Teamsters pension crisis facebook you can find out particulars of the bill.
What about retroactive increases in benefits?
Would past ones be required to be disclosed?
Would future ones be prohibited?
There has been a huge propaganda push to prevent the reality of beneficiaries getting MORE than they were promised from being discussed, particularly in the public sector. While inadequate funding — by selfish older generations — is a greater cause of insolvency in some cases, retroactive benefits for — selfish older generations — is a greater cause in the other cases. Especially in the case of New York City, where I live.
And there is a demand that the money appear to drop from the sky, so that selfish older generations don’t have to face that fact that poorer later-born generations — who will get no pensions at all — will be made even worse off to pay for it.
And this is just one small example of what Generation Greed has done to all the generations coming after.
What no media is willing to do is connect how much worse off later-born generations are with just how much those now over 62 have taken and refused to pay for. They don’t want to hear it, and don’t want to face it, but it is the truth.
In the first impressions article by best retirement news . It states: Multi employer pensions will be entirely by the government Treasury is false. You are leaving out employer and employee contributions which are about thirty percent of hourly wage. Some trucking or construction companies are higher.These contributions became mandatory for many funds. also accrual rates were slashed for example in 2004 and hugely again in 2010. This is why we could afford the cuts if we were crazy enough to agree with them.Alot of these pension benefits were chicken feed before the drastic cuts.
I worked in the public and private sector for over 43 years and paid every penny. How is it the pensioner’s fault if beficiaries are overpaid which I find very hard to believe.
PBGC insurance has a certain premium for a certain protection amount. Like life insurance, you pay more premium for more protection. The protection amount is well publicized and public. When someone unexpectedly dies and the life insurance isn’t enough, you don’t blame the insurance company and demand more payment than the amount of insurance provided for. It is tragic that it isn’t enough. It is tragic that someone died (or in this case the company went bankrupt)….but it is not the insurance company’s (taxpayers) fault or responsibility.
Marcia, I’m in complete agreement with you. Very sorry for the pensioners, but what do you, me and every taxpayer have to do with somebody else’s bankrupt pension plan? Why are we being asked to pickup the tab? I am fully aware that these people paid major bucks for a very long time only to be screwed in the end, but why should future generations and I pick up the tab? Why do we have to always look at the federal government as a money laden behemoth that is there to make the world fair? I don’t get it.
The Federal Government has allowed for years, yes ALLOWED FOR YEARS these pensions to be underfunded by legislation. The Congress and Senate did nothing to rectify this because then the bullies in these institutions could point at the UNIONS and say how bad they are. The interests of big donors once again are upheld by the put down of the pensioners who worked all these years expecting the government to protect them. Well its about time the GOVERNMENT WORKS FOR THEM AND NOT THE SUPER PACS!!!! Pass the Butch Lewis Emergency Pension Plan Relief Act of 2021. It’s about time that the Congress and Senate make up for not acting over the years.
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