Bankrupt cities cry pension foul

Bankrupt cities cry pension foul

Posted in the Minneapolis Forum

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“HHhhhoooowwwlll”

Since: Feb 08

Craigville

#1 Nov 15, 2012
'In the mid-sized California cities of Stockton and San Bernardino, officials say public safety costs were among the factors that forced both to declare bankruptcy. In Vallejo, a former U.S. Navy town near San Francisco that emerged from a three-year bankruptcy last year, public safety pay and benefits were consuming three-quarters of the city's general fund.'

Taxpayers are NOT the bottomless money pit. Look into San Bernadino' retired city officials to get an idea of Unions gone wrong.

http://www.reuters.com/article/2012/07/29/us-...

“HHhhhoooowwwlll”

Since: Feb 08

Craigville

#2 Nov 15, 2012
San Bernadino is the poster child of unions gone wrong. No money to pay the pensions? Who cares? The unions say pay anyway.

'Retiring employees are also able to extract big one-time "cash outs." In San Bernardino, eight hours per month of unused sick time can be rolled over and saved year after year, without limit. Come retirement, 50 percent of the total can be taken in cash. The same goes for unused vacation time: up to 460 accrued hours of vacation - nearly three months of salary - can be cashed in at the fire department, Conrad said.

The police have a similar deal. In 2009, patrol lieutenant Richard Taack retired at the age of 59, after 37 years of service. He took home $389,727 that year, including $194,820 in unused sick time and $33,721 for unused vacation time, according to city payroll records. Shortly after Taack retired - on an annual lifetime pension of $128,000 - he was hired part-time by Penman's city attorney's office, at $32 an hour.

Read this, and weep.....

http://www.reuters.com/article/2012/11/13/us-...
Amused Slew

Seattle, WA

#3 Nov 15, 2012
Looks like a case, where city officials made contracts, but didn't put the money aside to pay them...Gee, wonder if THEY got paid ?? LMAOROTFU~! More games by cheap rethuglican't politicians trying to weasel outta contracts.
Omni 40

Hibbing, MN

#4 Nov 15, 2012
IF there is no money to pay the pensions, what do you suggest?
Raise taxes?
Omni 40

Hibbing, MN

#5 Nov 15, 2012
Losing two large employers, coupled with the economy tanking, San Benadino city employees cut the community' throat for personal gain.
Unrealistic pensions with nothing to back them.......all at the union' blessing of course.
Amused Slew

Minneapolis, MN

#7 Nov 18, 2012
USA will be ruined by Unions!

“We have 545 traitors.”

Since: May 11

Parts Unknown

#8 Nov 18, 2012
The first thing that needs to happen is outlawing pensions, across the board. Replace them with 401K style retirement plans or similar where the fed or state or city just contributes a percentage.
Amused Slew

Seattle, WA

#9 Nov 18, 2012
LMAOROTFU~! If you had a brain, you'd "outlaw" old age FIRST ! LMAOROTFU~! Funny, pension are bad now, but inheriting billions, YOU NEVER EARNED ....is still OK....
Amused Slew

Minneapolis, MN

#10 Nov 18, 2012
Blern wrote:
The first thing that needs to happen is outlawing pensions, across the board. Replace them with 401K style retirement plans or similar where the fed or state or city just contributes a percentage.
I agree with that, Social Security is a good example of what Government does with pension money. They have taken tons of $$$ for Social Security and pissed it away. So now people expecting to get some of their money back that was put into Social Security are skrewed,'cause it's going broke..

At this point I'd much happier if the money taken for SS was in a 401K.
CRASSUS

Green Bay, WI

#11 Nov 18, 2012
40for60 wrote:
San Bernadino is the poster child of unions gone wrong. No money to pay the pensions? Who cares? The unions say pay anyway.
'Retiring employees are also able to extract big one-time "cash outs." In San Bernardino, eight hours per month of unused sick time can be rolled over and saved year after year, without limit. Come retirement, 50 percent of the total can be taken in cash. The same goes for unused vacation time: up to 460 accrued hours of vacation - nearly three months of salary - can be cashed in at the fire department, Conrad said.
The police have a similar deal. In 2009, patrol lieutenant Richard Taack retired at the age of 59, after 37 years of service. He took home $389,727 that year, including $194,820 in unused sick time and $33,721 for unused vacation time, according to city payroll records. Shortly after Taack retired - on an annual lifetime pension of $128,000 - he was hired part-time by Penman's city attorney's office, at $32 an hour.
Read this, and weep.....
http://www.reuters.com/article/2012/11/13/us-...
Shouldn't you be out deer hunting instead of sniffing out the gay threads?
goose

Wheaton, IL

#13 Nov 18, 2012
Blern wrote:
The first thing that needs to happen is outlawing pensions, across the board. Replace them with 401K style retirement plans or similar where the fed or state or city just contributes a percentage.
Like most private sector companies have done
Amused Slew

Seattle, WA

#14 Nov 18, 2012
goose wrote:
<quoted text>
Like most private sector companies have done
Most private sector companies have shifted the pensions to the workers...Odd, the worker will starve if the market doesn't grow, but you're too stupid to see reality... Gee, didn't Ron Reagan have SSI, Screen Actor's Guild, Governor, and presidential pensions ??? Nice, you want to limit the working man's pension, to save rich folks money ???
Amused Slew

Minneapolis, MN

#15 Nov 18, 2012
goose wrote:
<quoted text>
Like most private sector companies have done
And many workers have converted their 401K into self controlled investment portfolios that are diverse and react to changing market conditions. These investment stratagies have proven track records that beat many others.

Of course if you are a Government employee you are locked in to a public pension that may or may not produce anything once you retire.
Amused Slew

Seattle, WA

#16 Nov 18, 2012
LMAOROTFU~! "Gambling" is better than security ?? LMAOROTFU~! You're ALMOST a complete moron, keep trying...

“We have 545 traitors.”

Since: May 11

Parts Unknown

#17 Nov 18, 2012
Amused Slew wrote:
<quoted text>Most private sector companies have shifted the pensions to the workers...Odd, the worker will starve if the market doesn't grow, but you're too stupid to see reality... Gee, didn't Ron Reagan have SSI, Screen Actor's Guild, Governor, and presidential pensions ??? Nice, you want to limit the working man's pension, to save rich folks money ???
Union pensions are drowning the Postal Service as well. Pensions are unsustainable and should have never been allowed.
Amused Slew

Seattle, WA

#18 Nov 18, 2012
Blern wrote:
<quoted text>
Union pensions are drowning the Postal Service as well. Pensions are unsustainable and should have never been allowed.
Actually, that's as stupid as anything you've written...Try again...
Omni 40

Hibbing, MN

#19 Nov 18, 2012
CRASSUS wrote:
<quoted text>Shouldn't you be out deer hunting instead of sniffing out the gay threads?
This is a thread about pensions, it turned gay the second you showed up.
Omni 40

Hibbing, MN

#21 Nov 18, 2012
When public unions negotiate with union paid for politicians, San Bernadino happens.
Any questions?
Amused Slew

Seattle, WA

#22 Nov 18, 2012
Omni 40 wrote:
When public unions negotiate with union paid for politicians, San Bernadino happens.
Any questions?
San Bernardino ?? Why would anyone respect a guy who can't spell the name and pretends the less than 15% of union members control the vote ??? MAN, THAT kook-aide has you bad...
CRASSUS

Green Bay, WI

#23 Nov 18, 2012
Omni 40 wrote:
<quoted text>
This is a thread about pensions, it turned gay the second you showed up.
That was mighty gay of you to respond to a post for 40for60. I'd say you've got his back. Probably a tight grip on it while you are thrusting.

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