6 thoughts on “Forbes post, “Suck It Up, Buttercup. No One Will Be Happy With Multi-Employer Pension Fixes”

  1. 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.
    Respectfully,
    Bob Amsden
    Wisconsin Committee to Protect Pensions

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  2. “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.

    https://larrylittlefield.wordpress.com/2013/11/29/pensions-the-nature-of-the-lie/

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  3. 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.

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