The S&P 500 (SPY) increased 60% during the four years of the Trump administration.
How the heck do 185 union pension plans almost go bankrupt when the most basic stock portfolio possible goes up 60%!
Benefits going out don't equal funding coming in plus portfolio performance.
>>How the heck do 185 union pension plans almost go bankrupt when the most basic stock portfolio possible goes up 60%!<<
Woke investing.
—”How the heck do 185 union pension plans almost go bankrupt when the most basic stock portfolio possible goes up 60%!”
Nothing new here, multiemployer pensions have been underwater FOREVER.
A SYSTEM IS AT BEST HELD TOGETHER WITH DUCT TAPE AND THE DUCT TAPE WAS STOLEN ...
Rube Goldberg at best; a money machine for dirty unions.
And the unions never knew nothing.
Technically every employer is liable for benefits accrued by their employees. Yet they are long gone by payday?
I once knew of a guy that owned a plumbing company and HE did very well financially.
But he seldom paid the benefits to the union for the workers.
In round numbers.
Plumbers are paid $50.00 per hour that is on the paycheck.
AND
About $40.00 for benefits paid to the union. ~$80,000 per year per employee.
The guy had over a dozen plumbers.
If he ‘forgets’ to pay on 10 plumbers; $800,000 in one year.
After a couple of years... this guy and the family babysitter, went out to pick up some groceries.
Leaving the wife and young kids, and never seen again.
Word is he owes the union about ONE and a HALF MILLION DOLLARS.
And now we taxpayers are now paying the thief with intrest.
A good question. But these guys don't just steal from employers, they steal from their membership too.