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Keyword: pension

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  • New Hampshire Supreme Court Upholds Pension Right-to-Know Ruling

    11/07/2011 12:40:46 PM PST · by Stayfree · 7 replies
    Lawyers & Lawsuits ^ | Nov. 4, 2011 | Greg McDonald
    The New Hampshire Supreme Court has ordered that the names of public-pension recipients be disclosed, ruling that the public has a right to know the amount of their retirement-benefit payments. The Union Leader had sought to have the names of the 500 highest-paid recipients publicly disclosed by New the Hampshire Retirement System in early 2010 when the state legislature was considering making changes to the state pension fund.
  • Pension lawsuit could cost the state $860 million (Florida Unions Screwing Taxpayers Again!)

    11/03/2011 4:31:59 PM PDT · by Recovering_Democrat
    htpolitics ^ | 11/3/11 | Lloyd Dunkelberger
    A lawsuit challenging the new state law making public employees pay 3 percent of their salaries for their retirement plan could punch an $860 million hole in Florida’s budget and take some $600 million away from county governments if it is upheld by the courts.
  • Pension lawsuit could cost the state $860 million (Florida Unions Screwing Taxpayers Again!)

    11/03/2011 4:31:59 PM PDT · by Recovering_Democrat · 6 replies
    htpolitics ^ | 11/3/11 | Lloyd Dunkelberger
    A lawsuit challenging the new state law making public employees pay 3 percent of their salaries for their retirement plan could punch an $860 million hole in Florida’s budget and take some $600 million away from county governments if it is upheld by the courts.
  • 11 charged in $1B NY rail pension fraud case

    10/27/2011 3:43:24 PM PDT · by WZ90 · 9 replies
    SFGate ^ | October 27, 2011 | LARRY NEUMEISTER
    Hundreds of Long Island Rail Road employees may have cheated their way to big pensions through a $1 billion fraud by paying off doctors to say they were unable to work, authorities said
  • Ex-teachers union boss gets $242,000 state pension

    10/22/2011 11:04:19 AM PDT · by mdittmar · 13 replies
    Chicago Tribune ^ | October 23, 2011 | Ray Long
    SPRINGFIELD —— Reg Weaver receives a state pension of $242,657 a year, not because it's based on his last salary as a teacher, but because he gets to count the $300,000-plus check he made as president of the National Education Association.It's one of the highest pensions paid by the heavily indebted Illinois Teachers' Retirement System.Weaver, whose last salary as a south suburban teacher was $60,000, is one of 116 active and inactive members of the Teachers' Retirement System who can base their retirement income on their salaries and service in the National Education Association, the Illinois Education Association, the Illinois...
  • Madoff Whistleblower: Big Banks Are Ripping Off Pension Funds

    08/21/2011 5:13:36 AM PDT · by Java4Jay · 41 replies
    Yahoo The Daily Ticker ^ | 8/19/2011 | Peter Gorenstein
    The story is about growing scandal in the banking industry centered around banks allegedly overcharging pension funds for currency transactions. The man who uncovered the alleged scam, Harry Markopolos, expects all 50 states to eventually join the suit. If the name sounds familiar that's because Markopolos was a whistleblower on the Madoff Ponzi scheme, only to have his claims ignored by the SEC for the better par of a decade.
  • Interest Rate Pressure Creating "Perfect Storm" of Corporate Pension Deficits

    10/06/2011 11:58:09 AM PDT · by the invisib1e hand · 6 replies
    Train of Thoughts ^ | 100611 | Train of Thoughts
    This is a big story that you're not hearing much about. cites a forbidden source: This is nearly a half-trillion dollars that the Federal government is on the hook for, which might not be showing up in deficit numbers. Another "perfect storm."
  • Report: Ex-labor chief works 1 day, nets $158,000 city pension (Chicago)

    09/22/2011 10:25:17 AM PDT · by Libloather · 5 replies
    MSNBC ^ | 9/22/11
    Report: Ex-labor chief works 1 day, nets $158,000 city pensionFormer president of Chicago Federation of Labor, city officials defend payout as legal news services updated 48 minutes ago A retired Chicago labor leader has secured a $158,000 public pension — roughly five times greater than what a typical retired public-service worker in the Windy City receives — after spending just one day on the city payroll, local news reports said. According to The Chicago Tribune, Dennis Gannon stands to collect approximately $5 million in city pension funds during his lifetime. He now draws the pension while working for a...
  • Law gives huge pension perks to union leaders (The Chicago way...)

    09/21/2011 8:19:52 AM PDT · by Kozel89 · 6 replies
    Chicago Tribune ^ | Sept 21, 2011 | Jason Grotto
    All it took to give nearly two dozen labor leaders from Chicago a windfall worth millions was a few tweaks to a handful of sentences in the state's lengthy pension code. The changes became law with no public debate among state legislators and, more importantly, no cost analysis. Twenty years later, 23 retired union officials from Chicago stand to collect about $56 million from two ailing city pension funds thanks to the changes...
  • £34,000 pension for former porn star who served one term as Italian MP

    09/21/2011 3:30:34 AM PDT · by TigerLikesRooster · 12 replies
    Telegraph ^ | 09/20/11 | Nick Squires
    £34,000 pension for former porn star who served one term as Italian MP Italians' anger over lavish perks enjoyed by their MPs has been fuelled by the revelation that a former porn star who served as an MP will soon receive a £34,000 pension. By Nick Squires, Rome 2:30PM BST 20 Sep 2011 Ilona Staller, better known to Italians as "La Cicciolina", distinguished herself during her five-year term in office by proposing a series of bills which revolved almost exclusively around sex, including a proposal to set up "love parks". The Hungarian-born porn actress, who made political speeches with one...
  • Jeffrey Miron: States Are Underestimating Budget Crisis By Trillions

    09/19/2011 6:38:14 AM PDT · by Kartographer · 18 replies
    Daily Ticker/YahooFinance ^ | 9/19/11 | Peter Gorenstein
    Jeffrey Miron economics professor at Harvard university and a senior fellow at the Cato Institute isn't so doubtful. He's out with a report of his own that states, "state government finances are not on a stable path; if spending patterns continue to follow those of recent decades, the ratio of state debt to output will increase without bound." Driving those costs he says are health care costs. "Things are bad for basically all the states for almost identical reasons," Miron says in the accompanying interview with The Daily Ticker's Aaron Task. In addition to the bad fundamentals, many states are,...
  • Defined-Contribution Retirement Reform Introduced in Michigan

    09/15/2011 10:21:56 AM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 9/14/2011 | James Hohman
    Sen. Rick Jones, R-Grand Ledge, has introduced legislation that would offer new Michigan public school employees a defined-contribution retirement plan instead of the state’s current pension plan. This would begin to contain the underfunding problems of government pension problems and save taxpayers billions over time while ensuring that the state meets its promises to retirees. Plus, it would help bring government employees’ benefits in balance with the private-sector. The benefits provided by the public school retirement system are expensive, costing each district 23 to 24 percent of an employee’s salary. It also requires most workers to pay up to 6.4...
  • Hollywood Voters Appear To Favor Pension Reform (Very Liberal Florida Town Refutes Union Thugs!)

    09/13/2011 6:06:51 PM PDT · by Recovering_Democrat · 8 replies
    Shun-Sintinel ^ | 9/13/2011 | T. Alanez
    HOLLYWOOD With nearly two-thirds of the ballots counted, voters appear to be favoring pension reform for the police, firefighters and general employees as a means of helping to remedy the city's financial crisis. As of 8:30 p.m., 52 of 70 precincts had reported their votes, according to the Broward County Supervisor of Elections web site. The city, which has declared "financial urgency," has asked voters to increase retirement ages, eliminate automatic cost-of-living adjustments, alter formulas that calculate pensions and exclude overtime and vacation pay from police, firefighter and general employees pension plans. Such moves would plug $8.5 million into a...
  • Feds plan their exits: Interest surges in retirement seminars

    09/13/2011 8:05:02 AM PDT · by Poundstone · 13 replies
    FedSmith ^ | September 12, 2011 | Stephen Losey
    Earlier this year, Army employee Louis Bornman watched the news grow worse and worse. Pay freezes. Budget cuts. Politicians demonizing federal employees. But for Bornman, the final straw was when Congress began looking at cutting federal pensions as a way to reduce the deficit. His last day as an operations research analyst at Fort Leavenworth, Kan., was July 30. "I couldn't afford not to retire," Bornman said. "You never know when things will change." Bornman's not alone. Federal employees across the nation are becoming more nervous about proposals to slash their benefits, and many are eyeing the exit door to...
  • Retired Portland police and firefighters sue city to keep ($3 million in) pension overpayments

    09/11/2011 6:24:31 AM PDT · by Libloather · 14 replies
    Oregon Live ^ | 9/07/11 | Maxine Bernstein
    Retired Portland police and firefighters sue city to keep pension overpaymentsBy Maxine Bernstein, The Oregonian Updated: Wednesday, September 07, 2011, 11:15 PM More than 500 retired Portland police and firefighters and their spouses have brought a class action lawsuit against the city, arguing that Portland's public safety retirement fund breached their contract by trying to recoup nearly $3 million the fund mistakenly overpaid them in pension benefits. The lawsuit, filed initially by five plaintiffs in Multnomah County Circuit Court, seeks to stop the Portland Fire and Police Disability and Retirement Fund from withholding pension payments that the fund's board says...
  • I Earned These Entitlements

    08/29/2011 7:22:55 AM PDT · by Poundstone · 278 replies
    Redding Record Searchlight ^ | August 29, 2011 | John Cleckner
    I earned these 'entitlements' I believe that most citizens do not understand what a federal entitlement program is. There are earned entitlements versus a special government entitlement that is given to an individual who needs assistance that is mandated by law. What is a government entitlement? Note below that some are free and some are not! Why the government is lumping these programs together is beyond me: Only Congress would think this was a proper thing to do. How can a program like military retirement be linked with food stamps? The programs I am associated with should never be diminished...
  • Mapping America's Underfunded State Pension And Healthcare Liability Debacle

    07/26/2011 10:27:09 AM PDT · by SeekAndFind · 5 replies
    Zero Hedge ^ | 07/26/2011 | Tyler Durden
    div class="content">The map below, which shows the gravity of America's pervasive pension and healthcare liability underfunding problem, should certainly raise a few eyebrows. Sourced from the IMF's Article IV presentation which in turn sources the data from the Pew Center, the map shows that even despite the near doubling in the S&P since the March 2009 lows, there are still at least 9 states that have a minimum 35% underfunding in their pension and liability obligations. As a result, we expect that just like in the case of Illinois recently, many more states will be forced to issue debt to...
  • 14 Cities That Are Being Eaten Alive By Public Sector Workers

    07/18/2011 10:40:47 AM PDT · by fifedom · 36 replies
    Busiess Insider ^ | Jul. 13, 2011 | Grace Wyler
    After years of declining tax revenues, cities and towns across the country are now running out of ways to deal with their ballooning budget deficits. ... Public employee costs account for a large share of municipal budget woes.
  • Two Rulings Find Cuts in Public Pensions Permissible

    07/01/2011 9:26:16 AM PDT · by Qbert · 10 replies
    NYT ^ | 7/1/2011 | MARY WILLIAMS WALSH
    Judges in Colorado and Minnesota have dismissed court challenges by retired public workers whose pensions had been cut — developments that may embolden other states and cities to use pension reductions as a tool to help balance their budgets. The two lawsuits sought to reverse reductions in the cost-of-living adjustments that Colorado and Minnesota had previously promised to retired public workers. Generally speaking, once lawmakers have agreed to provide certain pension benefits to public workers, it is difficult, if not impossible, to roll them back because of protective language in state laws and constitutions and years of court interpretations. Public...
  • Guess what's the average San Francisco city pension? [ It's 2x the average wage in SF ]

    06/20/2011 11:43:01 AM PDT · by NoLibZone · 14 replies
    San Franciso Chronicle ^ | June 20 2011 | SF Chronicle
    Here's some fun facts. OK, maybe not so fun depending on your perspective. The average retiree from San Francisco city government earns an annual pension of $46,272, according to the San Francisco Employees' Retirement System. The average retiree who worked at least 30 years in city government earns an annual pension of $76,981. The average pension for a retiree from the fire department is $108,552. From the police department? $95,016. And everybody else? $41,136. The figures show most retirees aren't getting anywhere near the fat packages that outrage many city residents - like the $264,000 pension paid to former Police...
  • Weiner's Toast, But His Pension Lives On

    06/16/2011 12:35:39 PM PDT · by Stoutcat · 13 replies
    Grand Rants ^ | 06-16-11 | Stoutcat
    It’s official: we won’t have Rep. Anthony Weiner to kick around any more. At his 2:00 p.m. press conference, Weiner announced his resignation from the U.S. House of Representatives. Unfortunately for We the People, his resegnation doesn’t mean our tax dollars have seen the last of him. Evidently resigning in disgrace is not enough to prevent him from cashing in on the fairly generous pension our members of Congress have come to expect: Weiner can hope to see upwards of $40,000 (with cost of living adjustments) once he reaches retirement age. That despite the fact that he’s almost guaranteed to...
  • Ireland Seizes $7 Billion From Its Pension Fund To Boost Employment

    06/12/2011 6:17:44 AM PDT · by blam · 30 replies
    TBI ^ | 6-12-2011 | Hugh O'Connell,
    Ireland Seizes $7 Billion From Its Pension Fund To Boost Employment Hugh O'Connell, Jun. 12, 2011, 7:57 AM THE GOVERNMENT WILL use the last €5 billion in the National Pensions Reserve Fund (NPRF) to help create employment although it will need approval from the International Monetary Fund (IMF) and Europe before doing so. The Sunday Times reports today that the money will be used by the government to create as many as 80,000 jobs in Ireland. The paper cites government sources in reporting that the use of the money would be seen as more viable then the proposed sale...
  • Dear Everyone Who Works For The Government: This Is Your Future

    06/08/2011 2:35:40 PM PDT · by SeekAndFind · 12 replies
    Business Insider ^ | 06/08/2011 | Robert Johnson
    In an effort to balance his state's pension system, New Jersey Governor Chris Christie has reached a deal with the Senate cutting benefits for state employees. Lisa Fleisher at WSJ broke the news. Some key details: * Require current employees to give up more of their salary into the pension system. * Give up annual cost of living increases. * Pay a percentage of their health care premiums in a tiered system based on their salary. * Require new employees to work longer to get full benefits. * Contractually require the state to make payments into the fund. * Appoint...
  • Skyrocketing Employee Costs Drive Another California City To The Edge Of Bankruptcy

    06/05/2011 6:21:11 AM PDT · by SeekAndFind · 31 replies
    Business Insider ^ | 06/04/2011 | Grace Wyler
    Just as Vallejo, Calif., starts to pull itself out of municipal bankruptcy, Stockton, its Central Valley neighbor, hurtles towards financial collapse. Calling Stockton's fiscal problems "chronic and severe," city officials have declared a state of fiscal emergency for the second time in two years, The city is facing a $37 million budget gap this year, a 60% increase from last year's $23 million shortfall, according to Bond Buyer. City officials project the budget deficit will grow to $48 million by 2014 if nothing is done to reign in ballooning employee costs. Public safety personnel costs alone eat up 80% of...
  • Japan closer to doubling sales tax amid fiscal woes(aging population wearing down economy)

    06/02/2011 7:19:42 PM PDT · by TigerLikesRooster · 5 replies
    Japan Today ^ | 06/03/11
    Japan closer to doubling sales tax amid fiscal woes Friday 03rd June, 07:00 AM JST TOKYO — The Japanese government on Thursday announced a social security reform plan that would result in a doubling of the country’s consumption tax rate to 10% in stages by the year through March 2016 and lower pension payments to the elderly with higher incomes. The move came as the country has been struggling under swelling welfare costs due to the aging population, which have added to the government’s difficulty in restoring its fiscal health, the worst among major developed economies. But the reform initiative...
  • Ex-IMF chief Strauss-Kahn set to receive 318,000 dollars (A YEAR) 'golden parachute'

    05/20/2011 9:46:45 AM PDT · by Libloather · 4 replies
    Yahoo ^ | 5/20/11
    Ex-IMF chief Strauss-Kahn set to receive 318,000 dollars 'golden parachute'By ANI | ANI – 43 minutes ago New York, May 20(ANI): Former International Monetary Fund chief Dominique Strauss-Kahn, who is accused of a sex attack on a New York City hotel maid and is currently awaiting release from jail after having been granted bail on Thursday, will reportedly get an exit package which includes an annual pension of over 318,000 dollars. According to ABC News, it is common practice for executives of big organizations to get golden parachutes when they retire or are terminated, and Strauss-Kahn's deal with the IMF...
  • How many federal and postal workers can retire?

    05/20/2011 8:01:18 AM PDT · by Poundstone · 41 replies
    Washington Post ^ | May 21, 2011 | Ed O'Keefe
    About 550,000 full-time career federal government and U.S. Postal Service could hang it up and move on at anytime because they are eligible to retire, according to government statistics. The eligible workers represent about a quarter of the 2.4 million permanent full-time employees collecting government or postal paychecks.
  • Do Privatized Bus Drivers Drive Up the Cost of “One of the Best Public Pensions Around”?

    05/20/2011 7:35:14 AM PDT · by MichCapCon · 2 replies
    Michigan Capitol Confidential ^ | 5/20/2011 | Tom Gantert
    When Howell Public Schools Superintendent Ron Wilson speaks of the nearly $3 million his district has saved by privatizing custodians, transportation and other services, he says that it is a bit of a “double-edged sword.” Wilson says one of the downsides of privatization is that with fewer current employees supporting current retirees, school districts will need to make higher contributions to the Michigan Public School Employees Retirement System (MPSERS) for pensions and retiree health care. Next year, contributions from districts will rise from 20.66 percent of payroll to 24 percent. Wilson said every 1 percent increase costs his school $380,000....
  • Secret Agent

    05/11/2011 2:47:00 PM PDT · by Pining_4_TX
    Forbes Magazine ^ | 05/04/2011 | Zack O'Malley Greenburg
    Public pensions are $660 billion in the hole. Investment middleman Glen Sergeon illustrates how millions more are being lost to dubious dealings.
  • Ireland to Impose Levy (TAX) on (Private) Pension Funds to Finance Jobs Plan

    05/11/2011 12:11:20 PM PDT · by tcrlaf · 8 replies · 1+ views
    SFGATE ^ | 5-11-11 | Fergal O'Brien, Eddie Buckle
    May 11 -- Ireland's government will impose a levy on domestic private pension savings, raising as much as 1.9 billion euros ($2.7 billion) to finance a job-creation program. The government plans to apply an annual 0.6 percent charge over four years on pension assets, excluding funds providing benefits to non-resident employers and members, Finance Minister Michael Noonan said in Dublin yesterday. The move should generate 470 million euros ($675 million) a year, he said, adding pensions had received "massive" tax breaks in the past.
  • Irish Bombshell: Government Raids PRIVATE Pensions To Pay For Spending (Could it happen here?)

    05/10/2011 9:52:37 AM PDT · by SeekAndFind · 42 replies
    Business Insider ^ | 05/10/2011 | Joe Weisenthal and Gregory White
    Ireland's minister of finance, Michael Noonan, has outlined plans for a new tax on private pensions in Ireland. The new tax on private pensions will be 0.6%, and last for four years. Earlier: This was just tweeted by Ireland's RTE News: BREAKING: The Government is to impose a 0.6% levy on private pension funds for the next four years to fund its #jobsinitiative #dail Doubt this will go over well. More details to come...
  • The $39 Billion Bill for 'One of the Best Public Pensions Around'

    05/06/2011 10:16:48 AM PDT · by MichCapCon · 5 replies
    Michigan Capitol Confidential ^ | 5/6/2011 | Ken Braun
    The first sentence of the official handbook produced by the state of Michigan for teachers and other public school employees says the following about their pension plan: “As a member of Michigan’s Public School Employees Retirement System, you are eligible for one of the best public pensions around.” The handbook speaks an undeniable truth, supported by the evidence. As a recent analysis of MPSERS produced by the Mackinac Center for Public Policy makes clear, Michigan’s public school employees receive several costly pension perks that are rare in the private sector and some that are even unheard of for employees hired...
  • No Proposed Change to Federal Retirement, Pay Systems in Budget Proposal

    04/19/2011 5:54:22 AM PDT · by Poundstone · 11 replies
    Fedsmith ^ | April 15, 2011 | Ralph Smith
    Before the president's speech this week, there was speculation that he would adopt the recommendations of the deficit recommendation commission. The commission made its recommendations late last year and, among other things, recommended changes to the federal retirement system and the federal employee health insurance system as part of reducing the federal government's massive spending deficit. But that did not happen.
  • Loophole Lets N.J. Pols Double Dip

    04/06/2011 2:41:58 PM PDT · by smokingfrog · 4 replies
    myfoxphilly ^ | 6 Apr 2011 | Bruce Gordon
    PHILADELPHIA - This may not sound new because we've been talking about it in Philadelphia in connection with its Deferred Retirement Option Plan, or DROP. That has cost the pension fund millions and been abused by elected officials. But now we're looking at it happening in New Jersey. Several high-ranking political leaders found a loophole allowing them to retire and then go back to work, collecting a pension and salary at the same time. Gov. Chris Christie says he will try to close the loophole. But we don't know how many people or even who is doing this. It comes...
  • CA Teacher Pension Fund Shortfall Grows To $56 Billion

    03/31/2011 10:35:36 AM PDT · by BenLurkin · 15 replies
    AP) ^ | March 31, 2011 9:45 AM
    The drop reported Thursday is enough to trigger an automatic increase in the amount the state must pay into the nation’s second largest public pension fund. Payments from California’s general fund will increase by 20 percent in the coming fiscal year, to $688 million.
  • Republicans seize on public pension issue (California)

    03/27/2011 9:38:11 PM PDT · by BAW · 65 replies
    Sacramento Bee ^ | Mar 27, 2011 | Dan Morain
    There are many reasons why Gov. Jerry Brown has failed to win Republican support for his plan to close the $26.6 billion budget deficit. But the issue of public employee pensions is fundamental. ****SNIP**** Working with Republican strategist Dave Gilliard, Pellissier hopes to submit a proposed initiative to the attorney general's office in about a month, a first step toward qualifying a measure for the June 2012 ballot. If the initiative proceeds, Gilliard said, there's "no question it is going to be a major reform, along the lines of Proposition 13." It's the sort of campaign that could generate spending...
  • San Francisco's Pension Gap Is Truly Terrifying

    03/18/2011 1:50:16 PM PDT · by SeekAndFind · 36 replies
    Business Insider ^ | 03/18/2011 | Grace Wyler
    San Francisco's public pension crisis is way worse than many thought, according a new study from Stanford professor Joe Nation. Here are some highlights from the report: * The San Francisco Employees Retirement System (SFERS), which covers most of the city's municipal workers,faces an unfunded liability of $4.4 billion on a market value basis. That's nearly $35,000 per every San Francisco household. * SFERS' reported liability is based on an optimistic 7.75% annual rate of return. If the 1990-1999 historical average rate of return - 6.2% - is used, the city's unfunded pension liability grows to $6.8 billion. * The...
  • Pensions deliver big paydays for top officials

    03/17/2011 4:16:05 AM PDT · by Sawdring · 21 replies ^ | March 16, 201 | MIKE KASZUBA,
    Don Omodt made a good living as Hennepin County sheriff in the 1990s. He's making a better one as a retiree, with an annual government pension just under $150,000 a year, or $12,419 a month. So is Dale Ackmann, who left as Hennepin County administrator in 1992 and now collects $14,039 a month. Likewise, former state Transportation Commissioner Richard Braun gets $11,365 a month from the state and the University of Minnesota, where he taught. --------------------------Snip--------------- After 20 years as a state Supreme Court justice, Lawrence Yetka stepped down in 1993. He gets $10,001 a month, a pension he considers...
  • Health Service Board blamed for SF's rising costs

    03/16/2011 1:35:56 PM PDT · by SmithL · 7 replies
    San Francisco Chronicle ^ | 3/16/11 | Heather Knight,Rachel Gordon, Chronicle Staff Writers
    Eye-popping pension costs are the issue du jour at City Hall these days, but city officials say skyrocketing health care benefits are a far bigger concern - and some of them blame a little known group of seven for exacerbating the problem. They're the members of the obscure Health Service Board, which meets monthly to select the medical and dental plans for employees and retirees, set the amount members pay for each plan, and set policy for the plans' administration. It sounds innocuous enough, but the City Charter requires that four of the seven be employees or retirees who are...
  • Anger brews over government workers' benefits

    03/08/2011 7:56:59 AM PST · by Poundstone · 49 replies
    AP ^ | March 8, 2011 | GEOFF MULVIHILL
    When Erin McFarlane looks at public workers, she sees lucrative pension benefits she doesn't ever expect to get. And it makes her mad. "I don't think that a federal employee or government employee is worth any more than anybody else who does their job and does it well," said the Slinger, Wis., woman. She's been working a couple of bartending jobs since January, when she was laid off from her job at a Harley Davidson plant after almost a decade. She's not alone in seeing public servants as public enemies in some ways. It's a case of pension envy.
  • Washington(State)View: Public employee pensions are a ticking time bomb

    03/07/2011 2:22:28 PM PST · by Eva · 23 replies
    The Columbian ^ | Tuesday, June 1, 2010 | By Don Brunell
    Most people know that our $13 trillion national debt is endangering America’s credit rating and pushing the United States closer to bankruptcy. But hidden beneath the surface is another ticking time bomb that threatens economic collapse : unfunded public employee pensions. ...Historically, increasing public employee pensions has been a practical way to resolve a budget crisis. .... voting to approve richer pensions is easy because they know they’ll be long gone before the bill comes due. ...According to an analysis by the Pew Center on the States, state and local governments now owe at least $1 trillion to public employee...
  • CA: Survey suggests public-sector pensions complex, not necessarily extravagant

    03/07/2011 6:15:00 AM PST · by TigerLikesRooster · 12 replies
    SacBee ^ | 03/07/11 | Kevin G. Hall
    Survey suggests public-sector pensions complex, not necessarily extravagant By Kevin G. Hall Published: Monday, Mar. 7, 2011 - 12:00 am | Page 1A Last Modified: Monday, Mar. 7, 2011 - 12:21 am WASHINGTON – From state legislatures to Congress to tea party rallies, a vocal backlash is rising against what are perceived as too-generous retirement benefits for state and local government workers. For many taxpayers, it's an issue of fairness: Why should public employees have better retirement packages than the recession-battered private sector? And why should those packages be guaranteed even as governments are cutting services to address perennial...
  • Lawmakers looking again into pension reform ( Illinois )

    03/05/2011 7:19:26 AM PST · by george76 · 1 replies
    Illinois Statehouse News ^ | 03/05/2011 | Mary J. Cristobal,
    SPRINGFIELD — Lawmakers need to clean up their own future retirement system before they touch other state employees' plans — at least that's what one lawmaker says he intends to do. Despite some recent reform, lawmakers are still looking into making more changes to the state's underfunded pension system. The last General Assembly raised the retirement age to 67 and placed a cap on benefits for state employees hired after Jan. 1. Illinois caught the attention of the U.S. Securities and Exchange Commission in January. The state has been cited for having one of the worst pension systems — it...
  • Hitting the Government Job Lotto

    03/04/2011 12:16:46 PM PST · by throwback · 11 replies
    WORLD-HERALD NEWS SERVICE ^ | March 3, 2011 | Scott Stewart
    Cathy Williams, the Bellevue Public Schools’ longtime communications director, is leaving at the end of December. Williams, 54, said she plans to help the district with its transition to a new superintendent and help train her replacement. Her retirement plans include staying in Bellevue and doing some traveling. “My intent is to stay involved in the community,” she said. “I really don’t have anything that I’ve decided that I definitely want to do other than that.” She is retiring at a salary of $132,462.77, plus longevity pay of $4,967.35. She was the highest paid school district spokesperson in Nebraska, according...
  • 71% Believe Government Workers Get Better Pensions Than Those In Private Sector

    03/04/2011 9:09:38 AM PST · by Hojczyk · 39 replies
    Rasmussen Reports ^ | March 4,2011 | Scott Rasmussen
    Most voters believe those who work for the government get better retirement benefits than those who work for private companies and also think it’s unlikely their state can afford the benefits given to state workers. A new Rasmussen Reports national telephone survey finds that 71% of Likely U. S. Voters feel that, generally speaking, government workers get better pensions than private sector workers. Only 14% disagree, while slightly more (15%) are not sure. (To see survey question wording, click here.) However, just 32% of all voters say it’s at least somewhat likely that their state will be able to afford...
  • Senate Pres.: Cutting Pension Benefits Is Unconstitutional (Illinois)

    03/03/2011 8:08:15 AM PST · by Libloather · 47 replies
    CBS Local ^ | 3/03/11
    Senate Pres.: Cutting Pension Benefits Is UnconstitutionalMarch 3, 2011 7:29 AM SPRINGFIELD, Ill. (WBBM) – Illinois Senate President John Cullerton (D-Chicago) says cutting pension benefits for current state employees is, in his words, “clearly unconstitutional.” **SNIP** Legal counsel Eric Madiar conducted the analysis for the Illinois Senate Democrats, and says it would indeed be unconstitutional for the General Assembly to cut back pension benefits for current state employees. “Illinois is one of maybe five states or three states – such as New York, Arizona, Georgia – which really provides absolute constitutional protection to the pension benefits for public employees,” Madiar...
  • Public Pensions are currently in trouble due to the Stock Market Crash - (Stop the Lie)

    03/01/2011 10:43:03 AM PST · by dila813 · 32 replies
    Today | Me
    A consistent lie that is being repeated by Democrats and the Public Unions: Pension Funding Short falls are driven by the collapse of the stock investments the Pensions made. This is a lie. Pension Shortfall is driven by: 1. Unfunded Benefits 2. Missed Benefit Payments 3. Unrealistic expectation of Return from Investments Also, realize in many cases that #3 drove both #1 and #2. If the pension was reflecting a windfall in the current budget year, as in the booming Bush Years, they were more likely to skip their payment and or promise additional benefits without funding them.
  • The Pensioner's Dilemma : Is the right to a leisurely retirement practical or even desirable ?

    02/24/2011 7:59:35 AM PST · by SeekAndFind · 50 replies
    American Thinker ^ | 02/24/2011 | Stephen Mauzy
    "What government touches, government ruins" stands as apodictic a law as any in nature.  To say "touch" is to be magnanimous, because government rarely touches, it inserts -- an iron fist mostly. And where intromission occurs, distortion, inefficiency, moral hazard, expense, corruption, and a lot of pain follow.  The examples are so numerous -- in commerce, in finance, in education, in ecology, in welfare, and in the law -- they appear on a whim to anyone conversant in Austrian- or Chicago-school economics.  Retirement requires a little more vetting. Sure, there is the obvious: Social Security, which even a few...
  • Union Fails Pension Math: Part Time-WI Teacher Set to Earn More in Retirement than She Did

    02/22/2011 11:56:41 AM PST · by Nachum · 17 replies
    big government ^ | 2/22/11 | Ben Everard
    Shortly after the Green Bay Packers turned the nation’s attention to the Midwestern state, Wisconsin once again has garnered the nation’s attention. At stake this time is not a trophy, but a prized retirement package promised to public employees. Throngs of protesters have taken to Madison, Wisconsin to either show their support or disdain for Governor Scott Walker’s plan to require public employees to pay 5.8 percent (the national average is roughly 12 percent) of their salary as a contribution to their pension. The looming issue of funding public pensions is not unique to Wisconsin. Governor Walker’s stand, however, has...
  • Huckabee Said That For Every $1 WI Teachers Put in Their Pension Plan, the State Puts in $57

    02/20/2011 5:38:52 PM PST · by Stayfree · 39 replies · 1+ views
    Huckabee on Fox | February 20, 2011 | Stayfree
    Mike Huckabee said on his show that for every $1 that teachers put into their pension plan that the state of Wisconsin puts in $57. If that is true, that is obscene!!!