Friday, February 19, 2016

Pension Funds Face Big Cuts

Here is the latest betrayal of the US social contract:

Dorsey attended a town hall meeting in Kansas City on Tuesday where retirees turned out for a discussion on “massive” pension cuts proposed by the Central States Pension Fund, which covers 400,000 participants, and which will almost certainly go broke within the next decade.

“A controversial 2014 law allowed the pension to propose [deep] cuts, many of them by half or more, as a way to perhaps save the fund,” The Kansas City Star wrote earlier this week adding that “two much smaller pensions also have sought similar relief under the law, and still more pensions are significantly underfunded.”

“What’s happening to us is a microcosm of what’s going to happen to the rest of the pensions in the United States,” said Jay Perry, a longtime Teamsters member.

You can read the rest @

Defined benefit pension plans should have been fully funded. But Congress removed that requirement so corporate raiders could take the money which retirees and companies had put into these plans.

Shame on everyone who was involved in that conspiracy. Yes, it was a conspiracy.

The so-called "American Dream" is over, unless you're a tech giant or other billionaire. We The People have nothing to look forward to, except hard work for little reward.

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