The Middlesex and Worcester county pension systems and the city of Fitchburg were each given a D rating and the city of Lowell received a C on a new ratings website by the Pioneer Institute, a research group that says it wants to bring new transparency and accountability to the state's pension systems.
Join the discussion below, or Read more at Lowell Sun.
#41 Oct 11, 2013
Lynch, your family is garbage. Nothing but trash.
#42 Oct 11, 2013
It hurts a little bit. I have no plans of going into space so who cares about NASA? The only aliens I want to give money to is illegal aliens.
#43 Oct 11, 2013
I don't know how other pensions work, but I pay eleven percent of my paycheck, each week, into my pension. The town I work for pays two percent (assuming that they don't defer payment for 30 years, like towns have in the past). When I retire, the town will pay zero percent. I would like to think that I get the money I put into the system when I retire.
What a lot of people do not realize, or refuse to acknowledge as fact, is that a lot of this "crushing debt" from paying pensions was due to the fact that many municipal towns have deferred paying their portion for a good number of years. Now, with said employees retiring, they are hvaing to come up with that which they could have been paying for all along.
Moreover, if we want to blame someone, blame people from my parents generation, those who allowed themselves to get suckered into giving up their "sure thing" pension for 401K's. It was all good back in the day when everyone was making money hand over fist in the stock markets, and laughing at those who preferred to keep their pensions, calling them foolish. Now, when their golden nest of cash is gone, and left with no pension and no 401K, you all want to go after those who were smart enough to keep the sure thing?
Blame the towns, blame those who allowed CEO's to phase out pensions way back when. Blame a generation or two that has chosen to freeload off of a welfare system, and teach their children how to do so as well, instead of teaching them a work ethic.
#44 Oct 12, 2013
If you retire in your 50's and get 80% of your highest income there is a good chance you get more back than you paid in. Especially if your town takes care of your health care insurance after you retire.
Social security is for the people that pay you. They have to wait until they're 67 to receive full benefits and if they were lucky enough to pay the maximum in each year they might get 25% of their income.
No one in the private sector gets the deal that municipal employees get. The private sector employees are the people that pay you.
#45 Oct 12, 2013
Our pensions are the "average" of our salaries over our career, not the highest salary. Not to mention that people who retire from the public sector do no simply fade off into the Florida sunset, as you may think. Most still have to work in order to make ends meet in today's economy. Just like many in the public sector have two jobs to make ends meet. It is not the huge payout you would like to believe.
We, in the public sector, do not get social security, and many, if not most of us have to work until that age to even consider retiring comfortably. And the town only takes care of those health benefits for so long, and even those are being threatened year to year.
Again, I am sorry that those who came before us allowed pensions to become a thing of the past, but it is their fault,not those who currently work in those jobs. People seem to be under some sort of convoluted assumption that municipal employees are living the Lifestyles of the Rich and Famous. That is simply not the case.
#46 Oct 12, 2013
robin and I make over $140 grand. We earn it,wink sink,we sip the communication faculty into shape,wip sip hahahahahahahahahahahahah
#47 Oct 12, 2013
We gave also fed crack to Jtn,hahahahahahhahah
#48 Oct 12, 2013
Hmmmmmmm, no one wanted to be a municipal employee in the 80's? Remember when life was good for the private sector. The Digital Corporation employees were earning 3x a municipal employee's salary. They didn't care about retirement benefits. They cared about driving their big luxury cars and owning their big luxury homes that a municipal employee couldn't afford.
Wow, times have changed huh? Oh well.
Don't worry since the private sector's salaries tanked municipal workers understand they will become a target for all those disgruntled private sector employees.
Go up to Waltham and the North Shore. The high tech (private sector) companies such as Boston Scientific and Teledyne their employees earn $250K to $400K annually. They retire in their 40's after banking half their pay for 20 years.
Sorry but the private sector is not a good defense, there are many high paying private sector jobs but the difference is THEY DONT BRAG ABOUT IT ANYMORE!
It is all about welfare. Welfare was meant for the laid off workers and to receive a block of government cheese in a cardboard box at Broad Street. It was not meant to become a lifestyle.
#49 Oct 14, 2013
I agree with you. Computer scientists and programmers made 3x more than high school janitors and highway department sidewalk sweepers. They still do. The average salaries at Boston Scientific and Teledyne were nowhere near $250K to $400K annually. But even if they were it's because they were producing much more for the company. Be happy that they did because it's the private sector that pays for the public sector. If you didn't take one of those $250K to $400K jobs it's because you didn't qualify.
I agree with you on welfare too. It shouldn't be a lifestyle that's passed on from one generation to the next. There shouldn't be the fraud that exists. How can we fix that?
#50 Oct 14, 2013
Generally, retirement benefits are based on four factors:
1 Your age
2 Your years of creditable service
3 The average of your three highest consecutive years' salaries
4 Your group classification (Group class is determined by the State Board of Retirement at time of retirement)
Please see number 3. Since you don't know much about your own retirement plan you can't know much about the other things you wrote.
By the way, I know two couples that are retired. All four of them are retired public school teachers. They pretty much do go off into the Florida sunset but just during our winter months.
#51 Oct 14, 2013
Anytime you purchase anything from a retail store/chain or a restaurant you are paying for that $100 million or more CEO's salary. I don't see a Mayor or Department head earning that much?
#52 Oct 14, 2013
It is very simple, they chose the money instead of job security. Now many employers learn to keep them under the number of hours that will make them full-time so they do not have to give them benefits.
Many employers know to cut their positions before they can be eligible for retirement.
Here you have the CEO of McDonalds earning $100 million in salary annually but refuses to give the workers anything above the minimum wage. If I was a private sector worker I would be mad too and vent at the public workers.
I don't know why they complain, just quit the private sector and become a public sector worker.
#53 Oct 14, 2013
Jtn is a black that
#54 Oct 15, 2013
CEO's make or break a private sector company. They have to produce and generate revenue for the company they lead. If they don't produce they're gone. Public sector jobs, even mayors and department heads, don't produce revenue and profits. They are hired to perform a service and the services are paid for with private sector money. You can't compare a private sector job with a public sector job. Many in the public sector work hard and are underappreciated but the benefits are far too rich. That's changing for the better.
An important difference between public services and restaurants and retail stores is choice. You don't have to shop in a retail store or eat in restaurants but you do have to pay taxes whether you use the services or not. The way you pay taxes ranges from fair to very unfair.
If you work you pay a 5.3% income tax. That applies to everyone and it's fair.
If you own a home you pay property taxes. The tax has nothing to do with the services you receive. In Massachusetts the approximate average per pupil cost for public school is $13,000 per year. If two households each own the same type house and have identical tax bills of $6,000 per year but one household has 3 kids and the other has none. The household with 3 kids is getting $39,000 of school services for it's $6,000 and the other is getting nothing. The public school employees win either way. How to make it more fair, everyone in the city or town should pay the exact same tax since they have the exact same services available to them.
#55 Oct 15, 2013
Do you have a list of companies that pay CEO's $100 million or more? I couldn't find one.
Walmart, Michael Duke,$6,300,000.
McDonald's, Donald Thompson,$9,880,000.
I hear people complaining that if CEO pay wasn't so high they could take better care of the employees. Heard that a lot during the GM and Chrysler collapse. McDonald's has 440,000 full time employees, if the CEO gave all of his pay to those employees they would ear another $22.45 per year. Walmart has 2,200,000 full time employees. If the CEO gave his pay to the employees they'd get another $2.86 per year. 52 forty hour weeks is 2,080 hours per year so the employees would get the following hourly raise:
#56 Oct 15, 2013
If everyone did that, who would pay you?
#58 Oct 15, 2013
How does 11% pay out for 75%?
#60 Oct 15, 2013
There is more than one CEO and there are thousands of non working investors that get paid. 30 years ago there wasn't a tenth of the number of CEOs that there are today.
Take for example if you have $100, you give the CEO $80 and the employee $20. Now in our nation it is the same math as there is only so much money.
The problem is that so few have all the money which can never sustain our consumer market economy!
Food stamps and welfare is 100% government spending as this money is used to support thousands of JOBS!!! When people are not spending enough the government needs to spend in order to keep the economy working. This is economics 101 and should be re-taught to everyone so they can better understand the flow of money.
#61 Oct 15, 2013
In the past 12 years Western Union has exploded concerning the amount of US dollars leaving our economy. It got so insane that Bank of America opened up branches in Mexico so they could get in on the exchange fees.
Before this increase in Western Union our country never experienced such vacuuming of our nations treasures.
This finger pointing at Americas poor is more than insulting. The majority of the Billions Obama borrowed from the Chinese went to banks, pension debt, current police and fire and many infrastructure projects within America.
President Obama on day borrowed in order to keep America from failing.
If the Republicans continue to sink this economy then I hope it fails 100% so everyone feels it. Your savings will be worthless, all your investments will sink.
Then we will find out who knows how to survive! Historically the poor has survived. Your insults directed at our nations poor is very distasteful.
The 4 trillion being held by Americas wealthy hasn't moved as it has sat there since day one of the Obama administration.
The Republicans will sink this economy as re-distribution of wealth will be automatic as only those who work hard will get paid.
You shouldn't insult hard working Americans because they receive very low wages. Leave them alone. Yes they do not take vacations, no they do not have new cars, nor houses, boats or any toys but they are not complaining as they are enjoying what God gave them. Unlike most wealthy who are super greedy and want more toys and more toys.
Keep your toys just leave the rest of America alone, move to Dubai and enjoy the wealthy oasis who cares!!!
For a wealthy person to EVER criticize citizens receiving food stamps is just pathetic!!!
#62 Oct 15, 2013
No one minds helping the poor, Lynch. But the last thing we need is ignorant crackpot economic analysis from a habitual offender who has naver worked and continues to be a drain on the public treasury.
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