The NCCMP has now commented on the Senate’s multiemployer pension rescue proposal. The bottom line: this is not easy to figure out in a way that feels fair to everyone.
Forbes post, “Update On The Senate Multiemployer Pension Rescue Proposal: The NCCMP’s Point Of View”
My question is….Did Goldman Sachs Fannie Mae Freddie Mac GM have this much difficulty getting help in 2008???
“On one extreme, some of my commenters insist that, since the plans in question are blameless and the fault lies with Wall Street, they are owed a fix entirely without cost to them. On the other hand, some others insist that the plans’ failures are entirely their own fault and no taxpayer money should be spent to prop them up.”
But all involved agree the price should be paid by later-born generations whose median earnings are 25 percent lower than Baby Boomers had earned at the same age (despite higher educational attainment), do not get pensions, whose life expectancy is falling, and who pace a future of perpetually higher taxes and service and benefit cuts to pay off Generation Greed’s 40 year party.
The analysis no one allows to be done, and the thing no one allows to be discussed, is the impact of various proposals on those in different generations. And they keep taking more, and more, and more, and more.
What about all the benefit increases around the year 2000? What about past underfunding to benefit profits and executive pay? They’ve lied about the consequences for 20 years, until they could be shifted to someone else. And not just with regard to pensions.
I don’t know about all defined benefit funds in the US, but in NYS accrual rates for private multiemployer pensions have decreased from 2.6% to .5% or about 80%.State pension benefits have remained the same with 1.75% of FAS to 2% after twenty years or more.
First the NCCMP/UNIONS can kiss my retired ass. Nobody cares what their opinions are.They are the rats who created this crisis by mismanaging and looting their own Union pension funds. Despite their lies the NCCMP is an arm of the AFL-CIO building trades. Their President is NABTU rat Sean McGreedy. Their board members are Union International leaders and those who make millions from our Union funds.The AFL-CIO and Unions finances them and provides their members with pensions that are NOT facing cuts.Lets be clear.These are the rats who have waged a non stop war on ERISA. These are the rats who have fought any legislation introduced that includes increased oversight of their actions. These are the rats who wrote MPRA and bought the political hacks that out their name on it and got it on the books by fraud. These are the rats who wrote the grow act so they can attack health plans. These are the rats who have decided to tank Defined Benefit Plans in favor of Composite plans.A mode they got form MEBCO of Canada These are the rats who created and are the forefront of a group of scum bags who call themselves the World Pension Alliance that includes members MEBCO,AEIP and the American Benefits Council.These are the scum bags who have falsely presented themselves as a US Agency representing the United States.
Why dont you report on what parts of Grassleys proposal these rats really oppose. Increased oversight and accountability over their actions and the powers the proposal gives the feds over funds who are blatantly robbing the fund participants.Funds these rats now control. Lest not forget these are the same rats who came out, along with YOU,against the Hoffa Act(Hr397) written by the well documented crooks at the IBT. You claim to be an actuary but it seems to me all you post is biased BS. You spew a lot of information but make sure you leave out all the facts if they do not suit your agenda..