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The economy stinks and for some people, the what was once 'free' after 4 was a little R&R they could afford. Can't get blood from a stone.
I've written this before and will continue doing so. There should be a tax or penalty placed on the pensions of public employees who retire elsewhere, taking their taxpayer funded pensions with them. If we have to pay into the pension, the pension in some way, shape, or form, should help stimulate the coffers of the area it is being drawn from.
Stay in the County -- receive 100% (less applicable state/federal taxes)
Stay in NYS -- receive 85% (less above)
Leave NYS -- receive 70%
I would change it to 100%, 80%, and 50% respectively.
I would change it to 100%, 80%, and 50% respectively.
I think if you put this to a referendum, 4 out of 5 taxpayers in NY would be for at least some kind of tax to recapture lost tax dollars from fleeing pensioners. Now, why doesn't anything like this get passed? Are our elected politicians really representing us, or the unions? If they're siding with whoever is giving them more money (the unions obviously), then you can throw those contracts out the window!
I think if you put this to a referendum, 4 out of 5 taxpayers in NY would be for at least some kind of tax to recapture lost tax dollars from fleeing pensioners. Now, why doesn't anything like this get passed? Are our elected politicians really representing us, or the unions? If they're siding with whoever is giving them more money (the unions obviously), then you can throw those contracts out the window!
In Nassau county pension contributions is less than 4% of the overall budget. Only 12 % of pensioners leave the state for greener pastures. In the big scheme of things It's peanuts. The county officials have blown 100's of millions on other BS, they should be held accountable for waste and over spending. I know the word pensions is a hot button subject and they are the fall guys but it's far from the truth. But once again belive what these politicians tell you....because they no how to budget things and always tell the truth....right Mr otto
In Nassau county pension contributions is less than 4% of the overall budget. Only 12 % of pensioners leave the state for greener pastures. In the big scheme of things It's peanuts. The county officials have blown 100's of millions on other BS, they should be held accountable for waste and over spending. I know the word pensions is a hot button subject and they are the fall guys but it's far from the truth. But once again belive what these politicians tell you....because they no how to budget things and always tell the truth....right Mr otto
I would love to read more about this -- do you have a website for those stats you could share?
One thing I am curious about: what is the amount contributed to the pension by the recipient vs. what is actually paid out over the life of the retiree, plus benefits.
I would love to read more about this -- do you have a website for those stats you could share?
One thing I am curious about: what is the amount contributed to the pension by the recipient vs. what is actually paid out over the life of the retiree, plus benefits.
My father was admin at NCC. He elected to go with the TIA/CREF offering. He retired in 1981...and outlived the actuarial table..oops. It was a 4/2 split to the best of my recollection. Part of the actual pension payment was an annuity for his life (no beneficiary since he outlasted the table) and the second part was tied to the market. The second part went to his widow upon his death...and has had its ups and downs along with the market.
He did pay $600 a year for his Empire State BC/BS and dental upon retirement. That payment went to NYST. He really didn't need it as he also had TRICARE from the Navy and Medicare. The BC/BS became the third payor... which usually amounted to $15 or so dollars on a claim of several hundred. I seem to remember his also being reimbursed for Part B Medi by NYST.
Since this was his second career, he only spent 16 years with the County. At it's height I'd say his actual annual pension payment equaled about 1/3 of his final salary at the college.
All in all he had three sources of retirement income: Navy pension, his college pension and social security.
I'll betcha those numbers have changed greatly for more recent retirees!!!
I think if you put this to a referendum, 4 out of 5 taxpayers in NY would be for at least some kind of tax to recapture lost tax dollars from fleeing pensioners. Now, why doesn't anything like this get passed? Are our elected politicians really representing us, or the unions? If they're siding with whoever is giving them more money (the unions obviously), then you can throw those contracts out the window!
Right on, the politicians of the status quo seek to serve the unions first, protected minority groups second, and the taxpayers last.
I hear the SCPD PBA are going to ask for a 9% raise next contract ... what freaking planet to they live on? A 30% pay cut in exchange for no layoffs sounds more appropriate to me.
Also, I find it hard to believe that only 12% of pension earners leave Long Island ... are you sure that isent only 12% STAY on Long Island?
Right on, the politicians of the status quo seek to serve the unions first, protected minority groups second, and the taxpayers last.
I hear the SCPD PBA are going to ask for a 9% raise next contract ... what freaking planet to they live on? A 30% pay cut in exchange for no layoffs sounds more appropriate to me.
Also, I find it hard to believe that only 12% of pension earners leave Long Island ... are you sure that isent only 12% STAY on Long Island?
Not a snowball's chance. Both the PD's and FD's up here tried that. Nope.....all the communities started sending pink slips to get them to wake up and smell the coffee.
I'm not sure on the percentage of retirees staying, but I do think in some communities it is VERY high. And I'm not talking the retirees out in Ridge. Now that my Island cohorts and I are all approaching retirement or newly retired.... well those on the Island have no plans on leaving. Homes are just about paid for or paid for. Kids are done with college and have left/have families of their own. Today's retirees are also more active and in better health than previous generations.
I also do a lot of senior group travel arrangements and the Long Island market is very lucrative for me.
Right on, the politicians of the status quo seek to serve the unions first, protected minority groups second, and the taxpayers last.
I hear the SCPD PBA are going to ask for a 9% raise next contract ... what freaking planet to they live on? A 30% pay cut in exchange for no layoffs sounds more appropriate to me.
Also, I find it hard to believe that only 12% of pension earners leave Long Island ... are you sure that isent only 12% STAY on Long Island?
Quote:
Originally Posted by OhBeeHave
Ease up, Big guy. My dad's retired NYPD. It would hurt him and my mom as well. The money the taxpayers of NYC are paying him and his fellow retirees is largely helping the economy in Florida, the Carolinas, and to a lesser extent, Virginia. I don't believe it is communist or socialist to have a non-resident reduction applied to pensions leaving NYS. I do believe it is not in the best interest of NYS taxpayers to have our money stimulating the economy of another state.
Businesses are leaving the state because of the high taxes we pay as a result of sweetheart deals to the civil service. There's another thread about municipal bankruptcies. If the entity controlling your pension goes bankrupt, that would be far worse than taking a 30% pension reduction for moving out of state in retirement.
Are they asking for 9% per year or 9% over x number of years 9% a year isn't reasonable but over 3 years it probably is. But let me get to more important matters:
Let me apologize on my numbers, those #'s were accurate in early 08 when I was force out, here are new up to date numbers. Look again I said the % of retirees left the state after retirement not L.I.
A lot had change since then, stock market plunged, housing bubble, economy sucks,taxes,etc. So a higher % retirees have left the state and even the country for that matter but I still find the numbers interesting nevertheless.
NYS has 385,000 collecting a pension and out of that number roughly 300,000 remain or 77% don't move after retirement. So 77% of that money stays in state you can't expect 100% but more than 75% is pretty solid. I could break it down by state or out of country.
I could break this down much further: most that leave L.I. or even the state are on lower end of the pension payouts, they average around 25k- 30K per year in pension (makes sense why they would want to leave ) Those on the higher end of the spectrum (NCPD,SCPD) on the pension payout generally less than 3 pct leave their home after retirement. So what OBH was saying would hurt lower end pensioners that probably had to move cause they couldn't afford the COL thus penalizing them into poverty. Like I said it wouldn't be fair!
BTW OBH is your father living like a king on his pension? Does he live like a rock star? I guess taking away 30% of his pension wouldn't matter to him right? He didn't earn it, doesn't deserve it? It wouldn't bother him one bit if NYS deducted 30% of his check and spend it on welfare/food stamps, healthcare for illegals or to line the pockets of these crooked politicians Tell me another story honey
Last edited by BigMike50; 07-17-2012 at 10:17 PM..
Why would they move? Most pensions - Federal, State, local municipal, Military and up to the first $20,000 of private pensions are not taxed by NYS. Not too many states one could move to and not be taxed by the state.
Why my father left LI is beyond me. Over the years of his retirement in RI (22) - it cost him over a half million in taxes and lost interest. But that was always the plan, retire back to Newport. Phooey!
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Right on, the politicians of the status quo seek to serve the unions first, protected minority groups second, and the taxpayers last.
A 30% pay cut in exchange for no layoffs sounds more appropriate to me.
9% a year isn't reasonable but over 3 years it probably is. But let me get to more important matters:
Tell me another story honey 
