The fund was placed in the bill to help companies, AND UNIONS, help pay for the early retirement costs of members and employees before they get picked up by another taxpayer-funded boondaggle, Medicare. Why would they be retiring early? Well - duh - because the unions set up their contracts this way. As far as private employers, why would you, the taxpayer, be helping pay for their healthcare when this is something the employee should have thought about before retiring? Because the employee may have trouble finding affordable healthcare when retiring early. No, we can't count on personal responsibility and planning here - that what the Government is for - right? Thank goodness the OJT Administration has set aside $5 BILLION - that should last awhile. Oh, no - it won't?
Also, the administration is racing through the $5 billion much faster than it previously projected — it was supposed to last until 2014, when no person will be denied coverage for a pre-existing condition. New statistics and projections, however, suggest it may run out before the end of 2012, and the Department of Health and Human Services (HHS) and the Center for Medicare & Medicaid Services (CMS) announced on Thursday they will no longer be accepting applications for subsidies after April 30. Between June 1, 2010, and Dec. 31, 2010, ERRP paid out $535 million, and during the first few months of 2011, ERRP has handed out another $1.3 billion.So who gets the $5 BILLION help? Is there a litmus test? Are their mandated hurdles they must meet? Oh, hell no. You've got to be kidding. This is the Obama-On-The-Job-Training Administration. Somebody is finally paying attention to this boondoggle, though.
Republicans took shots at Center for Consumer Information & Insurance Oversight (CCIO) Deputy Administrator Steven Larsen for how the administration decides who gets a slice of the $5 billion pie – and how the application process works. At the Friday hearing, Rep. Marsha Blackburn, Tennessee Republican, ripped Larsen because the program doesn’t require companies or labor unions to demonstrate a “financial need,” or that “they’re short of money or that they’re not going to be able to cover the cost of those that are enrolled in the plan that they are choosing to sponsor.”
Larsen said the companies and labor unions do, however, need to show they have a “current program” for early retirees. Also, because the Obama administration is not requiring companies to include details on any early retirement incentives in their applications, Blackburn said companies will likely encourage their employees to retire early, so they can get the taxpayer subsidies just to make their “bottom line” stronger.
“In order to make their bottom line look better, they could actually go to a universe of employees and say, ‘We’re going to incentivize your early retirement,’” Blackburn said. “And, then, move them into this plan that they’re going to submit an application to sponsor, then come to you with their hand out and say, ‘Hey, we need your millions, federal government.’ Do you not see why the American people are so frustrated with what you all are pouring out of these bureaucracies every day, on the American taxpayer? I mean, is this lost on you?”So, who's the biggest single recipient of the EERP slush fund? Please. Who do you think? Remember - sniff, sniff - yep, Obama's Big Union pals.
Recipients of ERRP funding include the United Auto Workers union, which secured $206,798,086 in taxpayer money, AT&T, which took in $140,022,949, and General Electric (GE), which raked in $36,607,818. GE has made headlines recently for not paying any U.S. taxes last year. IBM got $12,989,690 in taxpayer money.I'm feeling a need to retire early, but I'm not in a union. Is it too late to start one?
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