- Credits
- 506
The fund was put under fiduciary control because of corruption in the sixties and seventies. Those guys are dead.There should be investigations, accountability and civil and criminal charges for those who let this happen. I'm getting tired of those hogs gorging themselves at our expense.
Worse than that. Its not a Now or Later candybar- its a Now AND Later bar....Ken Paff represents no one.
It is simple math, The fund either cuts now or runs out of money later. Those collecting now want the latter, those who will collect later want the former.
Ken Paff represents no one.
It is simple math, The fund either cuts now or runs out of money later. Those collecting now want the latter, those who will collect later want the former.
The USA has no money. It operates on deception from the Federal Reserve. Medicare is next, then SSI. The government is on the verge of a collapse much larger than 2008. We're the symptom of all things monetary. Debt kills...."But critics of the provisions say the plight of the Central States Fund is not a cautionary tale about unsustainable benefits but an example of Wall Street mismanagement. They note that Central States is the only major private pension fund where all the discretionary investment decisions are made by financial firms rather than by the fund’s board. Roughly a third of the pension system’s shortfalls -- or almost $9 billion -- can be traced to investment losses accrued during the financial industry’s 2008 collapse. Those losses were in addition to more than $250 million in fees paid by the plan to financial firms in just the last 5 years.
"....KK
I disagree....The U.S. bailed out the Wall Street BANKSTERS who caused this crap....so they need to bail out the Pension Funds and prosecute the SOBs that did this
Why should retirees suffer for the misdeeds of the ones who were in charge...AND BY THE WAY....it was the U.S. that put them in charge of the CSPF in 1985 when REAGAN was president....click on the link in the story and read the Decree of 1985.....KK
To say the funds troubles are because there are less people paying in is simply not true. The funds already paid were supposed to be invested for our benefit. Pension plans are not supposed to rely on active members to pay the retired membersThe fund was put under fiduciary control because of corruption in the sixties and seventies. Those guys are dead.
The article claims we could possibly have 500 million more with a different strategy, but goes on and says we're 22 BILLION short. There may be a shortfall because of , as the article states, 'vanilla investment', but that's not why we're broke. We're broke because we promise to pay benefits to companies that either are no longer are paying in, or are broke and not paying in. Twice as many promises as money. Pretty simple. Quit looking for scapegoats and accept reality...
The USA has no money. It operates on deception from the Federal Reserve. Medicare is next, then SSI. The government is on the verge of a collapse much larger than 2008. We're the symptom of all things monetary. Debt kills....
Since the US has no money, and our brilliant leaders in Washington think it is "OK" to take our pensions shouldn't they reciprocate and give up their huge salaries and forever pensions so that the government has more money... Shouldn't they LEAD BY EXAMPLE
For a 30 year guy from years back, Teamster Pension fund would have paid that out in 6yrs. The 30 and out was an extreme drain on fund, looking back was something they really couldn't cover.Got to be a government employee these days. Here's a guy 50 years old, 25 years on the job - check out his pension and perks.
http://www.northjersey.com/news/ber...gh-door-as-force-faces-merger-plans-1.1152831
...
Higgins will leave with a payout of $67,574 from the county, according to County Treasurer Joseph Luppino, which includes $23,392 in vacation time and $38,887 in terminal leave. Luppino said Higgins’ contract gives him two days pay for every year of service. There also is $3,820 in sick time and $1,475 in education reimbursement.
His pension is estimated at $138,523.80, according to the state Division of Pensions and Benefits, based on a $206,751.96 salary estimate.
...
PS - What the heck, it's only taxpayer money, who cares. Unreal!!
Oops hit wrong number key , should be 4years. 3000.mo=36000 x 4rs= $144.000For a 30 year guy from years back, Teamster Pension fund would have paid that out in 6yrs. The 30 and out was an extreme drain on fund, looking back was something they really couldn't cover.
Oops hit wrong number key , should be 4years. 3000.mo=36000 x 4rs= $144.000
Where does it say in print PER YEAR in ur post .Those figures would't make sense to pay year after year ,sick time, vacation time, terminal leave, and education reimbursement,but didn't read linkDid you possibly misread the article? His pension is $138,523.80 per year for life. (And he's only 50)
If say he lives to 75, that comes to $3,463,095.00 that he will collect. Not shabby is it for a public employee.
Where does it say in print PER YEAR in ur post .Those figures would't make sense to pay year after year ,sick time, vacation time, terminal leave, and education reimbursement,but didn't read link
Read link it said PAYOUT, that's one time settlement, not reoccuring every year.Where does it say in print PER YEAR in ur post .Those figures would't make sense to pay year after year ,sick time, vacation time, terminal leave, and education reimbursement,but didn't read link