Looks like Matts pension plan is on hold...

[Forever_frost]

Cut all their city paid retirements. Let them take their money and invest as they think appropriate. No more drains on cities with these legacy costs

[sc281]

At last, I have finally found the remaining lost brother.

<----Same idea, but in the Virgin Islands.

I haven't researched the Virgin Islands much. Can you tell me about it? Cost of living, livng conditions, women ?

[Snatch Napkin]

I'm the exact opposite. I am cutting all nonessential expenses, aside from nice vacation or two a year, so I can retire on my savings in some tropical island (lost cost of living of course) like the phillipines or cozumel when I turn 45 in 20 years.

My absolute dream is to get a personal fishing boat and spend my days on the beach/sea while taking the occasional client out on a fishing/sightseeing tour.


Heck, In a few years I might just transfer branches down to florida and live on a houseboat or something while I'm saving.

At last, I have finally found the remaining lost brother.

<----Same idea, but in the Virgin Islands.

[Sleeper]

Most people who get to retire usually work harder when they do. It's when they actually get Todo what they have always wanted.

[stevo]

Yeah, you guys don't understand finances...

Stevo

[sc281]

"Let's just adjust this annual return assumption to something more realistic ... 9% sounds good. I think a 6% discount rate sounds good too." See everyone is fine, it's just these new hires that are fucked, lol.

Meanwhile bonds still pay nothing and the stock market just took a dump. Yep, we'll have no problem making that 9% this year!

You guys just don't understand how finance works. That rate of return has a guarantee on it guys. That means it'll always be there.

Besides, all we have to do is raise taxes on the fat cats.

[Broncojohnny]

"Let's just adjust this annual return assumption to something more realistic ... 9% sounds good. I think a 6% discount rate sounds good too." See everyone is fine, it's just these new hires that are fucked, lol.

Meanwhile bonds still pay nothing and the stock market just took a dump. Yep, we'll have no problem making that 9% this year!

[slow99]

"Let's just adjust this annual return assumption to something more realistic ... 9% sounds good. I think a 6% discount rate sounds good too." See everyone is fine, it's just these new hires that are fucked, lol.

[Broncojohnny]

I always laugh when I read those articles because the city employees and their unions are such money grubbing whores who want to work the system. If I was the Ft. Worth mayor I would order no changes at all to the system. Hell, give them more money! The sooner the system goes broke, the better. Just like social security.

There is a fundamental change in thinking that is about to happen in this country, IE the idea that government money is endless and just rains down from the sky to fill the pockets of certain people. And it will either change through bargaining or the bond markets will make the change that the unions and the politicians refuse to make. The City of San Bernardino is a great example, they went bankrupt today. I wonder how that city's employees feel this morning? I bet a 40-50% pay cut to retirement checks in a bankruptcy scenario tends to get everyone's attention!

[stevo]

He is fine, the changes would affect new pension plans activated.

From the quote below, it appears that it will effect people already under contract:

But Stephen Hall, president of the Fort Worth Police Officers Association, called the proposed reductions excessive.

"I can't support changes to current employees. They were hired under a contract, a promise that these conditions would exist throughout their employment. Now the city is wanting to break that promise," he said.

Stevo

[Sean88gt]

Fuck retirement. My Grandpa worked till the day he died, and my Dad swears that he will die in the saddle too. Hell, I get bored on long weekends and the concept of just staying at home and twiddling my thumbs while waiting to die scares the hell out of me.

My dad has always said "I'll die at the switch"
Financially, I want the option to retire. That doesn't mean I'll do it. I see retirement as owning a race team in some form or fashion.

[CJ]

How employers ever got talked into pensions I'll never know.

[sc281]

This thing is $750 million underwater WITH an 8.5% CAGR asuumption?! Good fucking god.

LOL. Totallly sustainable.

[Rick Modena]

Yup, my grandpaw worked for the city of Dallas til they forced him to retire and then went to work for Xerox up until two years before he died. He also mowed his own lawn with a mechanical push mower until my dad forced a gas powered mower on him.

[slow99]

This thing is $750 million underwater WITH an 8.25% CAGR assumption?! Good fucking god.