Video #7

Greed is certainly a human condition made more possible when conditions are conducive.

Here are the two books I referenced and I believe Minnesota has the long standing conditions of domination by the DFL and unions that make it possible here.

1. David Grann, Killers of the Flower Moon…Murders and the Birth of the FBI

2. Gretchen Morgensen, Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon

Video 7 expresses my disgust with how Minnesota pension leaders have been conducting their business for decades and I am offering my sincere ideas on reform.

I want the power of a king so I have access to all verifiable facts and will be honest and transparent. There will be oversight. Minnesota pension plan destruction will stop now! The goal will be getting all plans to a healthy status and the past secrecy, gimmicks and deception is over. Leaders, you must stop talking about a surplus without talking about the billions of unfunded liabilities debt as well.

The Blue Robe Mandates (for now)

1. An objective retirement goal will be established. I’ve mentioned 70 to 80% including social security and I just read that Pennsylvania picked 90%.

2. All COLAs (cost of living adjustments) and any post retirement increases are stopped now until plans reach 100% funding. What you are left with is still a retirement that is the envy of most Minnesotans and U.S. citizens.

3. DR or ROR are quickly eliminated so you must report like all private businesses and use real, not assumed dollars and numbers. Our present 7.5 is second highest in the nation which means we hide the truth better than all but one state of those who still use it.

4. Actuaries switch from GASB to FASB to help you get to healthy plans sooner.(see Jeremy Gold below)

5. Extend and pretend is over Extending another 20 or 30 years to 2048 will never happen again.

6. SBI (State Bureau of Investment)

a. no gimmick DR or ROR ( see Barton Waring below)

b. no more smoothing

c. stop telling people the lie about how retirements are funded or itemize the many bailouts for all plans

d. explain how you claim to have the best investment record average of any large public plan, 9% over 30 years and we are billions of dollars in debt in our pension plans.

7. Investigate fire chiefs possible pension padding with 192 overtime hours

8. 1.9 multiplier should be eliminated because it was a swindle. The taxpayers got nothing in return and the one billion debt is still on the books to be paid by taxpayers. Those employees did not earn it. (more later)

Here are a couple more of my resources that I referenced above

1. Jeremy Gold (deceased) VP of the Pension Practice Council of the Academy of Actuaries and Chair of the Pension Risk Management Task Force of the Society of Actuaries Please view You Tube September 28, 2015 Jeremy Gold His conclusion was; actuaries have not, alone, caused the crisis, elected officials, unions, untrained trustees, self-interested asset managers have all done their part. Actuaries have aided and abetted.

2. Waring, Barton Putting the Risks and Costs of Defined Benefit Plans Back Under Your Control He said,” The use of an inaccurate discount rate creates real and consequential differences in the health of the pension plan as the use of the expected result assumption as the discount rate visually guarantees the eventual failure of any plan using it.”