Posts Tagged ‘panel’

SOA Panel States the Obvious – Though Not to Everyone

The New York Times reported today that a “blue-ribbon panel of the Society of Actuaries — the entity responsible for education, testing and licensing in the profession — says that more precise, meaningful information about the health of all public pension funds would give citizens the facts they need to make informed decisions.”

Basically the report made four very sensible recommendations that most citizens would be amazed had to even be recommended.  Anyone without ulterior motives should have no problem agreeing with three of them:

  • a plan’s funding goal should always be 100 percent
  • disclosure of a “standardized plan contribution” that would be calculated by all plans using the same discount rate and funding methodology
  • not using funding instruments that delay cash contributions (i.e. Pension Obligation Bonds)

Then there is the tricky, though no less valid, recommendation:

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How Government Really Works*

If you want to make money off of taxpayers you need to get the most pliable ciphers into decision-making positions so you can consult to them for your benefit.  One way:

  1. Donate to candidates likely to be elected who can be easily manipulated (or at least won’t ask questions)
  2. Sell them on a scheme that supposedly will benefit taxpayers but, regardless of whether it does or not, will be lucrative for you
  3. Let the chips fall where they may but make sure you get your money up front
  4. When the crash comes – deflect, deny, or distract as appropriate

As an example:

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What’s the harm in not funding public pensions?

They can be reneged on when the ‘trust’ funds run dry can’t they?

Of course but, in the meantime, because governments at all levels have been given a pass on making what is laughably referred to as their “Annual Required Contributions” tax money remains available to repay campaign donors if you can come up with any old harebrained scheme.  For example:

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