Told ya… See https://deadlyclear.wordpress.com/2011/11/04/the-remics-have-failed-the-remics-have-failed/ Be pissed – the cupboard is bare.
A dark storm is brewing in the world of private pensions, and all hell could break loose when it finally hits.
As the Washington Post reports, the Central States Pension Fund, which handles retirement benefits for current and former Teamster union truck drivers across various states including Texas, Michigan, Wisconsin, Missouri, New York, and Minnesota, and is one of the largest pension funds in the nation, has filed an application to cut participant benefits, which would be effective July 1 2016, as it “projects” it will become officially insolvent by 2025. In 2015, the fund returned -0.81%, underperforming the 0.37% return of its benchmark.
Over a quarter of a million people depend on their pension being handled by the CSPF; for most it is their only source of fixed income.
I have been wondering when this was going to begin. With all the trust and pension funds from trust being empty, how can pension funds be there for the retirees. People with fixed retirement incomes will be devastated. Judges, politicians etc will be effected by the very companies they have enabled to harm their pensions and the rest of the world. Am I correct or wrong on this? Sure seems like this is inevitable. The banksters need to go to jail and the banks need to pay back the trillions they have stolen, hid in the Camin Islands and other countries allowing the hidden funds and put these funds back in the pension funds and give back all the homes stolen.
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