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That's the issue here.. and they were promised these benefits as a reward for working for less money than they would have in the civilian sector.
I don't know about this specific case but less money is laughable where I live. On top of that they'll put in as much overtime as they can the last three years jacking their benefits through the roof, many are retiring with substantially more than their base salary.
Quote:
Originally Posted by WestCobb
And by the way, if you think your taxes are going to down one red cent when public pensions are stolen away, lol... you're an idiot.
They couldn't be reduced at least as far as retirees go, theses liabilities are unfunded in most places. Taxes will have to be raised or cuts made elsewhere to meet these obligations. Here's smaple from PA from a 2010 article:
- The State Employees Retirement System (SERS), which now covers some 107,000 retired state workers, currently costs state taxpayers about $226 million a year. This is due to rise sevenfold -- to $1.7 billion -- by fiscal 2012-13.
- The Public School Employees Retirement Fund (PSERS), which covers about 168,000 retired teachers, now costs state and local taxpayers a combined $616 million. This obligation will increase to $3 billion -- nearly five times as much --by fiscal 2012-13.
- There are more than 3,000 municipal pension programs, ranging from Philadelphia and Pittsburgh to any rural borough with more than three employees. They cover retired police, firemen and non-uniformed workers (no one really knows how many) and they are already behind in their current obligations by at least $5 billion. That is not a typo. They are behind by $5 billion.
There's other sates in worse shape... It's ticking time bomb.
Last edited by thecoalman; 08-02-2011 at 01:28 PM..
Actually I would hope that the CAFRs and FUNDS track records are looked at in detail. Too many places claiming they are hurting when technically they are not.
Would be a bit like your rich aunt complaining about some recent loses in the stock market when her net worth was still quite high.
I agree that if anything, you DO NOT want the govt controlling any funds you expect to get in the future. There is no doubt there will be more of this.
I don't know about this specific case but less money is laughable where I live. On top of that they'll put in as much overtime as they can the last three years jacking their benefits through the roof, many are retiring with substantially more than their base salary.
And that needs to be changed...use the base salary and not count the bloat (overtime).
The contracts may be voided, however not their pensions. Remember, bankruptcy can't wipe everything out. The City of Vallejo here filed bankruptcy. ALL of the pensions were honored and are still honored. In fact, the police officers in Vallejo are making out better now, then they did before the bankruptcy.
The department I work for hired a whole bunch of the officers who lost their jobs. They are all leaving now to go back; more money and better benefits.
Actually I would hope that the CAFRs and FUNDS track records are looked at in detail. Too many places claiming they are hurting when technically they are not.
Would be a bit like your rich aunt complaining about some recent loses in the stock market when her net worth was still quite high.
I agree that if anything, you DO NOT want the govt controlling any funds you expect to get in the future. There is no doubt there will be more of this.
That's why I do "cash option" with my weekly lotto ticket rather than annuity payment
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