Government workers have feathered their own nests by giving themselves very health defined retirement plans that guarantee a healthy sum to retired government workers, regardless of the economic situation or a shortfall of funds. But workers in the private sector are simply unsuspecting pigeons, ripe for the plucking.
You see, while retirees were napping last year, Congress and President Barack Obama were quietly stealing from their pension plans by enacting a little-known law called MAP-21. Hidden in the wording of a new transportation bill, the act allows big companies to slash their contributions to pension funds. The number of companies defaulting on their pension plans could balloon and bankrupt the Pension Benefit Guarantee Corp. (PBGC) insurance program – leaving retirees out in the cold. In 2012, the government faced a shortfall between current gas taxes and projected highway spending.The bill – titled Moving Ahead for Progress in the 21st Century or MAP-21 – lets companies change how they calculate how much they need to fund pension plans.
MAP-21 lets employers put less money in their pension plans by allowing them to value their liabilities – what they have to pay in to fund pensions – using higher interest rates instead of current, low rates.
You see, pension plan liabilities are higher when interest rates are low because returns from bonds and other investments are expected to return less. When rates are high, the returns are expected to be higher and the liabilities are reduced.
Allowing companies to contribute less to their plans raises revenue for the federal government.
The government is assuming MAP-21 will raise $9.5 billion over 10 years because it will get more tax revenues from higher wages of current workers.
MAP-21 is squarely targeted at traditional defined benefit (DB) pension plans. These are plans funded by the companies to provide employees with a source of income after retirement.
It is no wonder that the public is so skeptical of the government. They are busy debating who can use what bathroom and locker room, while thousand upon thousands of retirees could see their retirement funds go up in smoke. The enumerated responsibilities of the federal government are few, but they do include helping protect the general welfare of the nation's citizens, yet they seem to find countless ways to worsen the situation for most people, all while increasing the amount of money that is taken for various and sundry projects.
It is coming time for the nation to rise up and retake the nation. If that requires a physical revolution, so be it, but the so-called public servants have become the masters, and the people are merely beasts of burden to supply the wants and needs of government officials. It is high time to reduce their numbers by whatever means is necessary.
WE THE PEOPLE MUST VOTE TRUMP FOR PRESIDENT because any other will be the death of WE THE PEOPLE
They are looting everything….green energy, loot, global warming…loot…Rob the SS fund….
he quitely and sneakly does every thing
All thieves and liars.
Our money in SS has been stolen ever since LBJ was in office when Congress gave the government the rights to move monies from the SS fund to the General Fund. Thing was no one really noticed it til after 2009 especially when Obama and Congress stop giving US COLA raises and changed the rule in determining COLA raises. They began using a different COLA chart instead of the one for Seniors on SS which included other things like food and utilities for determining raises.
You can thank the Congress and LB Johnson when he became President when a bill was passed to allow them to remove monies from the SS Trust Fund and putting it in the General Fund to use for whatever they wanted. Was supposed to be put back but never was no matter whether a Dem or Republican President. Once the jobs when away in 2009 there were not enough people working to keep the pot growing like it used to when everyone was working. Remember those on unemployment and welfare don’t pay into SS/Medicare.
Linda Spurlin-Dominik Yea your right,I just get so dam upset at these no good bastards for what they are doing to our once great country!
I just got through watching 13 hours the real story of Bengazi and I am have an axziety attack I am so dam mad at that$#%&!@*hillary i can hardlt breath!If this country voted her in as POYUS they need to have their head examined!
Theyre taking everything they can get their hands on. They want this country bankrupt!
Get ready to forget the pensions you worked for!! Just like the Social Security WE paid for!!