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The Greatest Destabilization Is Yet To Come

"Of all the problems delivered to the doorstep of middle America by OTC derivative manufacturers and distributors, nothing will exceed the bankruptcy of retirement and benefit programs for the American worker."

"More and more people who make and deliver real goods are getting letters from their paid-in retirement fund informing them of the curtailment of benefits that have up to now been taken for granted due to what the fund calls “Critical Status.”

"I have in my hand a letter from the New England & Industry Pension Fund, one of the largest union pension funds in the business.

Hidden in the flowery language and on the back page it says:

1. Elimination of early retirement options, i.e., the right to receive a Pension prior to the age of 64 including:
a. Early Retirement Pensions.
b. Thirty Year Full Service Pensions.
c. Minimum thirty Year (75%) service Programs
d. Special Service Pension prior to the age 64.
e. All partial pensions to the extent any such pension is tied to one or more of the Adjustable Benefits listed above.

2. Elimination of all Disability Pensions prior to Age 64

3. Elimination of all Benefit Payments prior to the age 64.
a. 120 Certain Payment Options
b. Christmas Benefit

4. Elimination of Death Benefits including
a. Single Payment Death Benefit.
b. Thirty-Six Month Annuity for Unmarried Participants.