Posted on 04/26/2018 10:28:28 AM PDT by SeekAndFind
Vallejo was the first domino to tumble. And it’s still in sad shape.
http://money.cnn.com/2014/03/10/pf/vallejo-pensions/index.html
but pretty soon people like me won't have any money and then what'll you do govt class?....
the problem is not the investments...the problem is that they have bargained these insane and IMO sinful amounts of money to people that do not work anymore, if ever IMO...
Public employee pensions,like government *employment*,is one giant scam.It’s just a question of *when* these pension funds will collapse,not if.
if they're from Vallejo and get a city pension, they must live there....
if they move out of that vicinity, there is a tax of 20% or a reduction of pension....
how can these pikers collect these obscene amounts and then move....let them eat the consequences of their obscenity...
The last place I worked (private sector) with a defined pension had to deposit it with a third party which will release it as a lump sum or annuity (as I choose) when I turn 65. The nominal stock which I kept with that company in an ESOP plan is now getting close to worth what I paid for it.
It is well past time government employees start rowing in the same canoe as the rest of us and maybe they would start losing the attitude that they are somehow a special breed of cats.
He's also known for being the kid brother of Whitey Bulger,former FBI Ten Most Wanted,serial killer,and the subject of the excellent film,"Black Mass".Billy is believed to have tipped his brother off that the Feds were about to arrest him,at which point he went on the lam for 20+ years.Billy also testified,under oath,before a (US) House of Representatives Committee and took the Fifth several dozen times.
Today,Billy is collecting a $250,000 a year pension...courtesy of the taxpayers of the Commonwealth of Massachusetts.
The American slaves (taxpayers) will backstop this socialist scheme via the PBGC.
Socialism Is Legal Plunder - Bastiat
DEFUND socialist schemes/collectives, foreign and domestic.
live - free - republic
I know this is a bit oversimplified to say, but, we can set up spreadsheets containing all the variables, such as rates of return, expected payouts based on life expectancy, etc. and derive amounts needed to balance the budget of the pension funds.
I’m trying to say, we could figure out what combination of increases in employee contributions, employer contributions, pension benefit cutbacks, are needed to bring things into balance.
If we’re saying union contracts, or political realities make it impossible to take certain actions, then we will crash land some years from now
The same concepts apply to funding Social Security.
Even before she retired last week, scandalized IRS official Lois Lerner’s compensation was already attracting attention. While on administrative leave, federal rules allowed her to keep collecting a salary, one that reportedly totaled $177,000. So it was no surprise when speculation arose over how much Lerner could collect in federal pension benefits.
SOURCE: https://www.ntu.org/governmentbytes/detail/learning-the-cost-of-lois-lerners-pension
As per the National Taxpayer’s Union estimate:
Lerner’s retirement benefit could be quite generous. Want to assume she joined CSRS after she left the judicial branch, and signed on with the Federal Election Commission in 1981? The annualized benefit would drop … to $96,200, and the lifetime total to $3.7 million. Want to be ghoulish, and project a lifespan of 80 years instead of 87? The lifetime amount would be less … but still a considerable $2.57 million. Or, suppose she decided to leave CSRS and transfer into the newer Federal Employees Retirement System (FERS) when offered the chance during one of the “open seasons.” The pension benefit would be significantly smaller, just under $60,000 annualized to start. However, with FERS, she would also participate in and be eligible for Social Security benefits, and could take advantage of a government salary match of up to 5 percent through the Federal Thrift Savings Plan, which works like a 401(K) defined contribution arrangement. In the end, her FERS package could still be quite lucrative.
You know, of course, that this problem was caused by global warming.
They’ll print more, of course.
It’s not even paper, just shuffle some digits around.
It is your problem.
Not mentioned is the resulting long term market crash at
the high water mark point as funds becoming net sellers to meet obligations.
Every month for trillions of dollars they will liquidate to cut checks.
It’s all good, the Millennial’s grandchildren will pay for it one way or another.
Do you remember when Billy went to court a few years and sued to get a bigger pension payment? He won. They increased it somewhere in the $35-40K range/year. I was so glad I lived in NH when I heard that on the news.
Millions of public sector workers who worked 25-30 years, retiring at 55 getting 50k-100k/yr and healthcare for the rest of their lives, what could go wrong?
bump
Don’t worry ! The PBGC will bail everyone/all of them, out ?
Whoops, I forgot..The PBGC is already BROKE !!
Golly Gee—All those promises by those unions won bennys aren’t gonna be there ?
All those Gubmint retirees aren’t gonna get 80/90 of their old pay in retirement?
I’n gonna enjoy some of this coming PAYBACK !
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