Pension

World News (April 25, 2018 Edition): OPCW Investigators Reportedly Found “No Evidence” Of Chemical Weapons At Syrian Facilities Bombed By US – Russian Military Shows Wreckage Of US Missiles Intercepted In Syria – The US government “can’t find” $20 TRILLION, while pension funds are tanking

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– OPCW Investigators Reportedly Found “No Evidence” Of Chemical Weapons At Syrian Facilities Bombed By US:

“According to the statements of the Pentagon’s representatives, 22 missiles hit the above-ground facilities. We registered no more than seven hits, which is shown in the space image…”

– Russian Military Shows Wreckage Of US Missiles Intercepted In Syria:

One unexploded Tomahawk cruise missile and one high accuracy air-launched missile launched by the US and its allies on Syria on April 14 have been brought to Moscow…

– The government “can’t find” $20 trillion, while pension funds are tanking:

Among other feats, she has identified a giant sucking black hole in the US government. And what has disappeared down that hole is money. Over the years, at least $20 trillion.

Unaccounted for.

Gone.

– North Korean Nuclear Test Site Has Collapsed, Explaining Kim’s “Suspension” Of Further Tests:

The mountain’s collapse after a fifth blast last fall has led to the creation of a massive ‘chimney’ that could (???) leak radioactive fallout into the air, researchers have found.

– Jeff Bezos Booed By Amazon Workers

–  “Very Pissed Off” Obama DOJ Made “Dramatic” Call To McCabe To Quash Clinton Probe

– John Whitehead: “Is The US Government Evil?”

– Macron Tells Trump To Reject Nationalism; Says France Will Not Leave Iran Deal

– Ted Cruz Endorses Donald Trump’s 2020 Reelection Bid

– A Furtive Glance At Washington’s Ongoing War Preparations Against Russia

– Inflation Is Here.. Get Used To It!:

“If wealth without work is one of Ghandi’s seven deadly sins, paper wealth without production that is consumed is surely inflationary...”

– “This Is Mushrooming” – Nicaragua Teeters On The Brink Of Revolution As US Pulls Diplomats

– Bitcoin Tumbles Back Below $9,000 As Crypto Gets Clobbered

– Hackers Steal $150K After Infiltrating Popular Ethereum Wallet

Read moreWorld News (April 25, 2018 Edition): OPCW Investigators Reportedly Found “No Evidence” Of Chemical Weapons At Syrian Facilities Bombed By US – Russian Military Shows Wreckage Of US Missiles Intercepted In Syria – The US government “can’t find” $20 TRILLION, while pension funds are tanking

U.S. Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds

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– Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds:

The US pension system has gotten so bad, Congress is actually planning for its failure.

As the government was working on the recent, new budget deal and subsequent boost in government spending, Congress quietly snuck in a provision that forms a committee which would use federal funds to bail out as many as 200 “multi-employer” pension plans – where employers and labor unions jointly provide retirement benefits to employees.

As is often the case, this rescue “plan” is too little too late. The US pension system is beyond repair. And if you’re depending on pension income to carry you through retirement, it’s time to consider a Plan B.

Read moreU.S. Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds

Spain: Thousands of pensioners protest in Madrid

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– Thousands of pensioners protest in Madrid:

Thousands of pensioners have taken to the streets of Madrid, calling for higher state pensions.

Heavy rain didn’t discourage the protest that began in front of Spain’s Budget Ministry and then moved to the national parliament a couple of blocks away.

(Source: Reuters)

H/t reader Squodgy:

“Has anyone noticed how Catalonia has disappeared from the mainstream media?

It can’t be settled, so I wonder what is going on?”

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“CalPERS Is Near Insolvency; It Needs A Bailout Soon” – Former Board Member Makes Stunning Admission

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– “CalPERS Is Near Insolvency; It Needs A Bailout Soon” – Former Board Member Makes Stunning Admission:

Two weeks ago, in the aftermath of the February 5 volocaust, we quoted David Hunt, CEO of $1.2 trillion asset manager PGIM, who said ignore the volatility spike, the real financial timebomb was and remains public pensions: “if you were going to look for what’s the possible real crack in the financial architecture for the next crisis, rather than looking in the rearview mirror, pension funds would be on our list.” 

In a brief discussion wondering what municipalities and states will do when local tax revenues decline and unemployment worsens, Hunt said “we’re worried about those pension obligations.”

He is hardly alone: having reported over and over and over (and over, and over) again that public pensions are in deep trouble, two days ago none other than Steve Westly, former California controller and Calpers board member – manager of the largest public pension fund in the US, made a stunning admission, confirming everything:

Read more“CalPERS Is Near Insolvency; It Needs A Bailout Soon” – Former Board Member Makes Stunning Admission

Two-Thirds Of UK Pension Funds Are In The Red – $300 Billion Shortfall Revealed

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– Two-Thirds Of UK Pension Funds Are In The Red – $300 Billion Shortfall Revealed:

Sir Steve Webb, a former pensions minister under the recent coalition government, said Carillion would not be the last big company to fold leaving its pension scheme in jeopardy.

“The question isn’t if there will be another Carillion – it’s when,” said Webb, who is now director of policy at pensions group Royal London.

His ominous warning appears prophetic as, according to the Pension Protection Fund (PPF) watchdog, some 3,710 schemes are in deficit, putting a serious question mark over the retirement plans of millions of workers.

Read moreTwo-Thirds Of UK Pension Funds Are In The Red – $300 Billion Shortfall Revealed

Sweden Raises Retirement Age… To Cope With Immigration! – #MigrantCrisis

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– Sweden Raises Retirement Age – to Cope With Immigration!:

The retirement age for Sweden’s pension funds will eventually rise to 69 due to the Muslim immigration boom in the country.

In short, the country is spending so much money on migrant welfare that it can no longer properly fund the pensions for native retirees.

Swedish media, which typically downplays immigration pitfalls, actually admitted the rise in the retirement age would result in “a major deterioration” of the quality of life for Swedes.

According to Epressen.se (translated into English):

Read moreSweden Raises Retirement Age… To Cope With Immigration! – #MigrantCrisis

It Begins: Pension Bailout Bill To Be Introduced This Week

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– It Begins: Pension Bailout Bill To Be Introduced This Week:

Over the past year we have provided extensive coverage of what will likely be the biggest, most politically charged, and most significant financial crisis facing the aging U.S. population: a multi-trillion pension storm, which was recently dubbed “one of the most heated battles of a lifetime” by John Mauldin. The reason, in a nutshell, why the US public pension problem has stumped so many professionals is simple: for lack of a better word, it is an unsustainable Ponzi scheme, in which satisfying accrued pension and retirement obligations requires not only a constant inflow of new money, but also fixed income returns, typically in the 6%+ range, which are virtually unfeasible in a world where global debt/GDP is in the 300%+ range.  Which is why we, and many others, have long speculated that it is only a matter of time before the matter receives political attention, and ultimately, a taxpayer bailout.

That moment may be imminent. According to Pensions and Investments magazine, Democratic Senator Sherrod Brown from Ohio plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent.

Read moreIt Begins: Pension Bailout Bill To Be Introduced This Week

Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill

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– Your Pension Is A Lie: There’s $210 Trillion Of Liabilities Our Government Can’t Fulfill:

Many Americans think of ‘their’ Social Security like a contract, similar to insurance benefits or personal property… we paid in all those years, so it’s just our own money coming back to us… That’s a perfectly understandable viewpoint. It’s also wrong.”

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“This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming

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– “This May Be The End Of Europe As We Know It”: The Pension Storm Is Coming:

I’ve written a lot about US public pension funds lately. Many of them are underfunded and will never be able to pay workers the promised benefits – at least without dumping a huge and unwelcome bill on taxpayers.

And since taxpayers are generally voters, it’s not at all clear they will pay that bill.

Readers outside the US might have felt safe reading those stories. There go those Americans again… However, if you live outside the US, your country may be more like ours than you think.

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“This Is A Crisis Greater Than Any Government Can Handle”: The $400 TRILLION Global Retirement Gap

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– “This Is A Crisis Greater Than Any Government Can Handle”: The $400 Trillion Global Retirement Gap:

“We think people can spend 35–40 years working and saving, then stop working and go on for another 20–30–40 years at the same comfort level – but with a growing percentage of retirees and a shrinking number of workers paying into the system. I’m sorry, but that’s magical thinking.”

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What Could Go Wrong? For Public Pensions, More Than You Know

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…and go wrong it will.

– What Could Go Wrong? For Public Pensions, More Than You Know:

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And if you’re a public worker or retiree, you better think about how you will make ends meet if your benefits get slashed.

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Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

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“Of course, no amount of math and logic will ever be sufficient to convince a bunch of retired public employees that they have been sold a lie that will inevitably fail now or fail later (take your pick) if drastic measures aren’t taken in the very near future.”

– Teachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years:

We have written frequently over the past couple of weeks about the disastrous public pension funds in Kentucky that are anywhere from $42 – $84 billion underfunded, depending on which discount rate you feel inclined to use. As we’ve argued before, these pensions, like the ones in Illinois and other states, are so hopelessly underfunded that they haven’t a prayer of ever again being made whole.

That said, logic and math have never before stopped pissed off teachers and/or clueless legislators from throwing good money after bad in an effort to ‘kick the can down the road’ on their pension crises. As such, it should come as no surprise at all that the Lexington Herald Leader reported today that Kentucky’s 365,000 teachers and other public employees are now demanding that taxpayers contribute a staggering $5.4 billion to their insolvent ponzi schemes over the next two years alone. To put that number in perspective, $5.4 billion is roughly $3,200 for each household in the state of Kentucky and 25% of the state’s entire budget over a two-year period.

Read moreTeachers Demand $3,200 From Each Kentucky Household To Fund Pension Ponzi For 2 Years

CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

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– CalPERS Slashes Pension Payments To Retirees In Two More California Towns By Up To 90%

While we’ve yet to experience any large municipal pension failures, which is just a matter of ‘when’ rather than ‘if’, the small pension failures sprinkled across the state of California are starting to pile up.* * *

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Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…

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– Pension Ponzi Exposed: Minnesota Underfunding Triples After Tweaking This One Small Assumption…:

We’ve argued for some time that pension accounting is a complete farce that allows administrators the flexibility to mask the true scale their underfundings…here is the proof…

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Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions

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– Illinois “Budget Deal” Is Likely The Death Knell For The State’s $130 Billion Underfunded Pensions:

“The phase-in of the actuarial assumption is another exercise in kicking the can down the road, but we’re not sure how far the can travels.  You pay less now, pay more later.”

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Middle-class pensioners to lose benefits under Tory plan to fund social care

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– Middle-class pensioners to lose benefits under Tory plan to fund social care:

Middle-class pensioners are to lose benefits under Conservative plans to fund social care, Theresa May will announce on Thursday.

The Conservative manifesto will set out plans to begin means-testing winter fuel payments and to charge more people who currently receive free care in their own home.

The money saved from means-testing the annual heating handout, worth up to £300, will be used to help close the £2.8?billion social care funding gap.

The Conservatives will also pass legislation to ensure nobody has to sell their home to pay for their care during their lifetime, and new rules will allow pensioners needing nursing home treatment to keep more of their assets.

Read moreMiddle-class pensioners to lose benefits under Tory plan to fund social care