The Greatest Teacher Retirement Crisis in History – John MacGregor, Ted Siedle
In this episode, host John MacGregor dives into what is described as the greatest retirement crisis in history, with a focus on the systemic issues plaguing the United States pension system.
A distinguished panel comprising experts in financial forensics, educators, and leaders from the Ohio Retirement for Teachers Association discuss the deep-rooted problems within the pension system, particularly highlighting mismanagement, lack of transparency, and the chasing of high-risk investments by pension funds as central to the crisis.
With a series of guest experiences and expert analyses, including a spotlight on the teachers' pension crisis in Minnesota and the broader implications for the US economy and taxpayers, the episode underscores the urgent need for transparency, accurate management, and the fulfillment of pension promises.
Ted Siedle, renowned for the largest whistleblower awards in history and co-authoring 'Who Stole My Pension?' with Robert Kiyosaki, sheds light on the opaque and mismanaged financial practices eroding the foundation of pension systems.
00:00 Introduction
01:56 A Deep Dive into America's Pension Crisis
07:48 The Minnesota Teachers' Pension Struggle
11:58 The Power of Pension Activism and the Role of Social Media
12:57 The Ohio Experience: A Call for Transparency and Reform
20:20 Uncovering Hidden Fees: The Battle for Pension Transparency
24:22 Unveiling Pension Mismanagement: A Deep Dive
25:21 The Challenge of Accountability in Public Pensions
26:51 The Ohio Case: A Stark Example of Neglect
29:59 The Dark Side of Private Equity and Real Estate Investments
38:18 The Impact of Mismanagement on Teachers and the Education System
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Disclaimer: The information provided in this video is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
Let’s Go Brandon! 😂
Thanks once again for the financial information John MacGregor and team.
Department of Education *(only!)* has 4000 employees, the fewest of any Cabinet Department, and a budget of *(only!)* 70 Billion dollars.
You will own nothing and be happy per Klaus Schwab
What a great show: the people interviewed, the order in which they spoke, their clarity. I learned so much. Great work, John and team!!
Amazing discussion and a problem that impacts us all in one way or another. Unfortunately, any pension shortfalls need to be eaten by the beneficiaries and not the general public, neither local nor federal. Your money, your responsibility to ensure it is managed correctly.
In the discussion it was said that it has been a 2 decade battle. Beneficiaries have done their due diligence but pension managers and elected officials have ignored them. That unfortunately makes this everyone’s problem now.
Amazing video bro
Great presentation. I wish they would have mentioned that hedge funds & private equity firms pay politicians generously. Sam Bankman-Fried was mentioned who paid Ohio politicians during the 2022 mid-terms.
I think the managers gets millions of dollars for their performances due to being professional thieves. They receive big rewards for stealing from the workers.
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Always the ignored and forgotten victim in the public pension crisis, except for their earned income, the private sector taxpayers. In 2023 Kentucky taxpayers were forced to contribute $2.63 dollars to teachers’ retirement to every $1.00 members of teacher’s retirement contributed. In 2023 the 5 plans governed by the Kentucky Public Pension Authority; Kentucky taxpayers were forced to contribute $6.96 dollars to every $1.00 KPPA members contributed. This is not from Kentucky taxpayers not contributing their obligatory contribution. It’s from enhanced benefits not prefunded by plan members, those enhanced benefits applied retroactively and a variety of pension spiking scams and schemes. It ends well for the Kentucky’s public service sector but not the private sector taxpayer. It’s a massive loss of earned income. A buyout plan I wrote for Kentucky educators would easily yield $120,000 dollars annually to cover pension benefits. I have a meeting with a University of Louisville Professor of Economics on April 18th to discuss this further. For Kentucky it is the only fiscal responsible way out of their public pension crisis.
In 2023 it cost Kentucky taxpayers a total of $224,700,000 million dollars for administrative fees and external cost. That’s just the KPPA plans. Public pension systems have turned into cash cows for those in charge of managing the system. Kentucky’s public pension systems have turned into very expensive redistribution of wealth programs. This can’t possibly end well for the 90% in Kentucky’s private sector.
If 56 year old teachers can retire with full benefits then a big problem is the benefits were absolutely too rich. Those are the level of benefits government employees in Greece were getting before the country went bankrupt. The teachers don’t want that message out there though.
I wonder if SS insurance have been audit?
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