Re(1): 13th Check Update IP: 173.65.95.32 Posted on May 31, 2011 at 00:15:43 AM by royhall
I'm asking some questions here because I'm just too lazy anymore and got beat up more than once for asking "Stupid" questions. Over the years I have noticed how folks seem to interchange certain words without regard for theier meaning nor for what a contract stipulates. In the foregoing Pension Board information I see the words "Investment Return", "Cumulative Actuarial Gains", "Cumulative Actuarial Losses", "Earns", and "Acturail Gains". Haven't you heard these and other terms such as "Earnings" when the term should have been "Growth". I also see the term, "Even if the fund earns" in the above. And, then I see the explanation, "Investment return is only one component of actuarial gains". So, is it total "Growth" of the fund or is it limited to interest and investment returns? What comprises actuarial gains? What is excluded? I assume from what I just read that the other components dragging the fund down in spite of a respectable investment return is the lack of financially sound contributions and an objectionable new multiplier. It looks to me like someone should have thier feet held to the fire untiil we get a decent straight forward explanation. Board members are supposed to represent retirees as well as union members and they should do so in a fudiciary resposible way. Have thay failed? It appears so to me.
Now, as I recall, MY contract uses the term "Growth" see section 23. What language does the contract or contracts(there were so many) dealing with the 13th check use? Someone needs to keep an eye on people who too casually qoute contract language incorrectly and I would volunteer but for about a thousand reasons, least of which is the f####ing fact that I am too #### frank and use run-on sentences!
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