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Like I said how I am not close to perfect, I forgot to tell you last time that when I have called major pension plans or the Legislative Commission on Pensions and Retirement (LCPR) nobody knows a total amount of taxpayer dollars spent in one year. Information is well scattered.
Someone years ago decided that Minnesota will have a defined benefit pension system for public employees.
That system is the best and worst at the same time. It is the best for employees who receive lifelong benefits not connected to investments. Many times these are called golden pensions because they are. It is the worst for taxpayers who, for every mistake made or benefit over promised or at times amazing greed, must make up shortfalls with tax dollars.
My buddy’s dad was a teacher and when he died a few years ago he was paid twice the amount of money that he made when he retired. No verification, of course, but I want facts about whether this could be true but I am afraid it’s hidden. Our leaders make laws to hide this kind of stuff. I’m still investigating and learning.
Secrecy is an important aspect of pensions. Minnesota leaders are fantastic at hiding the truth. How many of you believe that Minnesota has an 8 billion dollar surplus. There are teams of people pushing this falsehood and the same thing happens in pensions.
The LCPR is the source for pension information and guides legislators on statutes (laws). I believed for years that all pension administration executives followed all pension laws but this isn’t true. Just recently a statute was enacted because so many organizations were breaking the law they changed it. This stuff amazes me. It’s the Wild West! More details will follow.
Light Goes On I’m in my robe reading minutes of the LCPR from 10 or 15 years ago. An expert walks in and explains how what they are doing (discount rate or ROR more later) will create huge problems in the future. He leaves and the committee votes to keep the status quo. They voted to fail. It took me a while to realize that failing means they will need a huge taxpayer bailout. Now I have seen this over and over and I have an expression, Vote To Fail Then Bail. more later
Minnesota taxpayers, please open your mind to the possibility that we have some of the greediest leaders in the U.S.
I’m hoping you’ll stay with me for the duration of this series but please stay at least with me for videos 3 and 4 and postings which, I believe, will really show what our leaders are capable of. And it’s just 1 example!