Banned for Life
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Why the mine workers got 100% of their pensions bailed out! Well, mostly because their pensions aren't nearly as generous as a Teamster pension. PBGC pays $35.75 max, For a teamster getting $100 dollars a month per year of service. The government would have to pay $64.25 to make a teamster 100% whole. A miner getting only $50 a month per year would cost the government $14.25 to be made 100% whole.. A huge difference in the cost of a bail out.
The miners got their bailout, because they are no longer accruing pension liabilities. Murray Energy, the last union mine company has filed for bankruptcy. The UMWA pension fund is dead.
Teamster pension funds are still accruing liabilities using unrealistic actuarial standards. The government will never bail out MEPFs until they use responsible accounting standards.
These are of course only my uneducated opinions. Wouldn't it be nice if NUCPP, PRC or the DEMOCRATIC party would chime in with some facts. I don't think, Wall Street Bankers, Government receivership, forensic audits are acceptable facts anymore.
The miners got their bailout, because they are no longer accruing pension liabilities. Murray Energy, the last union mine company has filed for bankruptcy. The UMWA pension fund is dead.
Teamster pension funds are still accruing liabilities using unrealistic actuarial standards. The government will never bail out MEPFs until they use responsible accounting standards.
These are of course only my uneducated opinions. Wouldn't it be nice if NUCPP, PRC or the DEMOCRATIC party would chime in with some facts. I don't think, Wall Street Bankers, Government receivership, forensic audits are acceptable facts anymore.
