How the public (and government employees) are being played for useful idiots – The Gov Pension Fund / System Scam

by Walter Burien – CAFR1
05/16/15

ARTICLE ARCHIVED AT – http://CAFR1.com/gpfsc.html

The new GAP accounting implemented over the last 8 years established by GASB.org requires local government accounting to project all liability as if it is due today.

This means pension fund accounting (and other local government funds) are required to project out 35 years to satisfy ALL projected payments to participants with what they will be paid AT TIME OF RETIREMENT. They use max projections there. EXAMPLE: Employee making 50K today at retirement after pay increases, projected inflation, etc., will be making 185K. Additionally, THEY DO NOT account for the projected income for the fund out 35 years in full. They redact much.

So based on the new accounting, a pension fund that may have been 150% funded today, in the snap of the finger could now be adjusted to being 60% funded. (40% underfunded)

Motive? The larger the investment fund balance for that local government, the bigger the power base. Where those funds are invested domestic and international creates the biggest payola network globally times thousands of different local government funds/systems of the same.

Another point most employees and taxpayers are not aware of is: Most local government pension funds / systems are “Strictly Participatory”. What that means is the employee does not own 1c of the fund, they just have in so many words a “Ticket to Ride” under contract terms.

The local government owns 100% of the fund balance. Now if the employees owned 100% of the balance, the accounting local governments are doing would be 100% fraud and an indictable offense under SEC law and fiduciary ethics guidelines.

Most fund balances are so large they do not require contributions from the employee or tax payer, rates of return are primarily meeting requirements. Plus if the employees owned the fund balance it would be required to give each a pro-rated value of each employees ownership in $$ terms each year. If that was the case and done my would those participating employees get a big surprise. Long-term participants, they would see their ownership value at on the low side $650,000 to on the high side $3,500,000.

But being that these funds are Strictly Participatory (similar to the Social Security fund) SEC laws and fiduciary fund management guidelines only require that those “Tickets to Ride” under contract are in line to be satisfied based on the GUIDELINES that local government is operating under.(and they create their own guidelines)

TREASON: “Treason doth never prosper; what’s the reason? For if it prosper, none dare call it treason.” Sir John Harrington, 1561-1612

Please share, publish, and post my comments with others (especially those government employees who are participating with these funds/systems)
Walter Burien – CAFR1.com
P. O. Box 2112
Saint Johns, AZ 85936

Tel. (928) 458-5854

PS: Federal groups like FBI agents have profit sharing pensions. They see each year the value of “their” share in the Pension they are enrolled as an “owner”. Back in the 90’s their eyes must have been bulging out of their head when they looked. They saw they would get 175% to 250% over what they were expecting to get at retirement based on fund performance.
__________________________________

CAFR1’s REPLY ABOVE TO THE ARTICLE THAT FOLLOWS:

How Illinois’ Pension Debt Blew Up Chicago’s Credit

After a court ruling, the state’s legacy of borrowing to cover public employee pensions landed a $2.2 billion problem in the city’s lap.

by Allan Sloan, The Washington Post, and Cezary Podkul, ProPublica, May 13, 2015, 3:39 p.m.

Hidden CAFR accounts..every state has them and they hold millions upon million in unreported funds

contact: becworks@gmail.com

NOTICE:  Oregon finally blew the lid of “silence” concerning the hidden assets, which are hidden in the accounts of every state under the Comprehensive Annual Financial Reports.  I accessed the CAFR for my state, county, and school district in 1998.  The school system alone had stashed away $27,000,000.  All of these accounts are in the Bank of New York, according to a faxed response in my files from my State Treasurer.  The accounts are all maintained by your State Treasurer, and you can access the accounts online.

This video is the first time a state legislator has admitted they exist . . . The SC Investment Pool declared in the State Investment Pool booklet the following statement:  “Pursuant to Section 6-6-10 of the State of South Carolina Code of Laws, the State Treasurer established in May 1983, the South Carolina Local Government Investment Pool (the “Pool”), an investment trust fund, in which public monies in excess of current needs which are under the custody of any county treasurer or the government body of any municipality, count, school district, regional council of government or any other political subdivision of the State may be deposited.”

Bottom line:  The legislators OVER TAXED us on purpose and took the money, accrued unreported interest, and are not disclosing the activity.  They lied . . . every time they are asked about the accounts, they declared “that is a rainy day account.”  Oh yeah?  It is undisclosed.  It is used without reporting.  The interest disappears into thin air.

Finally, the legislators are desperate enough to admit the funds exist.  Watch the 3 minute LINK .  It is time to learn how the originally Whistleblower on this activity, Walter Burien, suggests that the money be used . .. to end all taxes … forever.

FYI,
R.E. Sutherland, M.Ed./sciences
Freelance Investigative Reporter
_________________________________________

CAFR1 NATIONAL POST

---

 

 

The government take over of the US economy …BRASSCHECK TV/video

http://www.brasschecktv.com/page/512.html

Where all the money goes.  Two sets of books

 

The government take over of the US economy

This video was originally produced on January 8, 2000 by Walter Burien.

The government, at all levels, is running a very simple financial con game.

If something produces revenue – like bridges, highways, ports, or successful investments etc – that revenue goes into off budget slush funds.

If it costs money, it’s charged to the public via taxes.

This is being done at all levels of government – including state, county, city, and school districts.

The total “off budget” funds held by the various governments amount to trillions of dollars.

The real accounting is contained in what’s called Comprehensive Annual Financial Reports (CAFR) which are not only not made available to the public, their very existence is never mentioned by the news media.

Why?

Trillions of dollars pays for a lot of corruption.

Every time an elected official stands before you and tells you the government is out of money and they have to raise taxes, he or she is lying through their teeth

 

http://www.brasschecktv.com/page/512.html