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To: HarleyLady27

Every city’s pension seems to be going bust.

Generous payouts from Democrat regimes, just keep the Party in power.

Now every community pays several people to do the work done by one current employee.


6 posted on 06/25/2017 2:37:13 PM PDT by a fool in paradise ( Mr. Comey, did you engage in or know of ANY OTHER leaks?)
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To: a fool in paradise
Every city’s pension seems to be going bust.

That's because unsound practices began over the last two decades, put in place by liberal democrat regimes. Those who dole out the pensions conspired with unions to greatly increase pensions. Unions would go before city officials with spreadsheet tables showing their employees (in a particular city) were not in parity with other cities. When they got their increases for this city, the addition to the tables would then be used to demand parity for another city, and so on, lifting pensions for many cities.

In addition, long-used formulas were tossed out and absurd ones replaced them. For instance, requiring a minimum of 20 years of service to attain a certain percentage of salary for pension; this was whittled down to 5 years of service in some instances. Additionally, many cities had a cap on allowed percentage of salary for a pension, say 70 percent; this was altered to almost 95 percent and more in some instances. Additionally, a revision on the age one could begin receiving a pension, down to 50 years of age rather than 60 or 65 years of age. It's all financially unsound for a city to do this, but democrat regimes did it anyway as political favors.

31 posted on 06/25/2017 8:33:42 PM PDT by roadcat
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