Tim Nelson
Veteran
Here is another multi employer International Association of Machinists Motor City Pension Fund that wants to cut retirees and everyone in half, and actually suspend benefits. If the treasury approves it, it will be green, however, since it is a multi employer plan as well, it can whack the benefits again and again, 50% of remaining. Because of laws, there is no end in sight. It's over for multi employer plans. The US Congress doesn't want to fund union pensions so it's not funding the PBGC multi employer protectons and it will die in 2022. Traditional pensions have funding from the PBGC.How deep can they cut before its over
https://www.treasury.gov/services/P...on-of-Machinists-Motor-City-Pension-Fund.aspx
When a multi employer plan says its green, it's only because it slashed benefits and mulched them and scattered them on the grass to make it green again. Our pension fund has done this twice since 2003 and will again VERY soon. then again. It's inevitable. It's a pyramid scheme and with the average age around 50, and no young blood coming in, it just tanks the plan Big League.
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