The newly established committee is called the Joint Select Committee on Solvency of Multiemployer Pension Plans.
Originally, unions and employers who hold those $500 billion in unfunded promises tried to include a bailout for private pensions in the budget bill. Instead, they got a joint committee tasked with addressing the problem, as well as the Pension Benefit Guaranty Corp.’s looming insolvency.
The joint committee consists of 16 lawmakers, with four appointees named by the speaker of the House, the House minority leader, the Senate majority leader, and the Senate minority leader, respectively.
The House members sitting on the committee include Reps. Virginia Foxx, R-N.C.; Phil Roe, R-Tenn.; Vern Buchanan, R-Fla.; David Schweikert, R-Ariz.; Richard Neal, D-Mass.; Bobby Scott, D-Va.; Donald Norcross, D-N.J.; and Debbie Dingell, D-Mich. A Senate staffer said that the names of senators to sit on the committee are not yet confirmed.
The joint committee’s marching orders include producing a report and legislative recommendations that will improve the solvency of both multiemployer pensions and the Pension Benefit Guaranty Corp. (specifically, it’s multiemployer program) by Nov. 30.
The multiemployer system consists of about 1,300 private union pension plans that, collectively, have promised $500 billion more in pension benefits than they have set aside to pay.
The Pension Benefit Guaranty Corp.’s multiemployer program is a government entity that provides mandatory but limited pension insurance to all multiemployer pension plans. It has a $65 billion to $101 billion deficit and is on track to run out of funds by 2025.
Why pensions matter to your self-defense
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Re: Why pensions matter to your self-defense
There's a new Congressional Committee to discuss private pensions and the PGBC's insolvency.
“It’s not that we don’t have enough scoundrels to curse; it’s that we don’t have enough good men to curse them.”–G.K. Chesterton-Illustrated London News, 3-14-1908
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Republicans.Hate.You. See2020.
"Avarice, ambition, revenge and licentiousness would break the strongest cords of our Constitution, as a whale goes through a net. Our Constitution was made only for a moral and religious people. It is wholly inadequate to the government of any other." John Adams to Mass Militia 10-11-1798
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Re: Why pensions matter to your self-defense
I think the problem with keeping good people employed in law enforcement is more than just pensions.
Just the pay alone is a lot of the problem. Your average patrol cop in the columbus metro starts out at around 50K, give or take a few thousand depending on exactly which PD. That's peanuts for what they have to go through as a cop. Dealing with the worst of the worst day in and day out, never knowing for sure if your going to make it through your shift or not. I mean, I make more than double that working from home writing software. I know that's not apples to oranges, but really I can't see why any young kid would want to go into law enforcement today.
Even if you wanted a blue collar job working with firearms to make a living, there are plenty that pay more. One of my buddies from highschool makes even more than I do. He works for a company that offers security for privately held (non FDIC) banks in states with legal weed. Many people in those industries don't want to put their money in the federal bank system, so those banks are guarded pretty heavily.
Just the pay alone is a lot of the problem. Your average patrol cop in the columbus metro starts out at around 50K, give or take a few thousand depending on exactly which PD. That's peanuts for what they have to go through as a cop. Dealing with the worst of the worst day in and day out, never knowing for sure if your going to make it through your shift or not. I mean, I make more than double that working from home writing software. I know that's not apples to oranges, but really I can't see why any young kid would want to go into law enforcement today.
Even if you wanted a blue collar job working with firearms to make a living, there are plenty that pay more. One of my buddies from highschool makes even more than I do. He works for a company that offers security for privately held (non FDIC) banks in states with legal weed. Many people in those industries don't want to put their money in the federal bank system, so those banks are guarded pretty heavily.
I won't be wronged. I won't be insulted. I won't be laid a-hand on. I don't do these things to other people, and I require the same from them. - John Bernard Books(John Wayne in The Shootist)
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Re: Why pensions matter to your self-defense
captainstormy wrote: ...Even if you wanted a blue collar job working with firearms to make a living, there are plenty that pay more. One of my buddies from highschool makes even more than I do. He works for a company that offers security for privately held (non FDIC) banks in states with legal weed. Many people in those industries don't want to put their money in the federal bank system, so those banks are guarded pretty heavily.
Many banks simply won't take a penny from the legal weed store/farms/etc. "Dirty money".
I have to laugh at that one. How many billions annually from distillers, liquor wholesalers, retailers, etc. ?
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Re: Why pensions matter to your self-defense
Yea I was a bit surprised about it myself. Usually money trumps everything else.docachna wrote:captainstormy wrote: ...Even if you wanted a blue collar job working with firearms to make a living, there are plenty that pay more. One of my buddies from highschool makes even more than I do. He works for a company that offers security for privately held (non FDIC) banks in states with legal weed. Many people in those industries don't want to put their money in the federal bank system, so those banks are guarded pretty heavily.
Many banks simply won't take a penny from the legal weed store/farms/etc. "Dirty money".
I have to laugh at that one. How many billions annually from distillers, liquor wholesalers, retailers, etc. ?
I won't be wronged. I won't be insulted. I won't be laid a-hand on. I don't do these things to other people, and I require the same from them. - John Bernard Books(John Wayne in The Shootist)
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Re: Why pensions matter to your self-defense
It may trump most things, but not Federal law. Under Federal law, weed is still illegal and the feds would crush any bank that takes money from an known illegal enterprise.captainstormy wrote:Yea I was a bit surprised about it myself. Usually money trumps everything else.docachna wrote:captainstormy wrote: ...Even if you wanted a blue collar job working with firearms to make a living, there are plenty that pay more. One of my buddies from highschool makes even more than I do. He works for a company that offers security for privately held (non FDIC) banks in states with legal weed. Many people in those industries don't want to put their money in the federal bank system, so those banks are guarded pretty heavily.
Many banks simply won't take a penny from the legal weed store/farms/etc. "Dirty money".
I have to laugh at that one. How many billions annually from distillers, liquor wholesalers, retailers, etc. ?
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