Dec 202013
 

According to Rolling Stone Magazine Wall Street is cheating public sector employees by charging their pension funds for management of their money. Talk about not seeing the forest because of the trees, the problem with the public pension funds is the amount of tax money in them and the bloated payouts, not the excessive management fees. Of course the bloated fees are wrong but so is the excess money taken from the taxpayers.

You can check for yourself. Get a copy of the budget from any municipality and find the amount in “funds”. Find especially the amount of money in pension funds although it might be hidden from people like you who want to find it. Also check the amount of money paid to the retirees last year. Does it make sense?  Several times I’ve done that and found some pension funds paying out say $222 thousand last year and the pension fund has $24 million in it. that’s 100 times more in the fund than was paid out.

The bureaucracy doesn’t want anyone monkeying with their schemes so they keep most of the information away from people or try to trick them into thinking it’s complicated to calculate how much should be in a pension fund for each employee. That’s utter nonsense. It’s possible to calculate with great accuracy how much money should be in a fund to pay it out over a certain period. That answer will never be displayed to the public which goes to prove corruption with pension funds.