60% Cuts to New England Pension Fund

[Faust]

https://www.wsws.org/en/articles/2023/02/11/team-f11.html

[DanaCos]

Didn't Sean O'Brien and his cronies deny all of this during his campaigning?

[Faust]

Didn't Sean O'Brien and his cronies deny all of this during his campaigning?

He sure did!

[Gimme_Danger]

That article is a lie.

[Anonymous1]

How is it a lie? please explain

[Gimme_Danger]

It's a lie because none of what it is saying is true. There are no cuts. Besides, that fund is getting its share of the Butch Lewis Act money.

[Faust]

That article is a lie.

The only liar is Sean O'Brien who has been proven wrong day after day.

[Faust]

The authors conclusions may possibly be off but the cuts according to the report are accurate ! Hasn’t O’Brien been a trustee on the fund for over a decade ?

He sure has.

[Nickjamesups]

I saw a list of changes to the fund , increased age requirements, restrictions on disability pensions etc. if you are counting these as not being “ cuts” you are semanticly correct. But it really seems to be a distortion of what’s happening in that fund .

[Faust]

Here is the latest funding status of the collapsing New England pension fund.

It lost a full 5% from 2020 to 2021. But the ******* aka Gimmie Danger will say it is not true!

2023-Funding-Notice-for-Active-Inactive-Vested-FINAL.pdf (nettipf.com)

[Gimme_Danger]

I saw a list of changes to the fund , increased age requirements, restrictions on disability pensions etc. if you are counting these as not being “ cuts” you are semanticly correct. But it really seems to be a distortion of what’s happening in that fund .

What you read was the rehabilitation plan from like 2008. If an employer doesn't maintain the funding requirements then the 'default' status goes into effect for that group. Also, that doesn't apply to like 80% of employers in the fund now.

[Faust]

First Student in Rhode Island has refused to contribute to collapsing New England Pension Fund.

So far Local 251 will not take their members on strike eventhough their contract has expired.

What a damn shame.

[Truthspeaker]

Expired contract ? Are they negotiating? Any updates ?

[Faust]

Expired contract ? Are they negotiating? Any updates ?

Yes they are negotiating and First Student will not pay into that garbage pension.