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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
The tax should be graduated based on pension payment. 0% under 50K, 1% for everything over that, 2% for everything over 100K, just like any other income tax.
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.
Well, for police and FDNY, it's $0, so that one is pretty easy to figure out.
The tax should be graduated based on pension payment. 0% under 50K, 1% for everything over that, 2% for everything over 100K, just like any other income tax.
That's a more intelligent way of looking at it...better than those unrealistic 30 or 50% taxes
Most 93% of NYS pensions are under 50K so I don't know how much you would accomplish anyway.
Source? Maybe the new tiers have implemented some sort of contribution, but for most people on the forces they put $0 towards pension.
Still wrong. NYC Police and Fire pay a graduated scale based on age at hire, into the pension system. The younger the age at hire, the more you pay. Been that way for a long time.
Still wrong. NYC Police and Fire pay a graduated scale based on age at hire, into the pension system. The younger the age at hire, the more you pay. Been that way for a long time.
Just checked it and you are correct. From the NYPD pension site:
Do I contribute 5% of my earnings to the pension? A member is given a contribution rate at time of appointment depending on the age of that member. A member's rate of contribution is not necessarily 5% (a member's contribution rate is the rate they were given at the time of their hire minus the City’s contributions). These contributions are required on all pensionable earnings up to the member's 20th anniversary.
I guess it doesn't pay to admit I was wrong, eh Mike? Nice work champ.
Dman I'm not singling you out personally, sorry If I made it sound like that.
It's numerous threads with numerous posters. I guess they're kind of just venting .. people are sounding like parrots echoing the same misinformation the media is feeding them.
Feel free to carry on.....
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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 
