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Old 03-23-2010, 11:05 AM
 
5,022 posts, read 6,171,069 times
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According to Newday, The reason is a jump in contributions districts must make next year to cover employees' pension benefits. For example, the state Teachers Retirement System is requiring a contribution equal to 8.62 percent of teacher salaries up from 6.19 percent this year.

Lovely! Our taxes go up and so does their nest egg.
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Old 03-23-2010, 11:08 AM
 
964 posts, read 2,302,959 times
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Easy. Elect Levy. Reform the Taylor Law. Let the firings begin.

Either we get common sense packages with our school districts or we pull a Rhode Island on them and begin recruiting new teachers. There are plenty of talented Catholic School teachers and NYC teachers who would gladly make the jump to LI for less money than we currently pay.
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Old 03-23-2010, 11:12 AM
 
110 posts, read 211,204 times
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OH yea like that would work...lets fire all our long island teachers and start over with new ones, especially the ones with tenure..Hmm, sounds like a brilliant plan! (NOT!)
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Old 03-23-2010, 11:24 AM
 
Location: Tri-State Area
2,942 posts, read 5,645,218 times
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The contribution is going up due to the poor performance of the pension plan.
There was an opinion in yesterday's Wall Street Journal about the performance of the NYS retirement plan. Essentially, the bozo's in Albany project a market return of 8% per year and guarantee that performance amount with your tax dollars.

Tell me, when was the last time the market returned 8%? The U.S.stock market performance from the year 2000 through the end of last year was flat - all the while, they were handing out raises to teachers like it was candy. Well, guess what now the rooster has come home to roost. Instead of the plan being overfunded, it'a actually underfunded by about 37%+.

One more thing - the state offers in the retirement plan an annuity that is again, wait for it, the key word "guaranteed" to earn 7% (again, funded by the taxpayers) with absolutely no risk to the teacher participant. Please tell me where you can get a risk-free rate of return yielding 7% infinitely? U.S. Treasury Bonds going out 30 years don't even yield that (current yield around 4.5%). BTW, this 7% rate, is the floor rate, they could raise the rate at any time. And you wonder why the taxes keep increasing? Thank your elected officials for these presents.
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Old 03-23-2010, 11:29 AM
 
5,022 posts, read 6,171,069 times
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[quote=azzurrony;13415371]Easy. Elect Levy. Reform the Taylor Law. Let the firings begin.

QUOTE]


Your mouth to God's ears.

We so need LEVY AS OUR GOVERNOR!
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Old 03-23-2010, 11:43 AM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,150,126 times
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Default Where Have You Guys Been?

I wrote about this a month ago:

//www.city-data.com/forum/13024830-post535.html

... and it is probably going to be worse than they are reporting now:

Teacher Retirement System:
2008/2009 – 7.63% of salary
2009/2010 – between 6% and 7% of salary
2010/2011 - might go as high as 12% of salary.
The retirement system has indicated it is likely that unless the
economy reverses itself, the rate for 2010/2011 will represent a
significant increase.

I got this information literally from the source, the Nassau-Suffolk School Boards Association:

NSSBA Home Page

Go check it out and see the rest of the plans they have for your money and the schemes they are sharing with each other to keep getting more of your money ... if you can stomach it.
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Old 03-23-2010, 11:46 AM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,150,126 times
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Quote:
Originally Posted by azzurrony View Post
Easy. Elect Levy. Reform the Taylor Law. Let the firings begin.

Either we get common sense packages with our school districts or we pull a Rhode Island on them and begin recruiting new teachers. There are plenty of talented Catholic School teachers and NYC teachers who would gladly make the jump to LI for less money than we currently pay.
I am with you!!!!
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Old 03-23-2010, 12:18 PM
 
Location: I'm gettin' there
2,666 posts, read 6,837,472 times
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All of the above + more people moving out, lets see how can the officials maintain their high standard of living without raising taxes....
Atleast we got top schools and amazing QOL !
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Old 03-23-2010, 02:21 PM
 
217 posts, read 226,584 times
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The fact that pensions cannot be touched is a crying shame, and Levy needs to take the bullet proof vest off civil service pensions.

How about Tassone in Roslyn, former superintendent is sent to jail for stealing a couple of million bucks from the district, only to continue to collect on his $175K a year pension!

Anyone on LI who doesn't vote for Steve Levy is a moron.
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Old 03-23-2010, 02:28 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 31,150,126 times
Reputation: 7300
Quote:
Originally Posted by JosephPicarilloJr. View Post
The fact that pensions cannot be touched is a crying shame, and Levy needs to take the bullet proof vest off civil service pensions.
Or at least suspend/modify the contributions to match the economic times for the taxpayers. I doubt this is just a "teacher" issue either, although that was the only part that made the news. It is a statewide employee issue and I wonder what the contributions will be for all of those pensions NYS taxpayers are "responsible" for.

Quote:
Originally Posted by JosephPicarilloJr. View Post
How about Tassone in Roslyn, former superintendent is sent to jail for stealing a couple of million bucks from the district, only to continue to collect on his $175K a year pension!
That disgusted me when most people in the USA don't even make $175K per person WORKING. Then, even more disgusting, he is in jail for stealing from his employer, the school district, yet still the money keeps rolling in. If anything, this should teach those who make contracts for public employees, that they need to add a rider to all those contracts to the effect of "if the employee commits a crime against the employer, his/her pension will be forfeited." It's ridiculous otherwise.

Quote:
Originally Posted by JosephPicarilloJr. View Post
Anyone on LI who doesn't vote for Steve Levy is a moron.
I'll be voting for him. Recently there was some kind of poll in the news that Lazio had it 3-1 over Levy. Hmmmm. I doubt that will last (if it is actuallly true and Lazio didn't pay for it somehow). Lazio is one of the most useless weasels in politics. The last time he ran a (failed) campaign he left many small businesses and vendors holding the bag by running up bills and not paying them and he has the nerve to start campaigning yet again to be the governor of NYS. (But, even if he were of sterling character, I would still vote for Levy!)
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