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Yellow | House Passes Bipartisan Bill To Avert National Retirement Crisis

jimmy g said:
From the Bill

C)

as a condition of the loan, the plan sponsor stipulates that—

(i)
except as provided in clause (ii), the plan will not increase benefits, allow any employer participating in the plan to reduce its contributions, or accept any collective bargaining agreement which provides for reduced contribution rates, during the 30-year period described in subparagraphs (A) and (B);

(Added info)
(ii)as of such date of enactment, are in critical status (within the meaning of section 432(b)(2) of such Code and section 305(b)(2) of such Act), have a modified funded percentage of less than 40 percent, and have a ratio of active to inactive participants which is less than 2 to 5; or

(iii) are insolvent for purposes of section 418E of such Code as of such date of enactment, if they became insolvent after December 16, 2014, and have not been terminated; and

(B)
subject to subsection (b), to establish appropriate terms for such loans.
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jimmy g said:
The Bill itself and the author of it expects those loans will never be repaid, and eventually have to be forgiven. That makes the whole thing a bailout, and not a loan. That may be my biggest hangups. People hide behind the Loan Label, as if they are OWED, /Entitled. Just admit, humbly, that we need bailed out, do it, and move on...
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send your questions to [email protected] and perhaps she will write about /propose answer them in the wall street journal. we at nassau otb will work to defund local 707 and the kevin mccaffrey teamster scam. mccaffrey has abrigated the prior lonstanding practice of promoting to branch mansger on the basis of seniority
. there may exist a digned sellout agreement that appears not even given to alan klspman who was skipped over for promotion to branch mansger of the green acres branch. voters in the 14th legislative district in suffolk county should vote him out in November
 
jimmy g said:
The Bill itself and the author of it expects those loans will never be repaid, and eventually have to be forgiven. That makes the whole thing a bailout, and not a loan. That may be my biggest hangups. People hide behind the Loan Label, as if they are OWED, /Entitled. Just admit, humbly, that we need bailed out, do it, and move on...
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this guy has too many jobs
defund local 707

Suffolk, Nassau OTB probe ethics conflict
by David Winzelberg
Published: November 24th, 2013


At least one employee of Nassau County Off-Track Betting is questioning whether the head of his employee union, a member-elect of the Suffolk County Legislature, should have a say in Suffolk OTB business.
Teamsters Local 707 President Kevin McCaffery, whose union represents about 200 Nassau OTB workers, was elected earlier this month to serve as a Suffolk legislator representing the 14th District. In a letter last week, Nassau OTB cashier Jackson Leeds alerted the Suffolk County Ethics Board to McCaffery’s possible conflict of interest.
“As a Suffolk County legislator, his duties are to the people of Suffolk County,” Leeds wrote. “He cannot simultaneously represent the interests of employees of Nassau OTB, a Nassau County public benefit corporation.”
McCaffery told LIBN he doesn’t think the two counties’ OTBs are in competition with each other and he doesn’t see his role as union leader for Nassau OTB workers as a conflict with issues surrounding Suffolk OTB.
“If anything, I have the background of dealing with Nassau OTB, which gives me more insight on the subject than any other legislator out there,” McCaffery said.
When asked if the legislator-elect’s union job appeared to be a conflict of interest, Nassau OTB chief Joseph Cairo said, “If you really want to stretch it. But I don’t see anything that’s apparent to me.”
Cairo added that he’ll instruct the Nassau agency’s counsel to review the situation.
Leeds, a 10-year veteran of Nassau OTB, complained that both union officials and county OTB management have been too focused on the 1,000 video lottery terminals planned for each county’s OTB and they’re not paying enough attention to current operations.
“They never worked behind a window,” Leeds told LIBN. “They’re out of touch with the bettors of Nassau County.”
Internet wagering and dwindling handles – the overall money being wagered – have prompted a consolidation in Nassau OTB’s operations in recent years; there were 15 betting offices in Nassau in 2003, and now there are eight. Suffolk OTB, which has seven branch offices, filed for bankruptcy last year.
These days, according to some analysts, OTB offices exist largely for political patronage – another reason, according to Leeds, that the Nassau union chief shouldn’t mix one business with the other.
“Union leaders should not be politicians,” he said. “OTBs are run by politicians. Being political and doing public good aren’t always incompatible, but they often are.”
This isn’t the first time a Long Island legislator’s OTB ties have become an issue.
In May 2000, Gregory Peterson, then-president of the Nassau OTB, sued to prevent Nassau County Leg. Roger Corbin from voting on appointments to the Nassau OTB’s board of directors. Because Corbin was employed as a branch manager for New York City OTB and a member of Teamsters Local 858, which then represented all employees of Nassau OTB, Peterson alleged Corbin’s legislative role posed a conflict of interest.
A New York Supreme Court judge issued an injunction preventing Corbin from voting on OTB appointments, but Corbin appealed and the lower court’s decision was reversed. The Nassau County Board of Ethics also chimed in, determining by a 3-2 vote that voting on OTB appointments didn’t create a conflict because Corbin didn’t influence policy or engage in labor negotiations.
With McCaffery, some observers say it’s best to proceed with caution.
Anthony Figliola, vice president of Uniondale-based government relations firm Empire Government Strategies, said the legislator-elect may want to recuse himself from any votes concerning Suffolk OTB until the Suffolk County Ethics Board offers an opinion.
“OTB is a political football,” Figliola said. “It’s better to stay out of it, especially if you want to get things done in the Legislature.”


Complete URL: http://libn.com/2013/11/24/suffolk-nassau-otb-probe-ethics-conflict/

David Winzelberg
Reporter
Long Island Business News
631.913.4247
917.796.1801
[email protected]
Follow me on Twitter
S. News
 
52FARMER said:
Well i hope something happens positive, if they had the money to bail out the banks,General Motors,Chrysler-Jeep,with little or no payback, they can do the same for the multi-employer pensions.
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The banks paid back what they were loaned and so did the auto makers with interest. Government made money on them.
 
highheadblues said:
The banks paid back what they were loaned and so did the auto makers with interest. Government made money on them.
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Central States will never be able to pay back the loan. You know it, we all know it. The question, which no union guy ever answers, is who made the pension pledge with the teamsters? Ask them for the bailout/ loan/ whatever. Who is them?
 
Dracula said:
Central States will never be able to pay back the loan. You know it, we all know it. The question, which no union guy ever answers, is who made the pension pledge with the teamsters? Ask them for the bailout/ loan/ whatever. Who is them?
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When I die and my pension stops, CS should probably become solvent, THEY could then pay THEM back!
 
seabreeze said:
When I die and my pension stops, CS should probably become solvent, THEY could then pay THEM back!
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Them ain't worried about being held financially responsible because nobody knows who them are but somebody must be them because union guys bought the promise of a pension from them. So, the question is who is them?
 
52FARMER said:
29 Years,They have no clue about keeping two viable money making companies[Holland,New Penn] profitable from day one upon purchase.These clowns couldn't run a one man taxi company.
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Running a company has never been their intent. I think it was more of running a vacuum cleaner that converts assets to cash. But we're really worrying over nothing No way this gets voted on in the senate. Mitch will se to that.
 
Dracula said:
Them ain't worried about being held financially responsible because nobody knows who them are but somebody must be them because union guys bought the promise of a pension from them. So, the question is who is them?
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You don't have to look any further than the federal government. But if yours isn't just a rhetorical question you might find your answers here. This is from the start of last years hearings and is lengthy. But if you skip right to minute 47 and listen to these two pension experts they explain how we got here.

https://www.pensions.senate.gov/content/history-and-structure-multiemployer-pension-system
 
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