Posts Tagged ‘plan’

13th Checks and Other Scary Public Plan Chimeras

A hallmark of government today is effective secrecy.  Meetings at which decisions are purportedly made are publicized in small print among hundreds of legal ads.  The media, if they even bother to report real issues, print official happy-face press releases.  Consequences of actions, if even disclosed, get buried in reports that run on for hundreds of pages.

What all this leads to is surprise when an absurd concept like providing an extra monthly payment to current retirees comes to light as it did in Detroit recently as part of an orchestrated campaign to now cut all benefits.  Where in the private sector do pension trustees get told they have extra money and decide to dole out a little to people who have no vested right to it except what is created after the fact?

But when it is oblivious taxpayers footing the bill for the benefits of those making the rules we get concepts like the 13th check and a few others:

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No substitute for ‘whores’

I choose to filter myself here and often is helpful but when I’m giving a speech I only have about three seconds to decide on my next word before I lose the confidence of the gathering.  So it was last Thursday when I spoke at a New Jersey Taxpayers’ Association meeting and I needed a word to sum up the role of actuaries in the public plan funding fiasco:

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New Jersey: “a terrible place on which to base pension policy”

For someone tasked with easing fears over a collapse of public pensions NASRA’s Keith Brainard is stumped when presented with the case of New Jersey, as he was in front of over 1,000 pension actuaries at the last Enrolled Actuaries meeting:

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