Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme
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Title : Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme
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Title : Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme
link : Pension Ponzi Bailout: Democrats Sponsor US Treasury Bailout Scheme
news-today.world | Most defined benefit pension plans are nothing but Ponzi schemes. Plans are now unraveling because of demographics. An increasing number of retirees, needing untenable returns, are supported by fewer and fewer people putting money in the system. Democrats sponsored a bailout scheme. Will it pass?
Pension and Investments reports Sen. Sherrod Brown to Unveil Multiemployer Loan Program Legislation.
Sen. Sherrod Brown, D-Ohio, plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent.
Pension and Investments reports Sen. Sherrod Brown to Unveil Multiemployer Loan Program Legislation.
Sen. Sherrod Brown, D-Ohio, plans to introduce legislation that would allow struggling multiemployer pension funds to borrow from the U.S. Treasury to remain solvent.
The bill, co-sponsored by Rep. Tim Ryan, D-Ohio, could be introduced later this week or shortly after. It would create a new office within the Treasury Department called the Pension Rehabilitation Administration. The funds would come from the sale of Treasury-issued bonds to financial institutions. The pension funds could borrow for 30 years at low interest rates. One restriction for borrowers is they could not make risky investments.
The bill would also fund a program at the Pension Benefit Guaranty Corp. to finance any remaining needs of pension plans borrowing from the new program. "Any money needed for the PBGC would be a tiny fraction of what it would otherwise be on the hook for if Congress fails to act," said an analysis by Mr. Brown's office.
Mr. Brown told a group of retired Teamsters in Ohio on Monday that the bill will be out shortly.
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The bill would also fund a program at the Pension Benefit Guaranty Corp. to finance any remaining needs of pension plans borrowing from the new program. "Any money needed for the PBGC would be a tiny fraction of what it would otherwise be on the hook for if Congress fails to act," said an analysis by Mr. Brown's office.
Mr. Brown told a group of retired Teamsters in Ohio on Monday that the bill will be out shortly.
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