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Showing posts with label pension funds. Show all posts
Showing posts with label pension funds. Show all posts

Saturday, January 14, 2017

Got gold? War on Pensions is officially on as Treasury Department allows unprecedented cuts to benefits

2016 was known as the year for the War on Cash, where India, Venezuela, and even the European Union eliminated currency denominations in the hopes of forcing all their citizens into a cashless system run by the banks.

And despite the fact that here in the U.S. a scheme to ban and eliminate the $100 bill was pushed by two ivory tower economists using the guise of fighting the 'War on Terror', to date all dollar denominated currencies are still considered around the world to be legal tender.

Yet the problem in the U.S., and in many other parts of the world as well, is not money laundering, or citizens using physical cash for illegal means, but instead it is the massive amount of debt that sovereign governments, states, municipalities, and even central banks have that they can no longer afford to service, and which threatens to collapse the entire financial system at both the micro and macro levels.

Attempts to service this debt, and the refusal to allow failed assets and institutions to go bankrupt, has led central banks to destroy the very instruments that savers, retirees, and government pension funds relied upon to pay for promises made to workers in both the public and private sectors.  And as we saw cracks begin last year in the two largest pension funds in the U.S. (Calpers and Central States), 2017 appears here early on to be the year where a War on Pensions will be ratcheted up to maximum levels.

On Dec. 16, the U.S. Treasury approved the proposal of Cleveland-based Ironworkers #17 Pension Fund to cut the benefits of its 2,000 members by an average of 20%. This is the first time the Treasury has allowed a private pension plan to cut benefits of its members. The Local’s members and retirees will vote on it Jan. 20. If approved, cuts could start Feb. 1. 
Five more pension plans are waiting for the Treasury Department’s decision to reduce pension benefits, Jonnelle Marte reports in the Jan. 5 Washington Post. The cuts proposed would affect tens of thousands of employees and retirees who earned pensions, such as bricklayers, furniture workers and autoworkers. - Larouchepub
The unprecedented move by the U.S. Treasury Department follows the drama Americans saw during the final months of 2016 where first responders from the City of Dallas raided their pension fund when it became known that it was underfunded by a good 40-70%, and where workers and retirees feared there would be no money left to pay out promised benefits.

Yet in addition to the Ironworkers Pension Fund out of Cleveland, OH, several other funds are planning severe cuts to their recipients in the coming weeks, which could begin a chain reaction of cuts around the country for those who paid into their retirements expecting them to be there during their golden years.

Central States Teamsters

Calpers

On top of this, there are already talks in Congress regarding the cutting of pay, jobs, and pension benefits for Federal employees now that the Republicans have seized control over all branches of government.
Federal employees can expect attempts to cut their pay, benefits and rights in the new Congress, as the unified Republican government looks to finally deliver on many failed efforts from previous years. 
The 115th Congress wasted no time pursuing legislation with high impacts on the federal workforce; the first bill approved by the House would require the Veterans Affairs Department to permanently note all reprimands and admonishments on employee records, and a resolution setting the rules for the House this session will allow lawmakers to eliminate federal employees’ jobs and reduce their pay through the appropriations process. 
One likely early target for congressional Republicans, according to multiple sources familiar with their plans, is federal workers’ defined benefit pensions. Lawmakers are expected to address the reform first through the budget reconciliation process, which would allow Congress to institute the cuts without any Democratic support. The budget resolution will likely instruct the House Oversight and Government Reform committee to identify a certain amount of savings, a request committee members can fulfill by proposing significant cuts to federal employees’ retirement benefits. - Govexec
For years states, municipalities, and corporations promised extraordinary benefits that could only work if economic conditions were at their optimum.  But the moment growth and interest rates began to decline, so too did the financial vehicles capable of sustaining large returns to pension funds that needed 5-8% annual increases.  And after eight years of zero interest rates and less than 3% growth, the bugle is sounding to pay the piper, and the ones who will lose are the ones who rely upon it the most.

Got gold?

Tuesday, May 24, 2016

Welfare to the world: Illegals receive more in benefits than U.S. citizens do

During Barack Obama’s tenure in office, Americans on welfare have ballooned to a massive 1/3 of the total populace, with more than 100 million receiving some form of government benefit.  And in the final year of his Presidency, the expansion of the welfare system appears to not have gone far enough for Obama.
That is because in the midst of his agenda to bring in tens of millions of more illegals on top of the estimated 30 million already undocumented in the country, a new report out shows that illegals receive more in taxpayer benefits via welfare than actual American citizens do.

Friday, February 19, 2016

Got Karatbars? Pension funds on the brink as Midwestern based one slashes monthly payouts by 50% for 400,000 people

The American dream... where you work for a company or municipality for 30 to 50 years and can retire with the guaranteed promise of a sufficient pension to provide for your golden years.  Unfortunately however, that was last so last century.

Today pension funds in most sectors of industry and public service stand on the brink of insolvency through under-funding by as much as 40%, and this covers pensions managed by unions, private corporations, and municipalities.


Yet who is to blame for this under-funding or mismanagement? Americans can thank none other than Wall Street speculators, corrupt cronyism, and central bank policies for the death of their retirements.

After working 33 years, he’s facing a 55% cut to his pension benefits, a blow which he says will “cripple” his family and imperil the livelihood of his two children, one of whom is in the fourth grade and one of whom is just entering high school.
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.
Jay is probably correct. 
Public sector pension funds are grossly underfunded in places like Chicago and Houston, while private sector funds are struggling to deal with rock bottom interest rates, which put pressure on expected returns and thus drive the present value of funds’ liabilities higher. 
Illinois’ pension burden has brought the state to its knees financially speaking and in November, Springfield was forced to miss a $560 million payment to its retirement fund. In the private sector, GM said on Thursday that it will sell 20- and 30-year bonds in order to meet its pension obligations 
"At the end of last year GM's U.S. hourly pension plan was underfunded by $10.4 billion," The New York Times writes. "About $61 billion of the obligations were funded for the plan's roughly 360,000 pensioners." Maybe it's time for tax payers to bail themselves out.  - Zerohedge
We now live in an era where people must take responsibility for their own money, and where trust and reliance upon government, brokers, and retirement planners leads only to broken promises and the potential loss of all you have saved during your years of hard work.  But this is not the end of the world, and thanks to the explosion of the internet and the rise of e-commerce, saving and building a retirement nest egg that is free from market volatility, corrupt fund managers, and central bank policies like zero or negative interest rates is now possible.
And you can do this by not only protecting your retirement, but growing it perpetually with a company called Karatbars.



Buying gold through Karatbars is one of the easiest things on the net.  In fact, the business model of Karatbars is to sell gold in affordable quantities, such as 1, 2.5, and 5 gram increments, and allow customers to get into the metal without having to shell out $1200+ for a single ounce coin.

And as added perks to signing up with Karatbars, as a customer or affiliate, Karatbars is working on a new e-wallet system that functions just like an offshore bank account, and is outside the authority of the banking system.  From there, you can take your fiat currency in any denomination... dollars, euros, yen, etc... and purchase physical gold which can either be delivered directly to you, or stored for free at one of Karatbar's vaults.

Additionally, any gold that you buy can easily be sold back to Karatbars, or any metals dealer, and if with Karatbars it is then exchanged for currency that is uploaded to you through a pre-loaded debit Mastercard which is connected directly to your e-wallet.  And as we know, MasterCard is recognized in nearly every country around the world, and usable in any currency that accepts it.

But perhaps the best feature with Karatbars is their affiliate program, where you can earn money off commissions from getting others to sign up and become a customer or affiliate.  Not only do you receive commissions from their purchasing of physical gold, but you also earn commissions from anyone who buys a commission package, with that money going directly into your debit MasterCard when you have enough units to cycle.

Imagine the ability to earn the money in which to buy your gold savings simply by purchasing a commission affiliate package one time, and then getting others to sign up and do the same thing.

How many businesses or entrepreneurs can build an infinite business with spending less than $400 of their own money?  And there is never a mandatory requirement to buy beyond what you desire, on your own schedule.  And there is nothing to lose, because you're using money (paper dollars) to buy gold (physical money) and in the end you don't lose a thing.


The global financial system, along with dozens of respected economists, are telling us that now is the time for the end of our current form of money, and the beginning of the transition into a new monetary system that is expected to be backed by gold.  And with banks, governments, and even Harvard professors mandating that central banks have no choice but to eliminate cash from usage by the people to stave off collapse, will you wait until it is too late to make a decision on how you will protect your wealth, and be able to function within the coming new monetary system?

To learn more about Karatbars, you can contact the individual who sent you this article, and click on their referral link to open a free account and begin buying, or building your own gold savings or business with the company of the future.

Friday, November 27, 2015

Collusion and rate rigging by major banks the focal point of a new civil class action lawsuit

With the Department of Justice and U.S. regulators failing to stop fraud and corruption in the banking system following the 2008 Credit Crisis, it provided the banks a free ticket and ‘get out jail free’ card to continue their criminal activities unabated.  This of course led to more than a dozen instances of fraud and collusion in market mechanisms such as Forex, Libor, money laundering, robo-signing, the gold and silver markets, and many more.

But since the ones charged by Congress and the White House to oversee the banking system not only failed in their duties, but in many cases aided in the fraud, it is now up to the investment arm of the Chicago Teacher’s Pension and Retirement Fund to file a class action lawsuit against most of the major U.S. banks for their part in rate rigging and manipulation, and for the losses incurred by the pension fund because of this fraud.


Read more on this article here...

Saturday, September 7, 2013

Forget Cyprus, Poland confiscates nations pension funds to pay for their debt

First there was Cyprus, where the EU and the world became exposed to a new form of bank bailout called the ‘bail in’.  Now, Poland has taken the next step when on Sept. 4 the government seized and confiscated half of the nations private pension funds, and collateralized them to help towards paying off their sovereign debts.
Interestingly enough however, the primary function of this confiscation is not about paying off the debt in a move towards eventual solvency, but to expand their collateral base to allow them to borrow even more money, and raise their debt limits.
 
 
Read more on this article here...