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Keyword: pension

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  • Shocker! LA Pension Gap Spirals Past $10 Billion

    09/17/2017 9:19:08 PM PDT · by george76 · 25 replies
    CityWatch Los Angeles ^ | 14 SEPTEMBER 2017 | MARC JOFFE
    California pension worries most often focus on CalPERS and CalSTRS, the state’s two multi-employer behemoths. But the state has many other underfunded plans, and these city and county systems pose significant challenges for governments that contribute to them. The City of Los Angeles faces the largest municipal pension funding gap, measured in absolute dollar terms. According to the city’s 2016 Comprehensive Annual Financial Report, Los Angeles’ Net Pension Liability totaled $8.2 billion. Curiously, this number does not appear on the city’s government-wide balance sheet (called a Statement of Net Position). Instead, the $8.2 billion is reported as part of LA’s...
  • Cleaning lady takes anger out on Merkel over meager pension

    09/15/2017 2:20:31 PM PDT · by Olog-hai · 25 replies
    TheLocal.de ^ | 15 September 2017 16:09 CEST+02:00 | DPA/The Local
    During a meet-the-voter TV show on Thursday night, a cleaning lady asked Chancellor Angela Merkel a question that raised the issue of old-age poverty — leaving her struggling to come up with an answer. “In Austria, there is a citizens’ insurance scheme. Everyone pays into it,” Petra Vogel told the Chancellor on a live show on public broadcaster ZDF on Thursday. Vogel, a cleaner in a hospital in Bochum and trade unionist, went on to explain that if Germany had this too, she would not have to live in poverty as a pensioner. After more than 40 years of work,...
  • San Francisco Fooled into Voting for $5.8 Billion Pension Spike

    07/04/2017 2:10:52 PM PDT · by Rockitz · 44 replies
    Breitbart.com ^ | 4 Jul 2017 | Chriss W. Street
    A new San Francisco civil grand jury report blames $5.8 billion in unfunded county public pension liabilities on voters not realizing that they were voting for two pension spikes. Despite being Ground Zero for social justice warrior elites, San Franciscans always assumed they would never be ravaged by unions and crony liberal politicians spiking unfunded pensions, because the city’s century-old county charter required a public vote for any enhancement of a government benefit. But when the Governmental Accounting Standards Board (GASB) issued Statements 67 and 68, which required greater public pension liability disclosures by mid-2015, auditors calculated that the national...
  • Is $1 million really enough to fund your retirement?

    06/26/2017 7:45:52 AM PDT · by SeekAndFind · 149 replies
    The Motley Fool via USA Today ^ | 06/26/2017 | Wendy Connick, The Motley Fool
    <p>A million dollars is a lot of money, isn't it? Not when you're looking to finance your entire retirement. If you've got $1 million tucked away in your retirement savings by the time you're ready to retire, you won't starve, but you may not be able to live out your dreams either.</p>
  • What to do with a broken Illinois: Dissolve the Land of Lincoln

    06/22/2017 7:40:38 AM PDT · by DCBryan1 · 63 replies
    Chicago Tribune ^ | 20 JUN 17 | By John Kass•Contact Reporter
    llinois is like Venezuela now, a fiscally broken state that has lost its will to live, although for the moment, we still have enough toilet paper. But before we run out of the essentials, let's finally admit that after decade upon decade of taxing and spending and borrowing, Illinois has finally run out of other people's money. Those "other people" include taxpayers who've abandoned the state. And now Illinois faces doomsday. So as the politicians meet in Springfield this week for another round of posturing and gesturing and blaming, we need a plan. And here it is:
  • Connecticut, home to great wealth, may be sinking into a fiscal mire

    05/26/2017 4:05:01 PM PDT · by Early2Rise · 27 replies
    Fox News ^ | 5/26/2017 | Elizabeth Liorente
    The administration of Gov. Dannel Malloy, a Democrat who has been in office since 2011, projects a budget deficit of more than $5 billion over the next two years, thanks to generous pension benefits and the burden of servicing its big debt, plus falling tax revenue due to the exodus of large employers and residents reaching retirement age. Its budget woes, as well as concerns that they will be repeated year after year, helped lead General Electric in 2015 to consider moving its headquarters out of the state. Last year, it did exactly that. The state’s population is falling: Its...
  • EPA setting aside millions for buyouts and early retirement. Wait… what?

    05/22/2017 8:04:47 AM PDT · by SeekAndFind · 31 replies
    Hotair ^ | 05/22/2017 | Jazz Shaw
    Remember when the President set a target of reducing staffing at the EPA by thousands of people? It was one of his first initiatives upon taking office and while the process is taking some time it’s definitely moving forward. But I’m not sure he was anticipating the way these reductions are being rolled out. Government Executive reports this morning that there are indeed plans being put in place, but much of the work thus far seems to involve setting aside millions of dollars to fund early retirement plans and buyouts. The Environmental Protection Agency has set aside $12 million...
  • Public Employees — Ever More Untouchable: California's Public Workers are a Privileged Caste

    03/30/2017 8:02:40 AM PDT · by SeekAndFind · 7 replies
    The American Spectator ^ | 03/30/2017 | Steven Greenhut
    One of the most obnoxious trends in the nation, and one that is particularly acute in California, is the continued push to enshrine public employees as a special, privileged caste of Americans, exempt from the rules and obligations that apply to the rest of us. As I documented in my 2009 book, Plunder!, public employees often now receive the kind of pay, benefits, and protections more fitting for France, where civil service is the highest calling. In the United States, we traditionally valued entrepreneurship and freedom above pencil-pushing and bureaucracy. But times have changed. In California, a raft of public-employee...
  • Cities, counties and schools feel sharply increasing pension costs

    02/25/2017 6:21:44 PM PST · by artichokegrower · 24 replies
    Sacramento Bee ^ | February 25, 2017 | Dan Walters
    The impact of ever-higher pension costs on California’s local governments, particularly cities, has been evident for years. Pension burdens contributed to the recent bankruptcies of three cities and more are feeling the pinch.
  • America’s Predictable Pension Crisis: The math problem inherent in the system is unavoidable

    02/24/2017 7:12:28 AM PST · by SeekAndFind · 7 replies
    National Review ^ | 02/23/2017 | George Will
    <p>Some American disasters come as bolts from the blue — the stock-market crash of October 1929, Pearl Harbor, the designated hitter, 9/11. Others are predictable because they arise from arithmetic that is neither hidden nor arcane. Now comes the tsunami of pension problems that will wash over many cities and states.</p>
  • Delayed Payment On Early Pension Gambit Raises Costs To Taxpayers

    02/15/2017 7:54:49 AM PST · by MichCapCon · 2 replies
    Michigan Capitol Confidential ^ | 2/11/2017 | Tom Gantert
    In a 2010 gambit to reduce overall public school expenses, Michigan Gov. Jennifer Granholm proposed an early retirement incentive for the state’s highest-paid teachers. While the move would temporarily increase pension expenses, it would also reduce school payroll costs. Specifically, the bill that ultimately passed was projected to add $1 billion in new pension liabilities, which would be paid off within five years. That’s not what happened though. The state's Office of Retirement Services, which manages the school pension system, waited for three years to start making payments on the increased pension debt, greatly increasing the long-term burden. Then lawmakers...
  • California schools may face cuts amid skyrocketing pension costs

    01/24/2017 7:03:17 AM PST · by george76 · 57 replies
    San Francisco Chronicle ^ | January 23, 2017 | Jill Tucker
    Public schools around California are bracing for a crisis driven by skyrocketing worker pension costs that are expected to force districts to divert billions of dollars from classrooms into retirement accounts, education officials said. The depth of the funding gap became clear to district leaders when they returned from the holiday break: What they contribute to the California Public Employees’ Retirement System, known as CalPERS, will likely double within six years, according to state estimates. CalPERS, a public pension fund with $300 billion in assets that is the country’s largest, manages retirement benefits for 1.8 million current and former city,...
  • Dallas Pension System Not Only "Ticking Time Bomb Ready To Explode," Public Policy Director Warns

    01/03/2017 8:41:51 AM PST · by SeekAndFind · 24 replies
    Zero Hedge ^ | 01/03/2016
    For months, if not years, we've warned that conflicted politicians and union bosses pursue a perverse set of goals in their management of pension funds, most of which have nothing to do with the application of sound financial principles. Here's how we summarized the situation back in the summer (see "An Unsolvable Math Problem: Public Pensions Are Underfunded By As Much As $8 Trillion"): Defined Benefit Pension Plans are, in many cases, a ponzi scheme.  Current assets are used to pay current claims in full in spite of insufficient funding to pay future liabilities... classic Ponzi.  But unlike wall...
  • Illinois ends 2016 with an $11 billion in unpaid bills

    01/01/2017 11:14:06 AM PST · by george76 · 50 replies
    Illinois Policy ^ | December 26, 2016 | Brendan Bakala
    Illinois state government has left the people of the Prairie State quite the stocking stuffer this holiday season: an $11 billion bill backlog that is expected to hit $14 billion by summer 2017. However, with money from a June stopgap funding agreement set to run out by the new year, nonprofit service providers and students receiving state grants may view it more as a lump of coal. Funding for service providers hasn’t been a priority for the General Assembly for quite some time. Service providers wait, on average, nearly a year to be paid. Illinois politicians have been delaying payment...
  • CalPERS Cuts Pension Benefits For First Time

    12/27/2016 5:20:54 PM PST · by SgtHooper · 121 replies
    FoxBusiness ^ | December 20, 2016 | Adam Shapiro
    For the first time in its 85-year history, the California Public Employees Retirement System, CalPERS, is drastically cutting benefits for public retirees. Starting January 1st, four retired City of Loyalton public employees will have their pensions cut 60 percent. For 71-year-old Patsy Jardin, that means her pension will drop from about $49,000 a year to a little more than $19,000.
  • Bribes + NY State Pension Fund = Millions In Profits For Financial Companies

    12/22/2016 9:43:45 PM PST · by Brad from Tennessee · 13 replies
    Village Voice ^ | December 21, 2016 | By Nick Pinto
    Two financial firms raked in billions of dollars of business from the New York State Common Retirement Fund, the $184-billion retirement fund serving many state employees, after their agents bribed one of the pension fund's employees with cash, watches, travel, bottle-service, cocaine, strippers, prostitutes, and Paul McCartney tickets, according to indictments announced today by Preet Bharara, United States Attorney for the Southern District of New York. The two indictments announced today only cover three people: Navnoor Kang, 38, the director of fixed income and security for the $185 billion New York State Common Retirement Fund; Gregg Schonhorn, 45, the vice...
  • Pension Collapse in Big D: The retirement fund for Dallas' public-safety workers is ruined

    12/14/2016 8:01:52 AM PST · by SeekAndFind · 39 replies
    City Journal ^ | 12/14/2016 | Steve Malanga
    When Detroit filed for bankruptcy in 2013, the city’s emergency-financial team said that high levels of retirement debt could prevent them from rescuing the Motor City’s finances. Detroit had been in economic decline for decades, and the pension problem—including billions of dollars in bonuses handed out while the city was hurtling toward insolvency—was just one part of the depressing financial picture. Dallas, by contrast, has been one of the fastest-growing American cities in recent years. Becoming a magnet for investment and opportunity, however, hasn’t protected the Texas city from experiencing its own Detroit-style financial crisis. Dallas’s retirement system for cops...
  • Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

    The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests. The system was set to pay out the weekly requests Friday. Pension officials said allowing the withdrawals would leave them without the liquid reserves required to sustain the $2.1 billion fund. "Our situation is currently critical, and we took action," board chairman Sam Friar said. Pension officials and many police and firefighters have blamed Dallas Mayor Mike Rawlings for forcing the latest run on the bank. Dozens of retirees...
  • Dallas Police and Fire Pension Board ends run on the bank, stops $154M in withdrawals

    12/08/2016 5:58:44 PM PST · by mcenedo · 22 replies
    Dallas Morning News ^ | 12/08/16 | Tristan Hallman
    The Dallas Police and Fire Pension System's Board of Trustees suspended lump-sum withdrawals from the pension fund Thursday, staving off a possible restraining order and stopping $154 million in withdrawal requests
  • Should convicted former House speaker get his pension back? [MA; Finneran]

    12/04/2016 10:19:35 PM PST · by Olog-hai · 13 replies
    Associated Press ^ | Dec 5, 2016 12:33 AM EST | Denise Lavoie
    The highest court in Massachusetts is set to hear arguments in a long-running legal battle over whether former House speaker Thomas Finneran should be able to collect his $34,000 annual pension despite his conviction on an obstruction of justice charge. Finneran’s fall from grace began in 2003 when he lied about his role in a legislative redistricting plan. …