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Yellow | How The West Was Won – With Pensions

jimmy g said:
PGBC only has 42 billion.. One take over (hundreds of funds out there) and its broke too.
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That's why the multi employer pension fund was developed they say.
Do I trust it?No not 100%.
Why? Because we have not seen how and where they are investing these multi-employer pension funds.
God help us all if it's invested anywhere in the derivatives hedge fund markets that are doomed to fail.
It could all go bad real fast.
Enron was bad enough but it could be a lot worse and just might.Pray.
 
MindWar said:
That's why the multi employer pension fund was developed they say.
Do I trust it?No not 100%.
Why? Because we have not seen how and where they are investing these multi-employer pension funds.
God help us all if it's invested anywhere in the derivatives hedge fund markets that are doomed to fail.
It could all go bad real fast.
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Those are six times bigger now than in 2008. Where do you think it is????

Worse yet- where does any bank or fund get money and what's it backed by,? Nothing. The Fed just invents more out of nothing...
 
jimmy g said:
Those are six times bigger now than in 2008. Where do you think it is????
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If your speaking of the markets and I believe you are,Most of the market investments are being propped up on a printed dollar that's worthless.The debt is piling up and they just keep printing money,You cant print your way out of debt .It only deepens the crisis.If the markets were to correct themselves right now on this ( worthless dollar) not only would our economy collapse but most of the world would in fact go with us.
 
Bart said:
I will call Hoffa and ask for a copy, note this was in 2002:bananag:
http://teamster.org/content/teamsters-retain-consultants-review-central-states-pension-fund

The Union has retained two nationally recognized and respected firms, Independent Fiduciary Services (IFS) and Watson Wyatt Worldwide, to perform an independent assessment of the asset allocation approach and the actuarial condition of the Central States Pension Fund.
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You'd be better off researching the corruption that comes from the top and down to us.THE FEDERAL RESERVE
 
MindWar said:
Central states is a huge fund itself.The fed had to do something to slow down the downward slide.Okay?
There's no corruption except fat cats getting big salaries to do little.
They are required by federal law to make changes (be it little or big) when the fund becomes insolvent (critical state).
It is considered to be in a critical state when under 80% funded.
The problem was they didn't do enough to stop the downward slide,but did fulfill the federal requirement by
MAKING SOME SORT OF EFFORT TO SAVE IT. It doesnt matter if it worked or not.As long as they have done that their is nothing corrupt according to the federal law.EFFORT IS THE KEY WORD.
Now if the members stayed on top of their declining pension fund statements over the years
and demanded a turn around we just might not be in this situation to begin with.
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Any fund will be considered in critical condition.If Congress raises the bar of solvency.A few years ago.Congress did an emergency lowering of the funding bar.Because at that time.The solvency goal was too hard to reach..economic conditions and such.Depending on what the fund managers and Congress has in mind.Will determine where the solvency bar is set.
 
The reason the Western States Pension Trust is in financially healthy condition is that the Trust's overseers weren't busy raiding the cookie jar. That can't be said for the Central States Pension Fund. Between bad investments, poor actuarial work and blatant theft, the Central States has become a mess! Thank God I'm in Western and have been since the 1970s
 
Real Teamster said:
The reason the Western States Pension Trust is in financially healthy condition is that the Trust's overseers weren't busy raiding the cookie jar. That can't be said for the Central States Pension Fund. Between bad investments, poor actuarial work and blatant theft, the Central States has become a mess! Thank God I'm in Western and have been since the 1970s
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Are you sure you feel 100% safe? With all of the changes in the new law no plan is safe anymore. Maybe for the time being, but the law has set aside ways to get to them as well. Please forgive me I a not attacking you or your plan, I do not want mergers to save the Central States, that just hurts more people. The law in the 161 page plan, said there is a road map for all funds to get into critical status sooner if the do the following things. I will try to copy and paste that here. I am not to good at that. You may want to go to it and see it first hand. Start planning for the worst and hope for the best.
 
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