Senate hearing on retirement security

Last Thursday the Senate held the first hearing on retirement security since 2013 and, to give you a sense of the atmosphere, when a union lawyer was asked about the recent bailout of multiemployer pension plans:

Other clips of note:

Full hearing:

4 responses to this post.

  1. Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on May 17, 2021 at 6:43 pm

    “In this, the multi employer pension crisis, there were no bad actors….”
    3rd Video @2:46 LOL 🤮 I still can’t believe that The Butch Lewis Act passed. These union members should be thanking their lucky stars for the gift of a lifetime. It is very similar to hitting the lottery. One of the biggest, if not biggest reason for the funds imploding is the knowing, willful and intentional underfunding of the plan, by BOTH employer and employee, so that the employees could immediately see higher wages. There is/was a finite amount of cash in running a business, if the required ARC was paid in full by both sides, using legit discount rates, then the employees would see less money in raises, COLA’s, healthcare, time off and other fringes. Just like Public Employees do with their Pensions Pensions. 40 years ago 1/3 of the CA school budget went to the infrastructure of the facilities, the other 2/3’s went to employee costs. Maintain current schools in tip top condition and building new schools when needed. Today 90% of the K-12 budget goes to the employee costs and less than 10% to the facilities, then when the schools fall apart the teachers cry “poor” and ask for “bond” money, which in CA it is not uncommon to see bonds for half a billion dollars in medium sized school districts. And they seek the bond $$ basically as often as they can, which is usually every 2 years. All a shell game, fraud, manipulating the costs and expenses. The worst part, most public employees only pay around 5% towards these pensions costs, 10% max, a laughable amount. Some pay ZERO, where they have conned the Muni into “picking up” the employees portion of the pension costs, AND then using that “pick-up” amount of 5%-10% as “pensionable income”. I mean come on, the fraud and con in public employment today is insane. Could you imagen putting 5% of your pay into a 401K and then your employer putting in 20 times that amount? So you contribute $100/month and the employer contributes $2,000. Because that is the rate the public employees are scamming today.

    Reply

  2. Posted by Stephen Douglas on May 18, 2021 at 7:08 am

    ” So you contribute $100/month and the employer contributes $2,000. Because that is the rate the public employees are scamming today.”

    Reply

    • Posted by Rex the Wonder Dog!🐶🐶🐶🐾🐾🐾 on May 18, 2021 at 7:04 pm

      The TRUTH can be very PAINFUL to the GED leeches living off the public employee gravy train. Everything I said was true. The employee contribution is a pittance of the overall pension costs. And when the Muni “Picks-Up” the EMPLOYEE portion (who the f**k does THAT in real life? NO ONE!) the employee contributes NOTHING, and then that employee USES that “Picked-Up” amount as PENSIONABLE INCOME, so it is a double whammy against the taxpayer🤬🤬🤬 Mega fraud on steroids. But Dougieee, this is way over your pay grade you Babbling Birdbrain 😺👍😺👍😺 I mean that in a nice way 🍌

      Reply

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