nassau otb will vote to dump kevin & for an independent trustee

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Suffolk Legis. Kevin McCaffrey, left, also Teamsters Local 707 president, is seen with Sen. Chuck Schumer, Rep. Peter King and union members on Jan. 2 in Hempstead. Photo Credit: Howard Schnapp

By Rick Brand[email protected] @newsdaybrand Updated September 11, 2018 7:25 PM
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“I’ve been doing my leg work and I believe have a lot of support,” said Ford.

McCaffrey noted he won by a “comfortable margin” in the revote in 2015, when turnout nearly doubled from 550. But he said, “This election has my undivided attention. I’m reaching out to make sure people come out and vote, and I believe I will be elected again.”

image.jpg

By Rick Brand[email protected] @newsdaybrand
Rick Brand has covered Suffolk life, government and politics for 37 years.
 
image.jpg

Suffolk Legis. Kevin McCaffrey, left, also Teamsters Local 707 president, is seen with Sen. Chuck Schumer, Rep. Peter King and union members on Jan. 2 in Hempstead. Photo Credit: Howard Schnapp

By Rick Brand[email protected] @newsdaybrand Updated September 11, 2018 7:25 PM
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By clicking Sign up, you agree to our privacy policy.

“I’ve been doing my leg work and I believe have a lot of support,” said Ford.

McCaffrey noted he won by a “comfortable margin” in the revote in 2015, when turnout nearly doubled from 550. But he said, “This election has my undivided attention. I’m reaching out to make sure people come out and vote, and I believe I will be elected again.”

image.jpg

By Rick Brand[email protected] @newsdaybrand
Rick Brand has covered Suffolk life, government and politics for 37 years.
Praise the Lord, we got a real live union member from a failed multi employer pension fund.
Off Track, could you fill every one in on what happens when your pension fund is taken over by the PBGC.
Don't leave out any details.
 
image.jpg

Suffolk Legis. Kevin McCaffrey, left, also Teamsters Local 707 president, is seen with Sen. Chuck Schumer, Rep. Peter King and union members on Jan. 2 in Hempstead. Photo Credit: Howard Schnapp

By Rick Brand[email protected] @newsdaybrand Updated September 11, 2018 7:25 PM
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By clicking Sign up, you agree to our privacy policy.

“I’ve been doing my leg work and I believe have a lot of support,” said Ford.

McCaffrey noted he won by a “comfortable margin” in the revote in 2015, when turnout nearly doubled from 550. But he said, “This election has my undivided attention. I’m reaching out to make sure people come out and vote, and I believe I will be elected again.”

image.jpg

By Rick Brand[email protected] @newsdaybrand
Rick Brand has covered Suffolk life, government and politics for 37 years.
kevin mccaffrey's reelection campaign literature sayd
"Has the experience & knowledge to fix the nationwide pension problem."
kevin sent out a union notice to nassau otb members re: contract ratification vote without giving union members acopy of the tentative agreement. come see kevin on tuesday september 25 2018 3-8 pm at hicksville vfw 320 s broadway hicksville ny 11801. as those of you that bet horses may know nassau otb's 6 branches are open tuesday and people. have to work which conflicts with voting. if all otb employees with conflicting schedules put in for vacation and are denied, then you know that kevin and nassau otb president and republican county leader joseph g cairo only want a few votes. kevin is up for reelection. no sex we are republicans? but it appears ladies and gentlemen that someone is trying to buy or manipulate the election.when central states goes bust, the pbgc will go bust, just like nyc otb and people will get nothing?
read newsday article on monday september 24 by rick brand in print and or online about kevin mccaffrey's election antics.
encourage 707 members to vote kevin mccaffrey out
 
kevin ignores figures of history and history itself as he snd the joint committee on taxation try to rewrite it and meories fade?
merlin_141056712_c67ce9aa-c22e-43b8-8a94-03a0c55af295-articleLarge.jpg

Jeremy Gold in 2015. He questioned the conventional wisdom on financing pensions and embarked on a mission “to save my profession.”CreditCreditCole Wilson for The New York Times


By Mary Williams Walsh

  • July 13, 2018
Jeremy Gold, an actuary who more than 25 years ago warned of the financial debacles now slowly playing out among the cities and states that sponsor pension plans for their teachers, police officers, bus drivers and other workers, died on July 6 in Manhattan. He was 75.

The cause was myelodysplastic syndrome and leukemia, his son, Jonathan, said.

In 1985, Mr. Gold became one of the first American actuaries to work on Wall Street, straying from the profession’s typical career track in insurance and consulting.

It was the heyday of the corporate raid, when high rollers like Carl Icahn and T. Boone Pickens were buying up companies, firing the managers, turning everything upside down and reveling in the shareholder value they claimed to have created.

Often, the raiders went after companies with pension funds, which happened to be Mr. Gold’s métier. They said the funds held far more money than they needed, grabbed what they said was the surplus and used it to finance their takeovers. When the dust settled, the money was gone, and workers’ hopes for a decent retirement were dashed.

ADVERTISEMENT

The raids inspired books, movies, Broadway productions like Ayad Akhtar’s “Junk” and, eventually, a federal law slapping a punitive tax on any raider who looted a pension fund again.

But for Mr. Gold, they raised big questions about the advice actuaries gave employers on how to run their pension plans.

Why did the raiders keep finding overstuffed pensions to exploit? Could actuarial practices be making employers vulnerable? What if it was not just a few wrong numbers here and there, but a bedrock flaw in the actuarial standards that could lead to a systemic disaster?

Mr. Gold eventually concluded that the standards were indeed dangerously flawed, and embarked on a 30-year mission, as he put it, “to save my profession.”

Pension mishaps, he knew, would be devastating as baby boomers aged and retired, because the amounts of money involved would be vast. Much like lawyers and accountants, actuaries have a professional duty to protect the public and to serve the greater good. If instead they were putting their clients in harm’s way, even unintentionally, he thought, the public would eventually catch on, actuaries would be blamed, and the whole profession could go down in a cascade of ignominy and lawsuits.

ADVERTISEMENT

If the problem lay in weak actuarial standards, he concluded, the solution would be tighter standards.

More than 30 years later, the tightened standards are still mostly on the drawing board, and change has come too slowly to avoid painful reckonings in places like Detroit, Puerto Rico, Stockton, Calif., and perhaps, soon, Chicago — or to prevent the looming collapse of big pension plans for retired Teamsters and coal miners.

But the fact that stricter standards are being considered at all is testament to Mr. Gold’s conviction that actuarial science was broken, and his refusal to stop saying so.

“Within the actuarial profession, Jeremy has done more than anyone to move this forward,” said Ed Bartholomew, a former chief financial officer of the Inter-American Development Bank, who led a reform of the bank’s pension management following the recent financial crisis.

Mr. Bartholomew, now an independent consultant, said he thought work on new actuarial standards was “going in the right direction.”

“For that,” he said, “I give credit to Jeremy, who has been pushing these ideas for 20 years.”

But even as Mr. Gold won converts, he antagonized many colleagues, who believed the traditional actuarial methods were sound and thought he was harming the profession’s credibility.

He also earned the enmity of union officials, who thought his campaign threatened their members’ benefits. In fact, Mr. Gold was a lifelong liberal Democrat, the son of high school English teachers who knew firsthand the value of traditional pensions.

ADVERTISEMENT

He came to his understanding of the pitfalls in actuarial science during his work on Wall Street in the 1980s. It wasn’t just the corporate raids; the 1980s were also a time of groundbreaking theoretical advances in financial economics, a specialty that concentrates on trading, pricing, hedging and risk.

From his vantage point as the head of Morgan Stanley’s pension division, Mr. Gold could see the lessons of financial economics being applied to everything around him — except pensions.

Financial economists were concerned with accurately measuring the cost of transactions that would happen in the future. Actuaries were focused on estimating pension costs and then spreading out the cost as smoothly as possible over time. Their clients wanted slow, steady funding schedules that would pay for their workers’ benefits over the years without surging every time the markets soured or interest rates spiked.

That meant actuaries were not terribly concerned about up-to-the-minute asset values, or measuring pension obligations the way the markets would. Their numbers made sense to them, but not to anyone else. They often told clients to make bigger contributions than current market conditions called for, knowing it would result in excess funding, which would fill the hole later on when the markets changed.

That was why the raiders of the 1980s found troves of pension money that seemed to be just sitting there, waiting to be captured.

Confusion about actuarial numbers also helps explain why so many state and local governments promised valuable pensions without understanding how much it would cost to pay them.

In 1995 Mr. Gold applied to the doctoral program at the University of Pennsylvania’s Wharton School, saying he wanted to research how pension finance had come to be so muddled.

ADVERTISEMENT

“I would look to the principles of modern finance for guidance in the design of a more rational pension finance of the future,” he wrote.

By the time he emerged with a doctorate in financial economics, the big stock run-up of the 1990s was ending and the rich pension surpluses of the 1980s had disappeared. The baby boomers were retiring, the markets were gyrating, companies were trying to get out of the pension business, and state and local pension plans were struggling.

Those conditions intensified the opposition to Mr. Gold’s calls for sweeping change, but they made him all the more certain that change was needed.

Mr. Gold was born in Brooklyn on Nov. 28, 1942, to Sarah and Edward Gold, and grew up on Manhattan’s Lower East Side. He was accepted at M.I.T. at 16 but flunked out after three years as a math major. He ultimately received a bachelor’s degree from Pace College (now Pace University). Before joining Morgan Stanley he worked at the consulting firms Alexander & Alexander and Buck Consultants.

His two marriages ended in divorce. In addition to his son, he is survived by a brother, Jonathan, and a granddaughter.


A version of this article appears in print on July 16, 2018, on Page B7 of the New York edition with the headline: Jeremy Gold, 75, Actuary, Is Dead; Foresaw Cr
 
image.jpg

Suffolk Legis. Kevin McCaffrey, left, also Teamsters Local 707 president, is seen with Sen. Chuck Schumer, Rep. Peter King and union members on Jan. 2 in Hempstead. Photo Credit: Howard Schnapp

By Rick Brand[email protected] @newsdaybrand Updated September 11, 2018 7:25 PM
Sign up
By clicking Sign up, you agree to our privacy policy.

“I’ve been doing my leg work and I believe have a lot of support,” said Ford.

McCaffrey noted he won by a “comfortable margin” in the revote in 2015, when turnout nearly doubled from 550. But he said, “This election has my undivided attention. I’m reaching out to make sure people come out and vote, and I believe I will be elected again.”

image.jpg

By Rick Brand[email protected] @newsdaybrand
Rick Brand has covered Suffolk life, government and politics for 37 years.
https://www.pensions.senate.gov/hearings
 
I'm betting, off track, from up around Nassau way, has stage fright. He's the first live body from teamsters 707 pension fund on TBF. And the man can't tell us exactly what happens when your pension fund is taken over by PBGC.
 
kevin ignores figures of history and history itself as he snd the joint committee on taxation try to rewrite it and meories fade?
merlin_141056712_c67ce9aa-c22e-43b8-8a94-03a0c55af295-articleLarge.jpg

Jeremy Gold in 2015. He questioned the conventional wisdom on financing pensions and embarked on a mission “to save my profession.”CreditCreditCole Wilson for The New York Times


By Mary Williams Walsh

  • July 13, 2018
Jeremy Gold, an actuary who more than 25 years ago warned of the financial debacles now slowly playing out among the cities and states that sponsor pension plans for their teachers, police officers, bus drivers and other workers, died on July 6 in Manhattan. He was 75.

The cause was myelodysplastic syndrome and leukemia, his son, Jonathan, said.

In 1985, Mr. Gold became one of the first American actuaries to work on Wall Street, straying from the profession’s typical career track in insurance and consulting.

It was the heyday of the corporate raid, when high rollers like Carl Icahn and T. Boone Pickens were buying up companies, firing the managers, turning everything upside down and reveling in the shareholder value they claimed to have created.

Often, the raiders went after companies with pension funds, which happened to be Mr. Gold’s métier. They said the funds held far more money than they needed, grabbed what they said was the surplus and used it to finance their takeovers. When the dust settled, the money was gone, and workers’ hopes for a decent retirement were dashed.

ADVERTISEMENT

The raids inspired books, movies, Broadway productions like Ayad Akhtar’s “Junk” and, eventually, a federal law slapping a punitive tax on any raider who looted a pension fund again.

But for Mr. Gold, they raised big questions about the advice actuaries gave employers on how to run their pension plans.

Why did the raiders keep finding overstuffed pensions to exploit? Could actuarial practices be making employers vulnerable? What if it was not just a few wrong numbers here and there, but a bedrock flaw in the actuarial standards that could lead to a systemic disaster?

Mr. Gold eventually concluded that the standards were indeed dangerously flawed, and embarked on a 30-year mission, as he put it, “to save my profession.”

Pension mishaps, he knew, would be devastating as baby boomers aged and retired, because the amounts of money involved would be vast. Much like lawyers and accountants, actuaries have a professional duty to protect the public and to serve the greater good. If instead they were putting their clients in harm’s way, even unintentionally, he thought, the public would eventually catch on, actuaries would be blamed, and the whole profession could go down in a cascade of ignominy and lawsuits.

ADVERTISEMENT

If the problem lay in weak actuarial standards, he concluded, the solution would be tighter standards.

More than 30 years later, the tightened standards are still mostly on the drawing board, and change has come too slowly to avoid painful reckonings in places like Detroit, Puerto Rico, Stockton, Calif., and perhaps, soon, Chicago — or to prevent the looming collapse of big pension plans for retired Teamsters and coal miners.

But the fact that stricter standards are being considered at all is testament to Mr. Gold’s conviction that actuarial science was broken, and his refusal to stop saying so.

“Within the actuarial profession, Jeremy has done more than anyone to move this forward,” said Ed Bartholomew, a former chief financial officer of the Inter-American Development Bank, who led a reform of the bank’s pension management following the recent financial crisis.

Mr. Bartholomew, now an independent consultant, said he thought work on new actuarial standards was “going in the right direction.”

“For that,” he said, “I give credit to Jeremy, who has been pushing these ideas for 20 years.”

But even as Mr. Gold won converts, he antagonized many colleagues, who believed the traditional actuarial methods were sound and thought he was harming the profession’s credibility.

He also earned the enmity of union officials, who thought his campaign threatened their members’ benefits. In fact, Mr. Gold was a lifelong liberal Democrat, the son of high school English teachers who knew firsthand the value of traditional pensions.

ADVERTISEMENT

He came to his understanding of the pitfalls in actuarial science during his work on Wall Street in the 1980s. It wasn’t just the corporate raids; the 1980s were also a time of groundbreaking theoretical advances in financial economics, a specialty that concentrates on trading, pricing, hedging and risk.

From his vantage point as the head of Morgan Stanley’s pension division, Mr. Gold could see the lessons of financial economics being applied to everything around him — except pensions.

Financial economists were concerned with accurately measuring the cost of transactions that would happen in the future. Actuaries were focused on estimating pension costs and then spreading out the cost as smoothly as possible over time. Their clients wanted slow, steady funding schedules that would pay for their workers’ benefits over the years without surging every time the markets soured or interest rates spiked.

That meant actuaries were not terribly concerned about up-to-the-minute asset values, or measuring pension obligations the way the markets would. Their numbers made sense to them, but not to anyone else. They often told clients to make bigger contributions than current market conditions called for, knowing it would result in excess funding, which would fill the hole later on when the markets changed.

That was why the raiders of the 1980s found troves of pension money that seemed to be just sitting there, waiting to be captured.

Confusion about actuarial numbers also helps explain why so many state and local governments promised valuable pensions without understanding how much it would cost to pay them.

In 1995 Mr. Gold applied to the doctoral program at the University of Pennsylvania’s Wharton School, saying he wanted to research how pension finance had come to be so muddled.

ADVERTISEMENT

“I would look to the principles of modern finance for guidance in the design of a more rational pension finance of the future,” he wrote.

By the time he emerged with a doctorate in financial economics, the big stock run-up of the 1990s was ending and the rich pension surpluses of the 1980s had disappeared. The baby boomers were retiring, the markets were gyrating, companies were trying to get out of the pension business, and state and local pension plans were struggling.

Those conditions intensified the opposition to Mr. Gold’s calls for sweeping change, but they made him all the more certain that change was needed.

Mr. Gold was born in Brooklyn on Nov. 28, 1942, to Sarah and Edward Gold, and grew up on Manhattan’s Lower East Side. He was accepted at M.I.T. at 16 but flunked out after three years as a math major. He ultimately received a bachelor’s degree from Pace College (now Pace University). Before joining Morgan Stanley he worked at the consulting firms Alexander & Alexander and Buck Consultants.

His two marriages ended in divorce. In addition to his son, he is survived by a brother, Jonathan, and a granddaughter.


A version of this article appears in print on July 16, 2018, on Page B7 of the New York edition with the headline: Jeremy Gold, 75, Actuary, Is Dead; Foresaw Cr

For participants in the Road Carriers Local 707 Pension Fund, Hempstead, N.Y., whose February insolvency sent it to the PBGC after the its MPRA application was denied June 10, it means that full benefits promised to current retirees and beneficiaries that averaged $1,313 per month have dipped to the PBGC's average guaranteed benefit of $570.
 
For participants in the Road Carriers Local 707 Pension Fund, Hempstead, N.Y., whose February insolvency sent it to the PBGC after the its MPRA application was denied June 10, it means that full benefits promised to current retirees and beneficiaries that averaged $1,313 per month have dipped to the PBGC's average guaranteed benefit of $570.
My understanding is, still contributing employers have to still pay into 707 for a period of 20 years. Their employees receive no additional years of accruals. No money is diverted into a 401k account on their behalf. Is that accurate?
 
My understanding is, still contributing employers have to still pay into 707 for a period of 20 years. Their employees receive no additional years of accruals. No money is diverted into a 401k account on their behalf. Is that accurate?

local 707 represents the public employees of nassau regionsl off track betting corporation and assorted private employers who are not in the mulit employer pension plan. i try to impress upon my coworkers that the impending demise of the pbgc is of interest to us all. 707 held us up for compelled dues prior to janus because the treasury was low! kevin mccaffrey and his pal republican nassau county leader &. nassau otb president
joseph cairo just produced a contract that will be voted on tuesday september 25. the date of the last contract signing. was 2007. we continue to pay dues, some out of fear, some because it gives us the right to vote kevin mccaffrey out along with laura campione of nassau otb as trustee. kevin mccaffrey appointed her business agent
 
image.jpg

Suffolk Legis. Kevin McCaffrey, left, also Teamsters Local 707 president, is seen with Sen. Chuck Schumer, Rep. Peter King and union members on Jan. 2 in Hempstead. Photo Credit: Howard Schnapp

By Rick Brand[email protected] @newsdaybrand Updated September 11, 2018 7:25 PM
Sign up
By clicking Sign up, you agree to our privacy policy.

“I’ve been doing my leg work and I believe have a lot of support,” said Ford.

McCaffrey noted he won by a “comfortable margin” in the revote in 2015, when turnout nearly doubled from 550. But he said, “This election has my undivided attention. I’m reaching out to make sure people come out and vote, and I believe I will be elected again.”

image.jpg

By Rick Brand[email protected] @newsdaybrand
Rick Brand has covered Suffolk life, government and politics for 37 years.
www.elections.ny.gov:8080/plsql_browser/CONTRIBUTORA_COUNTY?ID_in=C01560&date_From=01/01/2018&date_to=9/22/2018&AMOUNT_From=1&AMOUNT_to=100000&ZIP1=&ZIP2=&ORDERBY_IN=N&CATEGORY_IN=ALL
 
By Rick Brand[email protected] @newsdaybrand Updated September 23, 2018 6:00 AM
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Republican Suffolk Legis. Kevin McCaffrey, who also heads Teamster Local 707, has negotiated a new contract for 125 workers at Nassau Off-Track Betting Corp., as he runs for re-election as the union's leader.

Details of the new contract will be given to members at a meeting Tuesday at the Hicksville VFW Hall, and a ratification vote will follow.

The proposed pact comes as the 125-member union has been 10 years without a contract. It also comes shortly before the Oct. 18 union election.

top secret kevin mccsffrey is joseph g cairo's errand boy
 
nassau otb is open tuesday september 25 from 11 am. unti midnite for franklin swuare, green acres, and levitown. see otb's website for branch hours. who will be minding the store while workers are scheduled to work?
ask phil fldmsn, laura campione and kevin mccaffrey's minyon.
 
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