This news report is provided courtesy ofÂ Greyson Deitrich III of Independence News LLC
In its October â€™08 and October 09 financial reports, the three pension funds managed by SEIU were funded at levels that fell below the SEC demands for minimum funding, in a seemingly insignificant release.
A closer look showed a DECREASING amount of pension funding over the prior ten year period even though money was available for 100% funding of one of the nationâ€™s largest pension systems.
Why would Andy Stern make a conscious decision to underfund the central plan benefit of his financial union empire?
Now in a recent interview after being appointed to President Obamaâ€™s cost cutting deficit watchdog committee, Stern discusses the impending difficulties of meeting the SEC demands to stabilize his failing pension system, which has fallen below the critical 65% funding level, during a recession.
The money that could have been used over the last ten years to avoid the problem was spent on such budgetary notations as advertising, recreation, new cars, travel and â€“ oh yes â€“ political contributions (85 million dollars to Barack Obama alone).
In a far reaching statement Stern said â€œThe administration has an obligation to the workers of the world to provide health care.â€ A close examination of SEIUâ€™s financial commitments, performed by Relnon, LLC independent auditors, shows that removing the unionâ€™s medical plan payments would provide the available capital to fund all current and past pension obligations in a 36 month window.
Be it coincidence or design, the SEIU has had a ten year long party that is about to be paid for by tax payer dollars directed to centralized, socialized health care.
The entire health care program (designed by Stern) has always been about one thing â€“ UNIONS. Lifting the responsibility of medical payments by union funds will cover the loss of diminishing membership, failing revenues and over-expenditure. It will permanently transfer the burden of responsibility from union officials to the American taxpayers. It will free up union dollars to exponentially expand their power base throughout the world.
Quoting Sternâ€™s recent comments: â€œWorkers of the world unite; itâ€™s not just a slogan anymore.â€ No, apparently itâ€™s administration policy.
Greyson Deitrich III, Independence News, LLC
Sources: Wall Street Journal, Relnon Independent Auditors (Phone Interview), SEC Quarterly Report