Looks like Matts pension plan is on hold...

[talisman]

Saint Thomas. They have a 'Don't be an idiot' policy. Wanna drink and drive? SURE! Just don't be an idiot. Wanna smoke pot? Cool with us, but don't be an idiot. Wanna have guns? We don't give a fuck, as long as you're not an idiot. They hate paperwork, so you REALLY have to be an idiot to get them involved.

Sounds like paradise. I've been saying we only need 1 law for years. Don't do something that hurts someone else. It would solve everything.

[MattB]

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.

Be prepared to lose a bunch of money doing that!

[01vnms4v]

Don't rule Belize out.

Yes the girlz

[03trubluGT]

I'm not a finance guy, but the way it was explained to the employees is that the plan is actually making money, but the city is not taking other factors into account. Of course the city and the Startlegram want to paint the employees as the villains.

If the plan was in such dire need, why would the city council still support a 5 year drop plan?

Because it is making money for the city.

I'm comfortably over $100k this year including my part time job. My base is over $94k. I'm sure some will bitch about it, but it's the choice I made. If you want benefits, go seek out an employer that is willing to compensate you.

[2165 Turbo Rail]

I'm not a finance guy, but the way it was explained to the employees is that the plan is actually making money, but the city is not taking other factors into account. Of course the city and the Startlegram want to paint the employees as the villains.

If the plan was in such dire need, why would the city council still support a 5 year drop plan?

Because it is making money for the city.

I'm comfortably over $100k this year including my part time job. My base is over $94k. I'm sure some will bitch about it, but it's the choice I made. If you want benefits, go seek out an employer that is willing to compensate you.

Bragger! :P when's lunch?

[The King]

People make the wrong choice in careers and then whine about it when they come to their senses and realize their mistake. Too bad, the FTW Police deserve every bit of their pension, and the whiners can enjoy their sour grapes.

[Slowhand]

I'm not a finance guy, but the way it was explained to the employees is that the plan is actually making money, but the city is not taking other factors into account. Of course the city and the Startlegram want to paint the employees as the villains.

What on earth are "other" factors?

It doesn't matter that it's "making money"; it's not making nearly enough. Their actual returns are way off the return they used to project their obligations, which means the beneficiaries are cashing in on returns that aren't there.

It's the hideously plain and obvious problem with defined-benefit pensions (I'm assuming that it's a DB pension, but I can't imagine a public employee union (or any union, for that matter) allowing a defined contribution plan to be put in place), and why government employees should NEVER have such a pension. All of the risk falls on the entity, and thus taxpayers. Employees get their payday no matter what, and the city is left on the hook for unrealistic benefit obligations.

[Jimbo]

Belize has been on my list ever since my grandfather brought it to my attention, but Saint Thomas sounds awesome.

[90MarkVII]

People make the wrong choice in careers and then whine about it when they come to their senses and realize their mistake. Too bad, the FTW Police deserve every bit of their pension, and the whiners can enjoy their sour grapes.

Indeed.

[quikag]

Defined benefit is going the way of the dinosaur. For those that think cities and other governmental organizations are immune to the problems of budget deficits and cutting "contractual" obligations like DB plans had better be saving money on the side just in case.

My Dad got screwed when Delta Airlines filed bankruptcy. They promised my Dad benefits for the 20+ years he worked there and in the bankruptcy process, they screwed him and a bunch of other people. It has and will continue to happen with corporations and with cities/municipalities, etc. They are making promises they can't keep long-term.

My best friend's Dad worked for Dallas Water Utilities for 30+ years. He cashed out six figures when he retired of accrued sick/vacation pay and he's making over $80k/yr in retirement something like 75% of his ending pay or something like that. This is a Dallas Water guy. You think Dallas can sustain those kind of benefits for their retired employees? haha. Enjoy it while you can I guess.

[03trubluGT]

What on earth are "other" factors?

It doesn't matter that it's "making money"; it's not making nearly enough. Their actual returns are way off the return they used to project their obligations, which means the beneficiaries are cashing in on returns that aren't there.

It's the hideously plain and obvious problem with defined-benefit pensions (I'm assuming that it's a DB pension, but I can't imagine a public employee union (or any union, for that matter) allowing a defined contribution plan to be put in place), and why government employees should NEVER have such a pension. All of the risk falls on the entity, and thus taxpayers. Employees get their payday no matter what, and the city is left on the hook for unrealistic benefit obligations.

Does that include military? If I would have served another 15.5 years I would have have a retirement from the Marines.

Are you saying service men/women don't deserve one?

[Slowhand]

Does that include military? If I would have served another 15.5 years I would have have a retirement from the Marines.

Are you saying service men/women don't deserve one?

Where did I say they don't deserve a pension? You need to react less and read more. It's a problem with the type of pension, not with pensions themselves. A defined contribution pension would eliminate this issue.

Defined benefit plans are a free ride for beneficiaries. They get a guaranteed benefit, regardless of what the economic environment is like. Meanwhile, the entity they work for is left on the hook for the difference. That's all well and good when you're talking about a private entity that agreed to fund the pension, but when taxpayers on are the hook it's a different story.

It's an unsustainable model for employment benefits, private sector or public sector. But so long as the beneficiaries think they're entitled to their golden parachutes, these pensions will drain the budgets of municipalities across the nation.

[talisman]

lol, SSDD.

[03trubluGT]

Bragger! :P when's lunch?

It will have to be next week. I'm working some horrendous hours this week.

Of course, my OT is figured into city retirement, but I don't deserve it.


What a LOT of you don't realize is that I've paid almost $140k into the city's retirement system. I could have invested that.

It takes 5 years to be vested, and one of the things being considered is changing that to 10 years. That means if anyone was to quit with under 10 years in, they would have paid the system and not gotten one cent of interest.

[03trubluGT]

Where did I say they don't deserve a pension? You need to react less and read more.

Hmmm, I guess I misread this.....

What on earth are "other" factors?

It doesn't matter that it's "making money"; it's not making nearly enough. Their actual returns are way off the return they used to project their obligations, which means the beneficiaries are cashing in on returns that aren't there.

It's the hideously plain and obvious problem with defined-benefit pensions (I'm assuming that it's a DB pension, but I can't imagine a public employee union (or any union, for that matter) allowing a defined contribution plan to be put in place), and why government employees should NEVER have such a pension. All of the risk falls on the entity, and thus taxpayers. Employees get their payday no matter what, and the city is left on the hook for unrealistic benefit obligations.

So I'm the one that need to go read?

lol, SSDD.

GFY coward.