This is a very good sign.....

Discussion in 'Politics' started by jenny807, Jun 4, 2016.

  1. jenny807

    jenny807 Active Member

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    http://pbgc.gov/news/press/releases/pr16-07.html?cid=COLA04AIJUNE03162

    BGC Proposes Rule to Facilitate Mergers of Multiemployer Pension Plans
    FOR IMMEDIATE RELEASE
    June 02, 2016

    WASHINGTON - The Pension Benefit Guaranty Corporation (PBGC) is proposing a rule to facilitate mergers of multiemployer pension plans. Mergers are a way some plans can preserve and protect the benefits earned by workers and retirees.

    The proposed rule will be published in the Federal Register on Monday. It implements changes under the Multiemployer Pension Reform Act of 2014 (MPRA). PBGC has authority to facilitate plan mergers by providing technical assistance, or financial assistance if necessary to avoid plan insolvency.

    "Plan mergers can make multiemployer pensions more stable and secure," said PBGC Director Tom Reeder. "PBGC can help save troubled multiemployer plans before they fail. That helps plan participants and reduces the long-term costs of the pension insurance program." Mergers can stabilize or increase the base of contributing employers, combine plan assets for more efficient investing, and reduce plan administrative costs.

    Most multiemployer plans are not in danger of running out of money. But more than 10% of all participants in multiemployer plans -- over a million people -- are covered by troubled plans that are projected to run out of money.

    PBGC's ability to provide financial assistance is constrained by its limited financial resources. PBGC will need additional resources to help all the plans that need assistance. Before assisting a merger, PBGC must determine that the merger is necessary to avoid plan insolvency, the assistance will reduce PBGC's expected long-term loss, and the assistance will not harm PBGC's ability to meet existing obligations.

    Pension plan mergers are complex transactions. We encourage plan trustees and other stakeholders to reach out to PBGC for guidance before filing a formal request. In addition to financial assistance, PBGC can help plans with technical assistance and support in working with other government agencies.

    About PBGC

    PBGC protects the pension benefits of more than 40 million Americans in private-sector pension plans. The agency is directly responsible for paying the benefits of about 1.5 million people in failed pension plans. PBGC receives no taxpayer dollars and never has. Its operations are financed by insurance premiums, investment income, and with assets and recoveries from failed single-employer plans. For more information, visit PBGC.gov.
     
  2. vongrimmenstein

    vongrimmenstein Well-Known Member

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    Have no idea if that would help. There is still that bull in the china closet. 1 working for every 5 retired. And only 1 company paying full boat to the fund supporting all the companies who are gone. We all know it is coming but how much & when?
     
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  3. tutone710

    tutone710 Your Retirement Canceled

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    [​IMG]
     
  4. SuperCourse

    SuperCourse Well-Known Member

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    There's nothing to merge.
     
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  5. Triplex

    Triplex Experienced stalker

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    Public sector pension funds??? :hide:
     
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  6. SuperCourse

    SuperCourse Well-Known Member

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    Who knows what the hell they're talking about. They keep trying to stick bandaids on a cadaver.
     
  7. Triplex

    Triplex Experienced stalker

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    I was just kidding about our funds merging with public sector funds. Cops and teachers, etc. do quite well in my area, both pay and pensions.
     
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  8. SuperCourse

    SuperCourse Well-Known Member

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    Sky's the limit with taxpayer money.
     
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  9. highheadblues

    highheadblues Well-Known Member

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    Why would let's just say the western pension fund for arguments sake, want to merge with central states which would only weaken it? It says above that the pbgc has the authority to facilitate mergers. Are they saying they could force these funds to merge?
     
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  10. bigtruk_us

    bigtruk_us Well-Known Member

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    Because if the Gooberment mandates that merge then there wouldn't be any arguments to cinsidered.it would be said and implemented and done..end of story
     
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  11. vongrimmenstein

    vongrimmenstein Well-Known Member

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    Hope your area isn't Illinois. The state is 84 Billion behind on their payments & the IL Supreme Court said 'you promised the money, now pay it'. I believe that was January of 2015 when they ruled.
     
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  12. SuperCourse

    SuperCourse Well-Known Member

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    No, they can't.
     
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  13. LEHIGH vALLEY

    LEHIGH vALLEY Well-Known Member

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    If they did that would it not mean that those in the fully funded plans would suffer a reduced benifit because their plan was forced to take on a plan that was in the red zone?
    Just saying Guys, That would start another war.
     
  14. ABFer

    ABFer Super Moderator Staff Member

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    And push us closer to a real one.
     
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  15. SuperCourse

    SuperCourse Well-Known Member

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    C'mon comrade....where's your socialist spirit.
     
  16. mud

    mud Wonderin'

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  17. palletmule

    palletmule Active Member

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    If the plans are not on the same trajectory then a merger would either be charity, or robbery, depending on which side of the merger you are on.
     
  18. Bart

    Bart Well-Known Member

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    C'mon people this is about putting bad plans together‼️ Might even slow the bleeding. The best part would be Nyhan kicked to the curb.
     
  19. palletmule

    palletmule Active Member

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    This development might encourage paid administrators at stable funds to support a merger with a weaker fund in order to gain a more lucrative position with a new, larger merged fund.
     
  20. tutone710

    tutone710 Your Retirement Canceled

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    He needs to be kicked somewhere else.
     
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