NCCMP is engaged in their next attack on ERISA..In April 2015
The NCCMP held a meeting in April 2015 and one point of discussion was “Proposed legislation on new plan designs”. Remember these are ideas put forth by the very people who just got the Multi Employer act passed to steal from pension checks
Now Kline is working on getting them passed as well which include letting employers bail with no buyout and making benfits based on Plan Performance with the same people in control that are liable for the conditions on funds now.
The Same people and investments that the IRS warned about in 2010.In 2010, the Internal Revenue Service (IRS) Emerging Issues Task Force reported to EBSA that significant assets invested by plans in alternative investments may be a serious problem.As of 2010, employee benefit plans had amassed almost $3 trillion in alternative investments, of which EBSA estimated between $800 billion and $1.1 trillion were hard-to-value. And again in 2013 the DOL Inspector Generals Office Report Number:
09-13-001-12-121 Warned :EBSA NEEDS TO PROVIDE ADDITIONAL OVERSIGHT TO ERISA PLANS HOLDING HARD-TO-VALUE ALTERNATIVE INVESTMENTS. We know Sec Borzi ignore them due to her conflict of Interest Relationship with the NCCMP and her AEIP Summits. Now we learned that Sec Of Labor Perez is in bed wit the NCCMP as well. In an interview with Earl Pomerory, now senior Partner at Allston and BirdLLP lawyers for the NCCMP, Congressman Kline claims they intentionally defrauded the American worker and Perez was with them… Earl Pomeroy calls the law allowing the theft from retirees “one of the slickest pieces of legislating” and when asked” How do you feel about that victory and what motivated you to give that tremendous effort.” Kline declares ” We had something to work with. The National Coordinating Committee for
Multiemployer Plans (NCCMP) had put a lot of work into
this, so we had something to work from. George [Miller] was concerned that members on his side of the aisle might be put in a tough position if they had to even think about voting for something that would result in a reduction of benefits to a pension plan.
Kline:I do not think it would have been possible(to get it passed) if we’d waited until after the new Congress was sworn in, So that focused the effort to working on it in the lame duck session.(We knew we could not get it passed legitimately so we intentionally back doored it)
It took all hands to move it. George Miller
working with House Minority Leader Nancy Pelosi (D-CA) and Democrats and frankly U.S. Departmentof Labor (DOL) Secretary Tom Perez (explains EBSA
Phylis Borzis trips to AEIP Summits and the person hired to enforce ERISA
law conspiring to attack it.)–spent a lot of time working the Senate Democrats to get it done.
NOW PART TWO “Inspired by “shared-risk” models in other countries” Which can be defined as Borzis instructions at the AEIP Summits along with the idea for the Pemsion/Infrastructure scam put forth in 2005 at the AEIP Summit in Barcelona and already costing the funds hundreds of millions such as the Macquarie Capital/Macquarie Infrastucture III Puda Coal settlement. How did Macquarie Capital/Macquarie Infrastucture III get a waiver from the SEC for their 10 years disqualification??”We just want the SEC to know our partnership with Union Pension funds Macquarie Infrastucture III has 3 billion we planned on using to build the GOETHAL BRIDGE with if you give us a waiver. And lo and behold Union Pension funds are now paying 90% OF THE EQUITY THAT UNDERPINS THE PROJECT.Signed a 40 YEAR Contract to DESIGN,BUILD,FINANCE AND MAINTAIN THE BRIDGE.
This is how plan plan participants would shoulder some of the risk as their benefits would be tied to the plan’s performance !!!!How did Macquarie get caught. The SEC investigation of backdoor mergers with Chinese companies. Such as ULLICO Infrastructure. The same ULLICO who is financed by force form Union funds. ULLICO J has $6.1 Billion of Union Fund money and their front men MEPTS Newtower have $7.7 billion .These two have 45 Carpenters funds by force feeding them. How does a Carpenter fund in Alaska and a Carpenters Fund in Florida each have Pension fund money in ULLICO.
The NCCMP future is “plan participants would shoulder some of the risk as their benefits would be tied to the plan’s performance and the ability of the plan to meet the promised benefits levels” “If the plan were to fall below 100 percent, then the benefits would drop accordingly.” WHAT!!!!When those we trusted already have lost so much and answered their own actions by stealing from Pension checks
“MPRA still leaves uncertainty and concern for contractors regarding their withdrawal liability, and the new plan design, if enacted, could provide immediate benefits.”
“This design change also eliminates statutory requirements that employers potential withdrawal liability”
“The composite plan design that we are advocating would limit an employers’ liability to the hourly contributions that the employer makes.”
So UPS, who had the same lawyers as the NCCMP on which Hoffa was a director while deciding if UPS could leave central states, could have bailed and not given Nyhan the $6.1 billion to lose Mr. DeFrehn.
He is optimistic that Congress could act this year on additional multiemployer pension reforms, including allowing for innovative plan designs, modernizing the multiemployer system and giving the PBGC more resources.
Meanwhile, the Education and the Workforce Committee, chaired by John Kline, R-Minn., the original co-sponsor of MPRA who is retiring this year, is working to develop legislation for those additional reforms.
Read there testimony here and see what you think of thier plans for pension funds….
http://edworkforce.house.gov/uploadededfiles…/McManus_testimony.pdf and etc..
Is not Klines admission that they knew they could not get it passed legitimately so we back doored it on behalf of a Private Group the NCCMP – a coalition of member unions, employer trade groups, and individual employers trustees representing both unions and employers – and admission of fraud and at the very least before any cuts are even considered this and the involvement of Borzi and now Sec of Labor Perez… Kline:I do not think it would have been possible(to get it passed) if we’d waited until after the new Congress was sworn in, So that focused the effort to working on it in the lame duck session.(We knew we could not get it passed legitimately so we intentionally back doored it)