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Old 08-19-2013, 09:48 PM
 
Location: Sun City West, Arizona
22,184 posts, read 10,295,494 times
Reputation: 20173

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Quote:
Originally Posted by contiempo View Post
Correct, I won't really earn or deserve it though.
Seems like you are going to operate outside of your principles.
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Old 08-19-2013, 11:50 PM
 
Location: CO/UT/AZ/NM Catch me if you can!
4,697 posts, read 4,337,002 times
Reputation: 10278
Quote:
Originally Posted by phetaroi View Post
Seems like you are going to operate outside of your principles.
Perhaps he is going to have surgery to open his heart?
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Old 08-20-2013, 12:29 AM
 
Location: Littleton, CO
3,111 posts, read 4,885,822 times
Reputation: 5429
Quote:
Originally Posted by contiempo View Post
Your arguments are poor, as is your attempt to change the subject. I have never worked or even met someone who worked in investment banking. But I will invest in a pension plan with 8% contribution for 30 years with a defined benefit at 100% of my salary for life. Why can't I "invest" in PERA?
Your numbers are a little off.

It is true that members must contribute 8% of their salary.
The employer must contribute 10.15%.

Because of the unfunded liability, state law now requires the employer must contribute an additional 3.4% out of their own operating budget to help make up the shortfall.

Additionally, a second supplemental contribution of 3 - 5.5% (which is, by law, required to come from money available for employee raises) must be paid. These extra payments are required until the program is fully funded.

PERA members get to keep their pensions, but they must forego raises or get smaller raises to pay for the shortfall.

Also, a person does not get 100% pension after 30 years. A person who has 30 years of service gets 75%. The formula is 2.5% x number of years of service. To retire at full pension, you must work for 40 years.
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Old 08-20-2013, 08:55 AM
 
Location: Wherabouts Unknown!
7,764 posts, read 16,843,278 times
Reputation: 9316
davidV wrote: To retire at full pension, you must work for 40 years.

Do they get a watch too? Wouldn't be worth it without the watch.
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Old 08-20-2013, 10:17 AM
 
Location: The 719
14,500 posts, read 22,355,839 times
Reputation: 13810
After 40 years you don't need a watch. You need a wheel chair.
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Old 08-20-2013, 11:18 AM
 
Location: CO/UT/AZ/NM Catch me if you can!
4,697 posts, read 4,337,002 times
Reputation: 10278
Quote:
Originally Posted by McGowdog View Post
After 40 years you don't need a watch. You need a wheel chair.
Parasite! You better not be getting a wheel chair paid for out of any PERA money. CO taxpayers will hold a rebellion.
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Old 08-20-2013, 11:33 AM
 
Location: The 719
14,500 posts, read 22,355,839 times
Reputation: 13810
In Pueblo, the town that I inhabit, there recently was a storefront on our very own Main Street dedicated to such a thing.



But of course, the place went out of business. Most of the other inhabitants of this town already had one of each of these, a limp, and some Gub'mint cheese in their fridge to boot.

Quote:
Originally Posted by jwiley View Post
Retiring at 62 puts someone in a wheelchair? do that math, if someone graduates college and goes directly to work for the state or in a school, they will have full retirement before you can even start drawing social security.
Blah blah blah... you're about as exciting as an all-night dentist.

Last edited by McGowdog; 08-20-2013 at 11:56 AM..
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Old 08-20-2013, 11:52 AM
 
Location: Eastern Colorado
3,768 posts, read 4,622,552 times
Reputation: 4894
Quote:
Originally Posted by McGowdog View Post
After 40 years you don't need a watch. You need a wheel chair.
Retiring at 62 puts someone in a wheelchair? do that math, if someone graduates college and goes directly to work for the state or in a school, they will have full retirement before you can even start drawing social security.
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Old 08-20-2013, 06:12 PM
 
Location: Littleton, CO
3,111 posts, read 4,885,822 times
Reputation: 5429
Quote:
Originally Posted by jwiley View Post
Retiring at 62 puts someone in a wheelchair? do that math, if someone graduates college and goes directly to work for the state or in a school, they will have full retirement before you can even start drawing social security.
This is true, and in all my years of working in education, I know of exactly ONE person who did this.

You are talking about the exception and not the rule.

We should not be making reforms based on the tiny minority.
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