Have any of the unions being targeted in WI, Ohio or Michigan asked for accounting of the pension

[Donnachaidh]

funds?

Do they have the right to request a full accounting of the funds? My DH and I were talking about this last night. Bear with me -- here's the gist of what he thinks --

His big question is whether or not those funds were used to buy into the bad paper Wall Street was bundling and selling to anyone they could. He thinks that the battle has started because the separate governments might be trying to cover up the possible fact that those funds have been compromised - if they bought the crap paper.

He thinks the unions should go to court and demand a full accounting of what is in the funds, and what the funds were invested in. He seems to think all the union busting is happening because they are trying to cover up massive fund discrepancies.

What do y'all think?

[hobbit709]

1. Good question.

[shraby]

2. That was my thought too. After the scandal about pensions

in Ohio that the Plain Dealer in Cleveland uncovered a few years ago I was wondering how many other pension plans are compromised by the Wall Street shenanigans. Many states should have to open the books and prove the pensions are solvent.

[Donnachaidh]

5. I would think this would also be a great way to mess with Walker and the other fascists

Demand a full accounting. And if -any- discrepancies are found, lay them at THEIR feet. Keep them sweating while the recall signatures are tallied.

Great message for new elections -- Walker wants to get rid of unions because they've stolen the pension funds....

[midnight]

3. I have had similar concerns when I found an article showing

Koch brothers owned the company that manages some of the pension funds here in Wisconsin... According to the State of Wisconsin Investment Board (SWIB), the Wisconsin Retirement System owns $5.5 million in Georgia Pacific corporate bonds. (Georgia Pacific is owned by Koch Industries.) This is the retirement system in which the overwhelming majority of state and local employees participate. These are the pension benefits that public employees are trying so hard to protect.

So here’s the challenge: Explain to a Wisconsin state worker that they are the ones helping fund the Koch brothers. Then sit back and watch the fun.

Granted, $5.5 million out of a $18.5 billion fixed-income bond fund isn’t a whole lot. (The state also holds about $5 million worth of Colgate bonds, meaning it is in the pocket of Big Toothpaste.) But one imagines the public unions’ vitriol will soften a little bit when they realize their retirement payout is incumbent on the success of the Kochs. They’re all part of the same money-making ecosystem, despite many state employees believing all their retirement funds are invested exclusively in dreams and rainbows.http://www.nationalreview.com/corner/260979/wisconsin-state-employees-should-have-some-koch-and-smile-christian-schneider

[spedtr90]

4. Look at everything

Some states offered pension increases at contract settlements and did not make those payments into funds. Wouldn't breaking that contract be a legal problem for them?

MN took money from teachers' pension fund years ago - just like feds took from Social Security.

[LiberalFighter]

6. It probably is not what has already been done but what they want to do with the pension.

[Donnachaidh]

7. that too. That's why they should call for an immediate accounting

And then lock it away from ANY sticky fingers in WI government.

[LiberalFighter]

11. Personally, I think any pension accounts should have representatives

from those that would receive it and are receiving it.

There should be at least a representative from the active employee group and a representative from the retiree group. The number of subgroups within each group would have to be determine and votes they would have.

[tinkerbell41]

8. I will say from a recent financial statement

from my Union. They do have a percentage of our pension money invested in Mortgage Backed Securities. It is not a large percentage, but to me it does compromise the safety of our pensions.
In my opinion the money should be removed.

[Viking12]

9. The WI Retirement System is pretty open...

..and well run. We have one of the most well funded pension plans in the nation.

[Donnachaidh]

12. okay -- dumb question -- has there been a recent review?

Considering the fact that your governor and the house and senate are filled with corporate sockpuppets -- I really think a full transparent review needs to be requested.

Your present reps cannot be trusted - but you already know that.

[Viking12]

14. Yeah there have been a couple...

Pew Trusts and a University study are 2 recent reviews that I can think of off the top of my head. I'll try to link when I have time later.

[ProgressiveProfessor]

10. What is needed is an independent actuarial review

Pension plans are based on forecast of growth of the investments.

[Mnemosyne]

13. K&R for more visibility. Great question, Donna! n/t