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Thread: AS I stated Major pension crisis starting in 2017

  1. #61

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    Doesn't look good for us boomers with all the money tied up in the house.



    http://www.zerohedge.com/news/2016-0...tirees-walking
    What's the Frequency, Kenneth?

    432Hz

  2. #62

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    Damn those are some sad #s. I'm filthy rich according to this graph.

  3. #63

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    wonder what that graph would look like if they put the imputed value of pensions and benefits for those that have them in the numbers.

  4. #64

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    Pensions may be cut to 'virtually nothing' for 407,000 people

    One of the biggest private pension funds in the country is almost out of money, and fresh out of options.
    The Central States Pension Fund has no new plan to avoid insolvency, fund director Thomas Nyhan said this week. Without government funding, the fund will run out of money in 10 years, he said.
    At that time, pension benefits for about 407,000 people could be reduced to "virtually nothing," he told workers and retirees in a letter sent Friday.


    http://money.cnn.com/2016/05/20/reti...-pension-fund/

  5. #65

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    Quote Originally Posted by Silver and Gold View Post
    Pensions may be cut to 'virtually nothing' for 407,000 people

    One of the biggest private pension funds in the country is almost out of money, and fresh out of options.
    The Central States Pension Fund has no new plan to avoid insolvency, fund director Thomas Nyhan said this week. Without government funding, the fund will run out of money in 10 years, he said.
    At that time, pension benefits for about 407,000 people could be reduced to "virtually nothing," he told workers and retirees in a letter sent Friday.


    http://money.cnn.com/2016/05/20/reti...-pension-fund/




    ***** People that contribute to this plan now that are retiring in 10 years or more should stop contributing they will receive nothing if the plan is going broke. They are just putting in money to pay the people receiving pension money now. if they stop paying now they will end the ponzi scam sooner.

  6. #66

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    Pay up main street……They will just keep taking and taking until there is nothing left. Property taxes, Health care costs, Education costs. They need to keep the ponzi scams going…Expect everything to get more expensive...



    Chicago's pension-fund troubles just became $11.5 billion bigger


    City officials from Emanuel to Chief Financial Officer Carole Brown have said the city is working on a solution to shore up the retirement system. Chicago has already passed a record property-tax increase that will bolster the police and fire funds.


    http://www.chicagobusiness.com/artic...billion-bigger

  7. #67

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    General Motors' Pension Problem



    As of FYE 2015, the pension plan is underfunded by a whopping $21 billion. That's a $21 billion hole that the company would eventually have to fill. This can be done in two ways: direct contribution (see Q1) or excess returns from assets. While retirees can rely on contributions to fill the void, contributions are exactly the opposite of what shareholders would want since they directly reduce cash flow. Ideally, the underfunded status should be reduced, or at least maintained, through excess returns. Unfortunately, the fund's overall performance has not been up to par.



    http://seekingalpha.com/article/3976...ension-problem





    N.J. pension debt grew to $43.8B last year

    "We expect to see continued growth in New Jersey's unfunded pension liabilities—even though this Governor has contributed more to the pension system than any other," said Treasury spokesman Christopher Santarelli. "Without common sense reforms to lower costs, the unfunded liability will continue to grow. The math simply does not work to maintain the status quo."


    http://www.nj.com/politics/index.ssf...last_year.html
    Last edited by Silver and Gold; 05-27-2016 at 05:36 AM.

  8. #68

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    I heard on the radio that some guy went on a cruise and was surprised to find that 75% of people on the cruise ship were retired govt workers.

    Apparently nobody in the private sector outside scam jobs like banking and paper shuffling jobs producing nothing of value can afford to retire and cruise around.

  9. #69

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    The Federal Reserve Has Created An Unprecedented Disaster For Pension Funds

    http://www.zerohedge.com/news/2016-06-01/federal-reserve-has-created-unprecedented-disaster-pension-funds

    What it means to be a successful investor in 2016 can be summed up in four words: bigger gambles, lower returns.

    Thanks to rock-bottom interest rates in the U.S., negative rates in other parts of the world, and lackluster growth, investors are becoming increasingly creative—and embracing increasing risk—to bolster their performances.

    To even come close these days to what is considered a reasonably strong return of 7.5%, pension funds and other large endowments are reaching ever further into riskier investments: adding big dollops of global stocks, real estate and private-equity investments to the once-standard investment of high-grade bonds. Two decades ago, it was possible to make that kind of return just by buying and holding investment-grade bonds, according to new research.
    What's the Frequency, Kenneth?

    432Hz

  10. #70

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    "A Spectacular Breach Of Trust" - Former CalPERS CEO Sentenced To Prison For Bribery

    http://www.zerohedge.com/news/2016-0...-years-bribery

    The sentencing is the result of a years-long investigation into money management middlemen who helped clients win investment business from the fund which as about $290 billion in assets. Buenrostro faced up to five years in prison but the US attorney's office asked for a four year term, citing Buenrostro's cooperation. As part of a plea deal, Buenrostro acknowledged giving Villalobos access to confidential investment information and forging letters that enabled firms connected with Villalobos to collect a $14 million commission on $3 billion worth of pension fund investments. The former CEO has also agreed to pay back $250,000 to the state.

    "This was one of the most startling and serious cases of public corruption in the history of the state of California. That being said, Mr. Buenrostro did come forward and admit to what he had done." said Tim Lucey, representing the US attorney's office.

    As far as Villalobos, after pleading not guilty to fraud, he took his own life just weeks before he was set to go on trial.
    What's the Frequency, Kenneth?

    432Hz

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