– Re: PENSION WILL BE SLASHED BECAUSE OF WALL ST. GREED
In Reply To
A. Overall Condition of the Funds
The total available assets of all of the District Council’s affiliated Benefit Funds are approximately $5.4 billion as of March 31, 2015. Total available assets in the Pension Fund have grown from $2.76 billion as reported in the Review Officer’s Final Report to $2.89 billion as of March 31, 2015. The Pension Fund is predicted to be 93.9% funded as of July 1, 2015, up from 89.1% as of July 2014. Similarly, total available assets in the Welfare Fund have grown from the $371 million reported in the Review Officer’s Final Report to $419 million as of March 31, 2015. The Annuity Fund has approximately $2 billion in [member] assets as of March 31, 2015. The Board of Trustees and a special Welfare Fund Subcommittee continue to devote time and attention to ensuring that the Welfare Fund remains viable while prudently considering whether any benefit changes are possible. As previously reported to the Court, the Trustees have reduced retiree premiums by 50% and reinstated both dental and vision benefits within the last year.
The Annuity Fund has approximately $2 billion in assets as of March 31, 2015. McFly - it's the members money; re: every account is a private account set aside for the specific individual - period; thus, it is not the Annuity Fund or the Funds dough - get it!
The members directly control the investment of their money.
Given the Obama December 2014 NCCMP raid in the back door to sh-it can the 1974 ERISA protections for Pensioneers; members through the lead of the new Executive Director of the Pension & Welfare Funds should be allowed to convert all of their Pension Credit(s) and assets in hard currency (U.S. dollars) directly to their Individual Annuity Accounts and the trusteest/fiduciairies (alleged, yet never proven) should vote accordingly to do so.
Large Pension Funds and the appointed hack attorneys & so called investment fund advisors have one thing in mind - lining their own pockets at 'member' expense. The entire program needs to change & every cent going forward previously designated to be put aside into a phony Pension Fund and the hourly cost incorporated into every contract (CBA) / PLA should go directly into the members Annuity Account.
Let the member manage his or her own money & the results will reflect each man or woman's personal tolerance for risk/reward and they will then & only then retire with dignity and their fair share of what is contractually owed to them.
Short of this immediate need for permanent change, said Pension dollars should go directly into the man or womans weekly paycheck - each week; no side deals with Signatory Contractors who refuse to honor their contracts or to pay Benefits owed; no side deals for re-payment Plans when the hacks at the Pension, Annuity or Welfare Funds or the Funds self dealing attorneys accept 50-cents, 25 cents or 10-cent on the dollar re-payment plans in lieu of full payment when they intentionally screw current working members and those already retired. This phony shell game has to end. It's been a scam from day one and it is the primary source for corruption, the money & power grab within the entirety of the UBCJA & all of its subordinate District Councils.
Face it, the majority of appointed hacks & D.C. employees are too freaking stupid to manage billions of dollars in assets and in the dreaded private sector, none would ever qualify to be seated on a Board of Trustees or as a Trustee or Fiduciary as most are all but illiterate and most could not balance their own damn check book.
The control of these hourly wages (and all benefit monies are part of the contracted for hourly wage) has to be put directly in the hands of the individual members; no if's, and's or's or but's about it). When that occurs then & only then will democracy under the phony Consent Decree be achieved. Until that time, all the rest is nothing but smoke & mirrors and pure blarney!