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My wife and I both have a state pension and we also get our ss checks.. Does that make me a bad person? It isnt our fault that we plan to and will suck off of public funds every month for the rest our lives. We educated your children for you.
I don't know what state you and your wife taught in, but my whole point concerning California is precisely that retired teachers are not going to be living off of public funds the rest of their lives. This is because the teachers themselves funded their own pensions by payroll deduction combined with the employer match so that going forward, there is very little taxpayer money involved. In other words, the pensions were pre-funded.
There is really little worries for NYC employees. If it ever became "Detroit bad" they could just obtain a job with the state or a county and retire from the state system. The states can't use the same bankruptcy tactics.
There is really little worries for NYC employees. If it ever became "Detroit bad" they could just obtain a job with the state or a county and retire from the state system. The states can't use the same bankruptcy tactics.
While it's true that states cannot declare bankruptcy, how is your idea practical in the real world? If most NYC employees sought state or county jobs, how would there be nearly enough such jobs to accomodate them? And what about NYC employees who are, say, 55+? They would not have enough time, even if they found a state job, to work long enough to retire from that system. Even if they worked to age 70, 15 years will give them only a pittance for a pension.
There is really little worries for NYC employees. If it ever became "Detroit bad" they could just obtain a job with the state or a county and retire from the state system. The states can't use the same bankruptcy tactics.
Is the NYC pension system totally separate from the state Employee Retirement System and run by NYC or are NYC government workers and teachers part of the ERS and the TRS (Teachers Retirement System)? I really don't know if it is or not.
If it is part of the state retirement systems, then bankruptcy by the city would have no effect on retirees or members (aside from the fact that current members might lose their jobs). The obligations to the pension plan (which are fully funded for retirees BTW) are protected by the state constitution I believe.
More importantly and more practically, NYS is NOT going to let NYC go bankrupt. When Buffalo was facing a large budget deficit several years ago, the state stepped in and installed a control board that has overseen the city's finances and has it back on solid financial footing. The state would do the same with NYC. That NYC weathered the economic disasters stemming from 9/11/2001 and the collapse of the housing/credit bubble in 2008 says that the city is in much better financial condition than many think.
PS: In NYS, at least outside of NYC itself, all local government employees, including all school district employees except for teachers and principals, are members of the ERS. All public school teachers and most administrators are members of the TRS. Members of the two retirement systems can move between the two without losing credit for their years of service.
While it's true that states cannot declare bankruptcy, how is your idea practical in the real world? If most NYC employees sought state or county jobs, how would there be nearly enough such jobs to accomodate them? And what about NYC employees who are, say, 55+? They would not have enough time, even if they found a state job, to work long enough to retire from that system. Even if they worked to age 70, 15 years will give them only a pittance for a pension.
That is not how the pension systems work. If you work for NYC for 40 years, all of that time transfers over once you start working for the state and while it's true that every single employee wouldn't be able to do it, many could and everyone obviously wouldn't be doing it at the same time. Remember your only goal in this scenario is to get any job, regardless of pay and qualification.
Is the NYC pension system totally separate from the state Employee Retirement System and run by NYC or are NYC government workers and teachers part of the ERS and the TRS (Teachers Retirement System)? I really don't know if it is or not.
If it is part of the state retirement systems, then bankruptcy by the city would have no effect on retirees or members (aside from the fact that current members might lose their jobs). The obligations to the pension plan (which are fully funded for retirees BTW) are protected by the state constitution I believe.
More importantly and more practically, NYS is NOT going to let NYC go bankrupt. When Buffalo was facing a large budget deficit several years ago, the state stepped in and installed a control board that has overseen the city's finances and has it back on solid financial footing. The state would do the same with NYC. That NYC weathered the economic disasters stemming from 9/11/2001 and the collapse of the housing/credit bubble in 2008 says that the city is in much better financial condition than many think.
PS: In NYS, at least outside of NYC itself, all local government employees, including all school district employees except for teachers and principals, are members of the ERS. All public school teachers and most administrators are members of the TRS. Members of the two retirement systems can move between the two without losing credit for their years of service.
NYC will never go bankrupt. That is a pipe dream for some, but I would bet my last dollar that even the federal govt wouldn't allow that... nycers, nysers, nystrs, nyctrs,nyc board of ed retirement, NYC police and fire retirement systems all honor the time served in the other systems. All one would need to do is acquire any type of state employment. Something as simple as tutoring at a community college would be enough to get in the state system and move your time.
The NY City Pension system and the NY State Pension systems are separate
They are separate, but the time in the systems is honored if you move back and forth between them. It happens all the time. Fill out one form and it takes a couple of months to process.
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Is this practical?
