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Because this jobs about the benefits with the pension being at the top of that benefits list?
And the pensions are essentially the same for FDNY and DSNY so who cares how well funded one of them is when they'll both always be backed by the taxpayer?
And the pensions are essentially the same for FDNY and DSNY so who cares how well funded one of them is when they'll both always be backed by the taxpayer?
What did I just read. Our pension is NOT subsidized by taxpayers LOL.
Public pensions receive funds from three sources: employer contributions, employee contributions, and investment returns.
What did I just read. Our pension is NOT subsidized by taxpayers LOL.
Public pensions receive funds from three sources: employer contributions, employee contributions, and investment returns.
My point is that if pension liabilities ever exceeded contributions the taxpayer would pick up the bill. The pension fund wouldn't run dry and default like they do in the public sector.
My point is that if pension liabilities ever exceeded contributions the taxpayer would pick up the bill. The pension fund wouldn't run dry and default like they do in the public sector.
Wrong, what will happen is the new hires will pay the bill for a failing pension system. They will be paying 10 percent instead of 4 percent. They will make it harder to get 3/4. Heard about SS offset and how half would be removed from your pension, well they might make it that 3/4 will be removed from the pension. There are plenty of way that the new hires will pay for a failing pension system.
" New York City pension plan is funded by contributions from employees, the employer (New York City taxpayer) and from earnings on the invested assets of the system. It’s from this pool of money that the benefits of a defined pension plan are paid to retirees."
" New York City pension plan is funded by contributions from employees, the employer (New York City taxpayer) and from earnings on the invested assets of the system. It’s from this pool of money that the benefits of a defined pension plan are paid to retirees."
Read the article:
"The plan must earn at least 7 percent annually to keep pace with those commitments. If returns fall below that number, that usually means the taxpayers have to contribute more money to the system than the city’s financial plan projected."
If the pension fund made poor investment or the market crashes, even new hire reduced benefits wouldn't be enough to cover the 7% required to keep pace with the commitments. It would have to be covered by the tax payer. All it takes is one recession to make that happen.
For those that took and passed the foreman exam, protest is the 17th of December. Based on previous time lines they should have the list before summer if all goes as planned.
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