New Massachusetts driver’s licenses will require proof of identity; Registry closing to prepare for change

By Brian Lee
Telegram & Gazette Staff

Posted Mar 20, 2018 at 3:45 PM  

Updated Mar 21, 2018 at 6:30 AM

 

Registry of Motor Vehicle offices throughout the commonwealth will be closed Friday as the agency transitions to a new computer system and begins to offer driver’s licenses and identification cards that comply with a new federal security standard.

The RMV has switched to the ATLAS computer system, which it says will provide customers an easier, quicker, and more convenient customer experience when they conduct business with the RMV in person, on the web, by mail, or by phone.

All RMV service centers reopen Monday.

All AAA offices that offer RMV services will not offer those services Friday or Saturday.

The RMV will not conduct online transactions beginning 7 p.m. Thursday. Online transactions resume 8 a.m. Monday.

Vehicle inspections will not be conducted Friday through Sunday.

Lastly, registrations and inspections will not be offered at auto dealerships that register and inspect vehicles on behalf of the RMV Friday through Sunday.

The ATLAS system is the RMV’s first new system in 30 years, the agency said.

The new system will enable the state to begin issuing credentials that comply with the federal REAL ID law, which is designed to increase safety through new security features.

Beginning Monday, customers will have the choice between a REAL ID driver’s license or identification card, or a standard state driver’s license or ID card. After October 2020 a REAL ID or a passport will be required to fly in the United States or enter certain federal buildings.

In either case, customers will have to provide proof of U.S. citizenship or their lawful presence in the U.S. before cards are issued.

For U.S. citizens, it means customers will have to present a valid, unexpired U.S. passport or a certified copy of their U.S. birth certificate.

For permanent residents, a valid permanent resident card — or green card — is considered proof of lawful presence, the RMV said.

In a statement, RMV spokeswoman Jacquelyn Goddard said: The RMV understands the new federal document requirements are a new application necessity for our customers and strongly urges people to go online to determine the documents needed in that customer’s specific situation. The website is https://www.mass.gov/orgs/massachusetts-registry-of-motor-vehicles.

Congress Just Quietly Formed A Committee To Bail-Out 200 Pension Funds

by Tyler Durden

Wed, 03/21/2018 - 19:44

 

Authored by Simon Black via SovereignMan.com,
The US pension system has gotten so bad, Congress is actually planning for its failure.



As the government was working on the recent, new budget deal and subsequent boost in government spending, Congress quietly snuck in a provision that forms a committee which would use federal funds to bail out as many as 200 “multi-employer” pension plans – where employers and labor unions jointly provide retirement benefits to employees.

As is often the case, this rescue “plan” is too little too late. The US pension system is beyond repair. And if you’re depending on pension income to carry you through retirement, it’s time to consider a Plan B.

Before explaining how dire the situation actually is, let’s take a step back...

Pensions are simply giant pools of capital used to pay out retirement benefits to workers. Typically, employers and employees contribute a percentage of the employees’ salary to a pension throughout his or her career. Then, upon retirement, the pension is supposed to pay a fixed, monthly amount to the retiree.

There are both government and corporate pension plans. Boston College estimates the nation’s 1,400 multiemployer plans (corporate) are facing a $553 billion shortfall. And around one-quarter of those are in the “red zone,” meaning they’ll likely go broke in the next decade or so.

But Congress’ committee, assuming it works, wouldn’t even rescue the red zone plans, much less the remaining 1,200.

And it doesn’t even begin to address the real problem – the $7 trillion funding gap faced by the government’s own pensions. Congress is stepping in because the Pension Benefit Guaranty Corporation (PBGC) – the pension equivalent to the Federal Deposit Insurance Corporation (FDIC) – is completely insolvent.

Like the FDIC, the PBGC is an insurance program funded by premiums paid by its participating members (pensions). Its entire income is made up of premiums collected and the investment income it earns on those premiums.

So, as the markets crash, not only will the PBGC’s portfolio get slaughtered… so will those of the pensions it guarantees (which will then require more funds). And as these pensions fail, the PBGC will collect less in premiums. It’s a vicious circle.

But things are plenty bad already.

The PBGC, which only covers corporate pensions, had a $76 billion deficit in 2017. It has total assets of $108 billion on its books compared to potential loss exposure of more than $250 billion.
By its own estimation, its fund to cover multiemployer pensions (which makes up $65 billion of the deficit) will be insolvent by 2025.

Pensions are in such bad shape today for the simple reason that investment returns are too low. And pensions can’t cover their future obligations.

Pension fund managers invest in assets like stocks, bonds and real estate in hopes of generating a safe return.

Most funds require a 7%-8% return in order to meet their future liabilities.

But with interest rates near record lows, these funds are having to take on more risk in order to meet their minimum return requirements. They’ve reduced their bond allocations and started buying more stocks, private equity and other riskier assets.

Some funds, like Hawaii’s pension fund, went even further and dabbled in the incredibly risky strategy of selling put options. By selling a put, you collect a small premium if markets stay calm or rise. But you’re exposed to unlimited losses if markets crash – like they did when the Dow fell 2,400 points in a week last month.

Math: The Biggest Loser In Illinois Election...and in Templeton

Math: The Biggest Loser In Illinois Election

by Tyler Durden

Wed, 03/21/2018 - 17:25

 

Authored by Mark Glennon via Wirepoints.com,
The speeches last night said most of what you need to know about the election.
In her concession speech, Jeanne Ives said,

“Illinois does not have a Democratic or Republican problem, it has a math problem.”

It was a core part of her campaign message - that simple math shows the fiscal catastrophe Illinois faces. That’s also been our core theme at Wirepoints since our inception. It trumps all other issues.
In his victory speech, Governor Rauner said,

“To those of you around the state who wanted to send me a message, let me be clear: I have heard you.”

In his victory speech, JB Pritzker said,

“Let’s fund our schools properly so that every child gets a quality education. Let’s institute a progressive income tax, so that we can lower the tax burden on the middle class and those striving to get there. Let’s work toward universal health care by passing my plan for a public option.”

There you have it. The stage is set.

For Rauner, the issue is which message he heard. The message I most hope he heard is that denial isn’t working. Among the reasons why his base turned on him is failure to emphasize the full scope of our crisis — the simple math. Rauner has largely gone silent on that, in words and deeds, in contrast to the more realistic message he delivered in his first campaign. As governor, he supported a massive increase in educational spending with no way to pay for it. His budgets are unbalanced. His “comprehensive pension reform” proposals are little more then gimmicks.