Breaking News: Machinists Motor City Pension Gets MPRA Letter

The Intl Assoc. of Machinists Motor City Pension Fund out of Troy, MI was the twelfth multiemployer (union) plan to file for benefit cuts under MPRA in an attempt to avoid insolvency.

They just got their MPRA letter:

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Vote Today on NY Public Pensions?

STUMP today focused on Pension-Related Ballot Measures: 2017 which linked to:

  1. New York State Proposal 2: Forfeiture of Pension of Criminal Officials
  2. Maine Proposal 4: extending from 10 to 20 years the period to pay off unfunded liabilities
  3. Houston $1 Billion Pension Obligation Bond

But after listening for a few minutes to Bernie and Sid this morning it may be that a ballot question in New York will have a massive impact on public pensions in that state…and possibly the nation.

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Dumping Sweeney: Job Number One For NJEA

There is also a report that provides some history of the New Jersey Education Association (NJEA), politics, and the pension system. Below are excerpts along with a look at whether the NJEA will succeed based on past election results in Sweeney’s district.

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Fixing the NJ Pension System for Dummies

We have made great progress, especially in the past year, to put our pension system on the road to full funding.
Steve Sweeney (D-Gloucester) president of the New Jersey Senate

Steve Sweeney is also running against a Republican (and a teachers’ union) next week so we get this distortion of reality piece targeting the innumerate. Among the inanities:

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Tribute to ASPPA Past Presidents

The most moving experience I ever had at an actuarial convention was at the 2008 COPA conference in Chicago where, as described in the Winter, 2009 ASPPA journal tribute to Edward E. Burrows written by G. Patrick Byrnes:

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The Truth Matters

A Citizen’s Guide to Separating Facts from Lies and Stopping Fake News in Its Tracks by Bruce Bartlett just came out and a link above leads to a listing of ‘Reliable news and statistics resources’ listed in the appendix. Below are notable excerpts.

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Kentucky Pension Bill

The Kentucky public pension system is almost as bad as New Jersey’s when you look at the numbers though not nearly as bad when you examine the actions being taken to address problems – lip service in New Jersey and this 505 page bill introduced late Friday in Kentucky which starts off with:

The funding requirements to support the Commonwealth’s current public pension systems are unsustainable and severely constrain the capacity of state and local budgets to allocate adequate funding to support vital public services and thereby undercut the General Assembly’s goal to promote the general welfare and material well-being of the citizens of the Commonwealth (page 1)

Having some understanding of the scope of the issue Kentucky gets:

Whereas in New Jersey we get:
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