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Retirement funds decline in June

July 17, 2009 by  

Retirement funds decline in June According to BNY Mellon Asset Management, the funded status of a typical U.S. corporate pension plan fell by 5.7 percentage points in June for the first time in four months.

The company says falling yields on long Aa corporate bonds which drove liabilities higher have contributed to this result.

Its analysis suggests assets for an average moderate risk portfolio increased 0.3 percent, while liabilities rose 7.6 percent during the month. For the first six months of the year, the funding ratio for the typical plan is up 5.2 percentage points, as represented by the BNY Mellon Pension Liability Index.

"Rising stock markets improved the funded status of pension plans in March, April and May, but the rally slowed in June and was unable to keep up with the rise in liabilities," says Peter Austin, executive director of BNY Mellon Pension Services, the pension services arm of BNY Mellon Asset Management.

The Bank of New York Mellon Corporation is a financial services company operating in 34 countries. It has $20.2 trillion in assets under custody and administration, $928 billion in assets under management, services more than $11 trillion in outstanding debt and processes global payments averaging $1.8 trillion per day.ADNFCR-1961-ID-19267597-ADNFCR

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  • FarRightWinger

    FIGHT THE NObama REGIME NEXT STEP TO SOCIALISM: UNIONS
    The union bosses desperately want new members. They need a massive influx of new dues revenue to pay for their financially troubled pension funds and for their ever-more-costly and ambitious political activities.

    But they can’t get these workers into their ranks anymore through the less-abusive secret ballot election.

    The union bosses’ only option is a dramatic expansion of their coercive power. They must force employees into union ranks.

    As you will see in the video, card check organizing is not a new threat for us here at the Foundation. In fact, with your help, we’ve been warning about and fighting the growing threat of card check abuse for the last six years, and we’ve had success. (This union power grab might have flown completely under the radar if we at the Foundation had not sounded the alarm.)

    But if the union bosses get their card check forced unionism bill – also known as “EFCA” — they will exercise even more power to coerce millions of additional workers into unions.

    EFCA will put a greater force of federal law behind their efforts … but they don’t need this law to escalate their already aggressive card check organizing campaigns in workplaces across America. Campaigns we are fighting right now and will still be fighting whether EFCA passes or not.

    Card check organizing is actually part of an aggressive union strategy called “top down organizing.” Top down organizing uses a variety of tactics like card check to force employees into unions against their will – often by intimidating and bullying employers, forcing them to knuckle under.

    Top down organizing and card check are already a reality in virtually every industry – including auto parts, health care, construction, telecommunications, hotel, grocery, and textiles.

    · The AFL-CIO admits that 70% of new union members are now unionized through top down style campaigns – i.e. card check.

    · Even five years ago, 80% of all workers who were newly unionized were corralled without “secret ballot” elections.

    The fact is, thousands of employees across America are already being forced into union ranks against their will and without a vote. But this situation is on the verge of flying completely out of control.

    You should also know card check legislation is only one step in the union bosses’ plan to fully exploit their new political clout. Big Labor is also pushing to…

    … force companies to fire workers who worked during a strike – something companies have not been compelled do for 70 years.

    … blacklist employers and employees from all federal contracts unless they unionize or agree to allow card check unionization drives.

    … raise taxes on companies that insist on defending employees’ access to a secret ballot election.

    … force police and firefighters across the nation to be unionized — opening the door for strikes that hold vital public services hostage.

    … promote the establishment of “mini-unions,” small cells of workers who don’t represent a majority but who could force an employer to bargain with them over pay and benefits.

    … repeal Section 14(b) of the Taft-Hartley Act, thereby eliminating all 22 state Right to Work laws that make union affiliation voluntary – the cornerstone of workplace freedom in America.

    Unfortunately for people like you and me, in pursuit of this radical agenda Big Labor has the most powerful ally they have ever had in the White House. And the most pro-Big Labor Congress in decades.

    Just how pro-forced unionism is Barack Obama?

    Well, I ask you to read his own words – such as the words I quoted at the top of this letter — from his political memoir, “The Audacity of Hope.”

    The union bosses can demand this kind of loyalty from Barack Obama and Congressional leaders now in power because their massive and sophisticated, forced-dues-fed political operations.

    Big Labor cash and union organizers played a huge role in their electoral victories in the 2006 and 2008 elections. Union bosses claim – and deserve – much of the credit for the far left capture of both houses of Congress and of the White House.

    The AFL-CIO spent $250 million and the Service Employees International Union spent $85 million to elect President Obama. In all, experts in campaign finance estimate Big Labor spent $1.3 billion in the last election cycle to elect Mr. Obama and pro-union boss politicians to Congress.

    And the payback has already begun!

    On the very day Mr. Obama took office, the Department of Labor stopped the implementation of union financial disclosure rules based directly on precedents won by the National Right to Work Foundation. These rules gave provided greater transparency about union spending.

    Within two weeks, President Obama issued four sweeping executive orders – on federal contracting and political spending – demanded by Big Labor.

    Mr. Obama has appointed forced unionism radical Hilda Solis – a co-sponsor of the card check legislation when she was in Congress – as Secretary of Labor.

    He has named SEIU union strategist Patrick Gaspard as his White House political director and former Teamsters lawyer Wilma Liebman to chair the National Labor Relations Board – joining two other union lawyers to form a majority. Liebman is fanatically in favor of compulsory unionization of America’s workplaces.

    The payoffs keep coming. Just a few days ago, Mr. Obama slashed the Labor Department’s funding to investigate rampant union corruption and ensure compliance with the sparse union disclosure rules that do exist.

    And of course Mr. Obama has enthusiastically endorsed card check forced unionism and vowed that it “will pass.”

    No one knows better than we do just how dangerous the radical Big Labor agenda is. Not just for the workers it will force into unions against their will – but for the many industries it will crush like a tin can and for the entire economy that we all depend on to produce our country’s prosperity.

    The union bosses dream of massive forced unionization like we see in countries like France, where a few union boss elites can call strikes that idle the entire country.

    They don’t want the America we know of risk takers, investors, capitalism, and entrepreneurs. They want a welfare-state society with cradle-to-grave government control, where nobody can be fired, individual achievement is discouraged, and union bosses can literally dictate public policy for the entire nation.

    You and I know what this means.

    Chronic unemployment. Shoddy products. Mediocrity over excellence as the standard of work. Endless job actions and strikes. Little opportunity for entrepreneurship and a dismantling of our American ideals of self -reliance and independence.

    One prominent economist warns that Europe risks becoming a “second- or third-world region” within a generation because strict labor laws deny companies the flexibility they need to survive in these troubled economic times.

    Think of what’s happened to the Big Three Detroit automakers happening to every industry in this country. Think of France and Germany today. Think of Great Britain before the reforms of Margaret Thatcher.

    This is the kind of America we will have unless we can stop the union bosses’ momentum.

    Everything the union bosses want – higher taxes, bigger government, and more regulation — are exactly the wrong medicine for our precarious economy now.

    Big Labor domination of our political system – which is the inevitable result of massive forced unionization that will arise from unchallenged card check organizing – will doom our economy and end American prosperity.

    Wall Street Journal senior economics writer and Club for Growth founder Stephen Moore shares some chilling details of the likely impact of massive forced unionism in the video.

    After watching, you will see why I believe America is facing an emergency today and why we are taking such dramatic steps to expand the Foundation’s ability to fight card check organizing of our job providers, in the arena of public opinion and, most importantly, in the courts.

    Why are the courts so important in our battle against forced unionism?

    Because right now the union bosses have almost complete control over two of the three branches of our government – Congress and the Presidency. But they do not yet control the courts!

    And it is in the courts that we can most effectively derail the union bosses’ agenda.

    For 40 years, the National Right to Work Foundation has used the power of the courts to check Big Labor’s abuses, defend workers’ rights, block illegal organizing drives, and hold union thugs accountable for violence and bloodshed.

    We’ve been in front of the U.S. Supreme Court 14 times and won a string of victories there to defend Americans from forced unionism.

    • In 1977, Foundation attorneys won the landmark Abood decision at the U.S. Supreme Court that forbids the use of forced dues for political action by government sector union bosses.

    • In 1988, the Foundation’s landmark Beck victory at the Supreme Court followed up Abood by blocking forced dues for politics by private sector union bosses – an even more devastating blow to Big Labor’s power.

    • In 2007 the Foundation’s legal team triumphed again before the Supreme Court in the Davenport case that protected 22 state Right to Work laws threatened by a lower court’s perversion of the law.

    • And dozens of Foundation-won class-action lawsuits have stripped tens of millions from Big Labor and returned the money to workers from whom it was illegally seized.

    Over the past eight years, the Bush Administration made hundreds of appointments to the federal bench and two huge appointments to the Supreme Court (Chief Justice Roberts and Justice Alito).

    And, for the most part, these judges are committed to the rule of law and the Constitution. They are committed to workplace freedom and union bosses living within the law. The fact is, there has never been such a favorable legal environment to rein in Big Labor’s coercive power.

    But this favorable legal climate won’t last forever. President Obama already has the opportunity to put an extreme, pro-forced unionism advocate on the U.S. Supreme Court with the retirement of Justice David Souter.

    It’s very likely he will get more appointment opportunities there and certainly he will be making many appointments to lower federal courts across the country. It may not be long before President Obama is able to put an extreme, pro-forced unionism stamp on the nation’s judiciary.

    This means we’ve got to put cases in front of the courts now.

    The good news is that our Foundation attorneys believe organizing workers into unions with coercive card check tactics fundamentally violates labor law and employees’ basic rights.

    • groundpounder

      Your posts spills the beans.
      Have you considered a TV Reality show?
      You are powerfull!

  • FarRightWinger

    IMPEACH NObama NOW!
    NObama Health Plan to Cover 12 Million Illegals (!!!)

    On Friday, DemocRATS moved one step closer to giving free health insurance to the nation’s estimated 12 million illegal aliens when they successfully defeated a Republican-backed amendment, offered by Rep. Dean Heller, R-Nev., that would have prevented illegal aliens from receiving government-subsidized health care under the proposed plan backed by House DemocRATS and Barack NObama.

    The House Ways and Means Committee nixed the Heller amendment by a 26-to-15 vote along straight party lines, and followed this action by passing the 1,018-page bill early Friday morning by a 23-to-18 margin, with three DemocRATS voting against the plan.
    The DemocRATic plan will embrace NObama’s vision of bringing free government medical care to more than 45 million uninsured people in America – a significant portion of whom are illegal aliens.
    According to the nonpartisan Congressional Budget Office, costs under the NObama plan being proposed by the House will saddle citizens with $1.04 trillion in new federal outlays over the next decade.
    Congressional DemocRATS and Kenyan citizen NObama have argued that their health plan is necessary to contain rising health care costs.
    But, last Thursday, CBO Director Douglas Elmendorf testified before the Senate Budget Committee and warned lawmakers that the proposed “legislation significantly expands the federal responsibility for health care costs.”
    A key factor increasing costs is that DemocRATic plan provides for blanket coverage to as much as 15 percent of the U.S. population not currently insured, including illegals.
    DemocRATS had insisted throughout the health-care reform debate that illegals would be ineligible for the so-called public option plan that is to be subsidized by taxpayers.

    Republicans, however, point out that the DemocRATS, by refusing to accept the Heller amendment, would deny health agencies from conducting simple database checks to verify citizenship. Many states give illegals driver licenses, which will be sufficient to get free health care under the plan.

    Critics also contend that millions of illegals who already have counterfeit Social Security cards or other fraudulent documents. There is no enforcement mechanism in the legislation, experts say, to prevent illegals who use fake IDs to obtain jobs from also obtaining taxpayer-subsidized health insurance.
    GOP representatives introduced the amendment to provide a way to weed out non-citizens from the program.

    A description of the amendment on Heller’s Web site state it would “better screen applicants for subsidized health care to ensure they are actually citizens or otherwise entitled to it.”
    The Web post added, “The underlying bill is insufficient for the purpose of preventing illegal aliens from accessing the bill’s proposed benefits, as it does not provide mechanisms allowing those administering the program to ensure illegal aliens cannot access taxpayer-funded subsidies and benefits.”
    The Heller amendment would have required that individuals applying for the public health care option would be subject to two systems used to verify immigration status already in use by the government: The Income and Eligibility Verification System (IEVS) and the Systematic Alien Verification for Entitlements (SAVE) program.
    The two systems cross-reference Social Security numbers and employment information to establish whether an individual is a U.S. citizen.

    Critics: Free Health Care Means More Illegals
    A recent Rasmussen Reports poll found that an overwhelming 80 percent of Americans oppose covering illegals in any public health care bill.
    Anti-immigration activists say the availability of low-cost benefits, including health insurance and in-state tuition, will only lure more immigrants to come to the United States.
    Political analyst Dick Morris, in his recently released best-selling book “Catastrophe”, warns that giving illegal free health care will lead to a flood of new illegals who can take advantage of such a benefit not offered in their home countries.

    William Gheen, president of Americans for Legal Immigration, agrees with that sentiment, writing, “Each state and federal elected official must know that illegal aliens should not be given licenses, in-state tuition, mortgages, bank accounts, welfare, or any other benefit short of emergency medical care and law enforcement accommodations before they are deported.”

    But a small fraction of illegals end up deported, as many make widespread use of fake IDs to easily gain access to government benefits programs.
    “Experts suggest that approximately 75 percent of working-age illegal aliens use fraudulent Social Security cards to obtain employment,” wrote Ronald W. Mortensen in a recent Center for Immigration Studies research paper. Mortensen says one of the big misconceptions about illegals is that they are undocumented.

    James R. Edwards Jr., co-author of The Congressional Politics of Immigration Reform, recently wrote on National Review Online that “it’s hard to envision how health reform can avoid tripping the immigration booby trap.”
    Edwards says none of the legislation under consideration actually requires any state, federal, or local agency to check the immigration status of those who apply for the program.
    The assumption is that companies have vetted their employees to ensure they are eligibility for legal employment – a difficult task for employers given the active market in fraudulent documents. Thus Edwards maintains “some of the money distributed … inevitably would go to illegal aliens.”

    The estimates of illegal aliens in the United States without health insurance vary. The most commonly cited statistic, attributed to the Center for Immigration Statistics and the U.S. Census Bureau, holds that 15 percent to 22 percent of the nation’s 46 million uninsured are illegal aliens. That would be between 6.9 million and 10.1 million people. During the 2008 presidential campaign, Kenyan citizen NObama claimed the nation United States has 12 million or more undocumented aliens.

    John Sheils of the Lewin Group, a health care consulting firm owned by UnitedHealth Group, recently told National Public Radio that about 6.1 million illegals – about half of all illegals in the United States – lack documentation and therefore would not be legally eligible for benefits under the current health care reforms.
    Sheils says the other half of the nation’s illegals – 5 million to 6 million – use false documents to obtain on-the-books employment. Many of them are already insured under their employers’ plans, he added.
    “A lot of those people are getting employer health benefits as part of their compensation,” Sheils told NPR.

    Certainly, some contend that undocumented workers who are gainfully employed and receiving benefits such as health insurance are contributing to society. But the fact remains that, once equipped with a fake ID, a person in the United States illegally can obtain both a job and the benefits that go with it.
    Estimates of the cost of providing illegals with medical care vary. Most uninsured illegals who need medical attention obtain it from hospital emergency rooms. And several states are already straining under the huge burden of paying for the health costs of illegal aliens.

    According to the Federation for American Immigration Reform (FAIR), in 2004 California’s estimated cost of unreimbursed medical care was $1.4 billion. Texas estimated its cost at $850 million annually, and Arizona at $400 million.
    Non-border states shoulder heavy burdens as well. Virginia’s annual cost of providing health care for undocumented workers is approximately $100 million per year, FAIR reports, while Florida’s health care cost is about $300 million annually.
    One of the ironies of the proposed legislation is that it would fine American citizens who opt not to purchase insurance coverage, but would exempt illegals from such fines. This is presumably due to the fact that they are not supposed to participate in the program anyway. Illegal alieans will laugh at Americans’ face.
    Even if no illegals were likely to benefit from health care reform, DemocRATS have made it clear that amnesty is the next item on their ambitious legislative agenda.

    “I’ve got to do health care, I’ve got to do energy, and then I’m looking very closely at doing immigration,” Senate Majority Leader Harry Reid, D-Nev., declared in June.
    Reid explained the urgent need for amnesty in terms very similar to those that DemocRATS have used to press for health care reform. “We have an immigration system that’s broken and needs repair,” Reid said.

    Immigration expert Edwards, for one, says health-care reform may itself need serious medical attention before it is healthy enough pass through Congress.
    “The American people may soon realize how much health reform will benefit immigrants and cost the native-born,” he writes. “When that happens, the volatile politics of immigration could derail universal health care.”

    Do we need democRATS anyway? NO, WE DON’T! We need democRATS, as we need communism in America. We need to abolish both. NOW!

    • Brian Rawls

      I dont think obama will get impeached.

  • Winston

    I don’t think BO will get impeached — BUT he( BO ) is a very terrifying terrorist
    USN–RET Winston

  • Snowbird In New Hampshire, USA

    Obama took over Bill Clinton’s mess now he is continuing to finish ruining the USA.

    Impeach Obama!!

  • groundpounder

    The hired help on the plantation (when the owners enter retirement), knows the daily in’s and out’s of the business. I wouldn’t allow my wife to be a patsy when there is others to put on the front line……..

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