1. About that mlb pension...
Do about 5 minutes of reading in their literature. They do not have a vb plan at all.
Their pensions benefits are composed of a monthly check that is:
85% fixed - identical to our traditional "a fund"
15% variable - able to be invested in mutual funds
reference -
http://www.mlb.com/mlb/official_info...sion-print.pdf
there are no pancakes, hurdle rates, stabilization funds, or setting of share prices. It is mlb's problem to perform and does not resemble our vb fund in any way shape or form.
When i heard that a lot of "high wage earners like the mlb have this vb plan", i stuck my chest out real far and went for the bait of being compared to them.
2. I then took a look at the unions who actually have a vb plan that are noted in our vb propaganda and what their monthly pension paychecks are (master mates and pilots of baltimore, new york newspaper guild, hotel and restaurants of boston, and alaska building trades). These guys make hundreds of dollars a month for pensions - not eleven thousand a month. We will be the crown jewel for cheiron or whoever ends up managing our shell of a retirement. And we will be guinea pigs as the first actual high wage earners voluntarily taking pension risk away from their employer.
3. Cheiron is quoted in a dozen articles i read touting the benefits of the vb plan for distressed and struggling pension funds. But it is absolutely insane for us to give away a healthy pension fund. As an aside - i have no problem with them selling us on this product - it is their livelihood. But i do have a problem with us not being properly informed while spending untold sums of money on this research project turned vote.
4. If you want to feel better about the state of our pension and the gains that could be made through actual negotiations, take another 5 minutes and read our irs form 5500. It shows the number of active retired and departed participants, our life expectancies, retirement ages, funds invested in, funding percentages, and any other questions you could possible have. Read it over and see if pancakes and need-to-be-negotiated stabilization funds seem more impressive.
https://www.efast.dol.gov/portal/app...execution=e2s6 - enter "fedex corporation" in plan sponsor. Then scroll down to the pension plan ein - 621721435 pn 002.
The vb plan is fake news. Make our pension great again.
K