Stop This Steal

While the Bubble Gullibles are duped into violent action to massage the egos of sociopaths shut down by voters (and twitter) there is a real ongoing government conspiracy to steal from its citizens but you don’t see any “Repeal Kline-Miller‘ placards.

So let’s vent….

….and move on. Also reported this Wednesday:

The American Federation of Musicians and Employers’ Pension Fund again has applied to the U.S. Treasury Department for permission to reduce benefits for nearly half of its 51,521 participants. The Plan is currently in “critical and declining” status, and is projected to run out of money to pay benefits within 20 years.

……..

If Treasury approves the plan, 55% of participants won’t receive any benefit cuts, while some will be harder hit than others. According to the trustees, pensioners who are 80 years old and older won’t see their pensions reduced at all, nor will those who receive disability pensions. Those who receive relatively small pensions won’t be affected either, or will be affected the least. The reductions will fall mostly on younger retirees – current and future – and on those who receive the largest pensions.

Plan Name: American Federation of Musicians and Employers’ Pension Fund and Subsidiary

EIN/PN: 51-6120204/001

Total participants @ 3/31/19: 50,135 including:

  • Retirees: 16,069
  • Separated but entitled to benefits: 13,754
  • Still working: 20,316

Asset Value (Market) @ 4/1/18: 1,876,609,576

Value of liabilities using RPA rate (2.98%) @ 4/1/18: $5,204,629,080 including:

  • Retirees: $2,283,396,311
  • Separated but entitled to benefits: $718,144,272
  • Still working: $2,203,088,497

Funded ratio: 36.06%

Unfunded Liabilities as of 4/1/18: $3,328,019,504

Asset Value (Market) as of 3/31/19: $1,803,484,119

Contributions (MB): $76,256,722

Contributions (H): $72,805,923

Payouts: $185,211,329

Expenses: $31,365,527

31 responses to this post.

  1. Posted by MJF on January 10, 2021 at 10:35 am

    Gotta wonder, a sense of fear and loathing? Are you looking at a fireball or do the Dems pull off a deus ex machina and everyone does a group hug? I think the pensions will tank or the Feds will go broke. Not sure which but that reserve currency bs won’t hold up forever. It’s a good puzzle, anyone’s guess I suppose. But that musicians pension plan is sunk bigtime, they either get bailed or slip away.

    Reply

    • Posted by Tough Love on January 10, 2021 at 1:21 pm

      If we bail out the musicians, perhaps they”ll be kind enough to play the last songs as ………. as was done on the Titanic …… as the ship “Financial America” sinks.

      Reply

  2. Posted by NJ2AZ on January 10, 2021 at 11:10 am

    don’t like the whole “if you’re 80+ you’re fine” angle. should be by pension amount only.

    Reply

  3. Posted by NJ2AZ on January 10, 2021 at 11:44 am

    unrelated: So if the states do get their federal bailout now, are there rules or anything that would force congress to have to dole it out by population?

    i suppose it’d be consolation if in the process of funneling NJ like $10B it meant Arizona had to get $8B we didn’t need.

    Reply

    • Posted by geo8rge on January 11, 2021 at 10:05 am

      “are there rules or anything that would force congress to have to dole it out by population?”

      If money is doled out by congressional appropriation I assume every state will get apportioned based on senators and representatives. Now if NJ uses its money to bailout pensions and North Carolina uses its bailout money to attract NJ businesses to NC …

      I personally think a federal bailout will be administered by a financial control board because a financial control board is how New York was run during it’s financial crisis and more recently Puerto Rico plus some smaller places, so I am not being an original thinker. Illinois will be there first, and soon, so see what happens in Illinois.

      Reply

  4. Posted by Anonymous on January 10, 2021 at 6:54 pm

    Put your apron back on John

    Reply

    • Just watched 60 min.
      Trump NEEDS to be held accountable. Either by 25th or impeachment. And 25 yr min in federal prison for ANYONE who breached the Capitol!! (No parole in federal prison).
      Disgusting people. Black officer saying he was called N word 15 times. Disgusting. These people are NO better than entitled BLM looters and rioters. Same thing. They are an absolute disgrace to our country. Trump needs to be held accountable. Ted Cruz, Hawley, etc. vote these fuckers out.

      Reply

      • More random thoughts:

        1) Trump has to live with himself and delusion is a hard thing to sustain if you ever plan to venture outside.

        2) Death penalty is making more sense to me.

        3) I see protests with thousands of like-minded people unconvincing. If they really wanted a wrong righted then there are plenty of avenues where they can contact public officials (many as part of a public record). They don’t because there is no media coverage of commissioner meetings and they would be outnumbered forty to one by people who push back.

        4) Are these mental defectives still communicating with each other and, if not, what’s to stop some of the unhinged loners among them from making use of the weaponry they have lying around?

        5) Saw the other Missouri senator (Blunt) on Face the Nation admitting Trump was deranged but that he would not vote to impeach since there were only a few days to go before he was out. My first thought was how many cops would it take to be killed by Trump loyalists responding to his dog whistles for Blunt to change his tune.

        6) What about those who were with the movement that day but didn’t make it to Pelosi’s desk (or try to bring order when it spun out of control)? That’s the question facing this NJ politician:
        https://newjerseyglobe.com/local/hunterdon-county-commissioner-took-part-in-pro-trump-protest-but-says-she-never-entered-u-s-capitol/

        Reply

  5. Posted by Tough Love on January 10, 2021 at 8:40 pm

    A question (I can’t seem to find an answer) …………..

    If Trump resigns or is removed from office (via the 25-th Amendment or via Impeachment & conviction), and Pence replaces him until 1/20/21, when Pence’s term (now as President) ends, does HE gt all the Presidential pension and perks of a former PRESIDENT (irrespective of how Trump is removed) ?

    Reply

    • One would think if Ford got it, Pence would too.

      Reply

      • Posted by Tough Love on January 10, 2021 at 9:13 pm

        Good example (did Ford get it?), but Ford was in Office as President for 2 1/2 years. For Pence, it might be a few days. Even w/o the perks, would he also get lifetime Secret Service Protection?

        I know all of this isn’t a huge deal for the US Gov’t (or as you like to point out …………..”per taxpayer or per household”), but sticking Taxpayers with this expense because nobody has addressed such a situation is ridiculous. Right now the Vice President’s pension is the standard FERS pension. It would be outrageous if it jumped to the Presidential pension if he is only in Office for a few days.
        ————————–

        If Pence WOULD get the bigger pension, all the perks of a former President, and lifetime Secret Service protection, I beginning to like the idea (already out there) of Impeaching Trump while in Office, but Convicting him once Biden assumes the Office.

        Reply

        • After standing up to Trump, Pence May need the protection from some of these right wing assholes. That doesn’t bother me. Pennies. I am much more concerned about poltiicians having the balls to hold trump accountable.

          Reply

          • Posted by Tough Love on January 10, 2021 at 11:15 pm

            Once this is over (unless there are some rules in place not yet mentioned), Congress needs to re-visit what I brought up. Perhaps someone stepping in for a president removed/resigned should NOT get the normal Presidential pension/perks, and Secret Service protection unless they remain in Office for at least (say) 1 year.

            Reply

          • How many times does it happen though? Like I said, Pence could be just as vulnerable as Trump to an attack. So could Pelosi for that matter. On the pension issue, I agree w you. But again, how many times has it happened in the past 50 years. Last time was about 50 years ago. And most VP are usually over 65 as least but the time it happens.

            Reply

  6. Posted by Tough Love on January 10, 2021 at 10:00 pm

    Article: “Here are the rights employers have to fire workers identified as Capitol Hill rioters”

    https://www.aol.com/finance/rights-employers-fire-workers-identified-123151594.html

    Quoting …………..

    “Under federal law, aside from workplace complaints, there are few limits on a private employer’s right to terminate a worker over forms of speech, such as participating in a protest, Amanda Sonneborn, a partner at King & Spalding and part of the firm’s global human capital and compliance practice, told Yahoo Finance.”

    And Qouting ……….

    Government employees, on the other hand, are entitled to broader safeguards under the First Amendment, which protects free speech and the right to assemble.

    “To the extent to which demonstrating the mall in Washington DC would be constitutionally protected, a state actor or government employer couldn’t take any adverse action against an employee for doing that,” Cozen O’Connor labor and employment attorney David Barron told Yahoo Finance.
    ——————

    WTF ???

    Reply

    • I can get fired for posting something on social media. Our social media policy is restrictive and crystal clear. I would imagine anyone charged (at least in my line of work) would be suspended without pay (until convicted) or fired.
      I just want these folks dealt witb so harshly to deter folks from doing this ever again. Anyone who actually breached the Capitol should iMO get 15 years and have their citizenship revoked. Anyone who actually assaulted a police officer or anyone else should get 30 years and have their citizenship revoked.
      While I don’t agree with the comparison to BLM protests etc, there is absolutely no question that a large % is these assholes are racist morherfuckers. I feel terrible for the Black police officers who had to put up with these assholes. Apparently, there may have been cops and fireman there in the crowd. If so they should be charged and convicted like the rest of them. Disgraceful. As a white police officer, these scumbags DO NOT share ANY of my values. I couldn’t even imagine being called the N word and dealing with that shit while fellow cops (hopefully a small minority at most) we’re taking selfies. Infuriating.

      Reply

      • Posted by Tough Love on January 10, 2021 at 11:11 pm

        E,

        I find what went on in the Capital jut as objectionable as you do, but ……….. you need a “chill-pill” (sounds like your blood pressure must be off-the-charts)..

        Reply

        • Perhaps if someone hit a fellow finance lady over the head with a fire extinguisher and killed her and called another finance lady the N word while trashing the place in the name of (insert cause here), perhaps you would fine it just a tad more objectionable. Especially if they all didn’t wear masks.
          I’m entitled to my opinion on it. I find it disgusting and those people beyond stupid and they should be held accountable

          Reply

  7. Posted by Tough Love on January 11, 2021 at 12:39 am

    Great ……………

    “PGA cancels plans to play 2022 championship at Trump golf course”

    https://www.cnn.com/2021/01/10/business/pga-championship-trump-golf-course/index.html

    THAT’s the kind of punishment this piece of dogsh** deserves (besides prison) ……… hit him in the pocketbook, and destroy his business and his “brand”.

    BOYCOTT all of his businesses !

    Reply

    • Posted by Tough Love on January 11, 2021 at 12:42 am

      And here is another ……………….

      “Stripe will halt processing Trump campaign donations because of encouraged violence”

      https://www.cnn.com/2021/01/10/business/stripe-trump-campaign-suspended-payments/index.html

      Reply

      • Jeez. Can you take a chill pill(sarcasm)

        Reply

        • Posted by Tough Love on January 11, 2021 at 7:32 pm

          Hopefully soon ……………….. as soon as Trump is gone, and hopefully via Impeachment this week with Conviction shortly AFTER 1/20/21, followed by a Senate vote barring Trump from holding any such Office in the future.

          That way The Taxpayers win across-the-Board………….

          Trump is gone and can’t run again

          Trump loses his Presidential pension and all perks normally granted a former President (possibly still getting Secret Service protection ……… which seems to be an open question).

          Pence leaves Office as VP not President, and hence DOESN’T get the enhanced Presidential pension, Presidential perks, and lifetime Secret Service protection.

          Reply

  8. Posted by MattJ on January 11, 2021 at 12:40 pm

    This is a private pension for which the participants agreed on a funding level over the years that now has resulted in not enough money available to pay the planned benefits. Who exactly is stealing from who here? All this agreement would do is shift who takes the losses; it doesn’t change the amount of loss. Are you accusing the younger recipients who would receive more money from the pension than under the current rules of stealing from the older ones who would receive less?

    Reply

    • Posted by Tough Love on January 11, 2021 at 7:25 pm

      Quoting …………. “This is a private pension …..”

      Indeed, which is why the UNINVOLVED Taxpayers should NOT contribute to a bailout. It’s up to the Union, the workers, and the remaining employers to work it out.

      And you don’t have to “bankrupt” those participating employers (and put them out of business) to force them to honor the (REASONABLE in generosity ….. NOT like the ludicrously-excessive* pension routinely granted in the PUBLIC Sector) pensions agreed to. Just FORCE them to turnover sufficient shareholder equity to makes these Plans “whole”.

      ————————

      * which is why such pension “promises” should NOT be honored for Public Sector Plans.

      Reply

  9. Posted by geo8rge on January 11, 2021 at 1:15 pm

    Looking at the demographic of the MAGA crowd, mostly older white people, and the multiemployer pension retirees, mostly old white people, I wonder if the multiemployer retirees will be viewed with less sympathy, assuming there actually was any sympathy to begin with.

    Dept of Labor secretary will be Boston Mayor Marty Walsh

    Machinists Union Looks Forward to Partnering with Labor Secretary Nominee, Working People’s Champion Marty Walsh

    https://www.goiam.org/news/machinists-union-looks-forward-to-partnering-with-labor-secretary-nominee-working-peoples-champion-marty-walsh/

    The commerce dept will have Gov Gina Raimondo, who did get some changes to the RI pension scheme.

    Treasury is not known yet. But Biden is already sanctioning people. Russiagate lives!!!!!

    Treasury Department sanctions inner circle of Russian agent Derkach for election interference

    https://www.msn.com/en-us/news/politics/treasury-department-sanctions-inner-circle-of-russian-agent-derkach-for-election-interference/ar-BB1cEOSn

    Reply

    • Posted by boscoe on January 11, 2021 at 1:30 pm

      “Treasury is not known yet. But Biden is already sanctioning people. Russiagate lives!!!!!”

      Sorry to disappoint you George, but Biden isn’t President yet. This sanctioning was done by the Trump Treasury Department, as made clear in the article quoting Mike Pompeo.

      Reply

  10. Posted by Tough Love on January 11, 2021 at 7:34 pm

    Start the hashtag #BoycottEverythingTrump !!!

    Reply

  11. Remember this day forever.

    Someone just wrote his own epitaph.

    Reply

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