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Yeah, well, some people will never be happy until every civil servant is working for minimum wage and has no benefits, so cry me a river.
Sorry but a garunteed return on investment?! You want to say matching funds, or 10% OR WHATEVER, fine thats industry norms and is acceptable. Maybe I should just require the taxpayer to make sure I get a 5% return on my investment when the market tanks 30%!
This is as good a post as has ever been made on this topic. Nicely done
Is there any argument that can be made for how the current system benefits the state as a whole more than a defined contribution plan would? Forget the archaic state legislation on the books and the small minority of population it's benefiting.....in a perfect world, starting over with a clean slate, can anybody tell us why a defined benefit plan would be better for NEW YORK?
I'm biting my tongue so hard it hurts....
Mangano has had a very odd go of it so far. I know others have cited his long tenure as a legislator, but I'm honestly still not convinced he fully understands what he can and can't do as the County Exec. This whole NIFA/budget situation has now become a comedy....wtf is going on here? I do believe that he has Nassau County's best interests in mind and is actively working on our behalf, but after the whole assessment debacle, the "concessions" I knew would never materialize, the borrowing spree and now the "We're partnering with them!" / "We're suing them!" fiasco, I wonder where those good intentions are really taking us.
His comments on the whole NIFA thing is quite strange. I would say its somewhere between Mangano not having a clue what the hell he is doing and Schmitt being the one who is really calling the shots, either way we are screwed. Or worse yet a combination of the two....
His comments on the whole NIFA thing is quite strange. I would say its somewhere between Mangano not having a clue what the hell he is doing and Schmitt being the one who is really calling the shots, either way we are screwed. Or worse yet a combination of the two....
He would be waisting time taking the fiscal control board to court, this has already been proven with the Fiscal Authhority in Buffalo where the teachers and police went to court in separate cases over the wage freeze and lost. Unfortunately once the budget is put back in balance the authority role becomes advisory and the wage increases return.
The state gave NIFA the authority otherwise why even bother to create an independent agency for oversight, this administration looks more amateurish everyday.
Yeah, well, some people will never be happy until every civil servant is working for minimum wage and has no benefits, so cry me a river.
I don't think there is an issue with most of the employees taking advantage of the system but there are enough opportunities for many of the employees at the middle to higher end to generate CEO type retirement packages. I just don't understand how they can have a retirement system that is based on a predicted rate of return of 8% and not expect problems at some point. How do you create a retirement system with any predictability when retirees can almost double their salary in the last few years.
Obviously the NY State science on planning of retirement is not stellar. The federal government had 2 systems in 30 years while NY State has gone through 7 Tiers or systems, I think that might indicate a problem with the system.
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