Do Retires lose retirement

Posted in the Detroit Forum

What the

Panama City Beach, FL

#1 Dec 3, 2013
What the ####, do retired civil servants now lose their retirement. Is this a roadmap for other cities ? I'm a county employee that is now worried.
Pete

Livonia, MI

#2 Dec 3, 2013
What the wrote:
What the ####, do retired civil servants now lose their retirement. Is this a roadmap for other cities ? I'm a county employee that is now worried.
Civil servants are not going to lose their pensions. They will contribute to the cost cutting and debt payment of the city. The best estimate is that the haircut could not exceed 15%. Even that would be substantial for a person living on that money and expecting it. The judge encouraged a negotiation between the pension funds and Orr to come to an agreement, which could be less than 15%. The pensions could have been set up in a way to specifically exclude bankruptcy from touching them, but that was not done.

The good part of the judge's ruling is that the art is to be part of the settlement assets considered. I would rather see the pensions saved and the arts contribute 30% to this deal.

Also, the water department will likely be restructured. It might end up like a sale and lease back. Or it could be like renting WSDS so the city would receive a fixed revenue from it to pay bills while the entity renting it would beat all the suburbs up for a profit.

To all those who said, "Let the city go, we don't care", that emotion will come at a great financial cost over the future as the needs of Detroit are socialized out state.
John

Charleston, WV

#3 Dec 3, 2013
Hopefully they do. Bloodsuckers mooched enough already.
BIG TOM FECALBAUM

San Antonio, TX

#4 Dec 4, 2013
Detroit is nothing more than a carcass with a lingering stench. The bottom feeders representing the city will work the bankruptcy and feed off of it as much as they can before they pull the plug. All of the other issues merely feed into the daily drama.
Ex- El Paso Resident

Las Cruces, NM

#5 Dec 5, 2013
What the wrote:
What the ####, do retired civil servants now lose their retirement. Is this a roadmap for other cities ? I'm a county employee that is now worried.
If you have time you may want to start saving on your own.

Did you pay into SS ? In Detroit they did not and now they will regert it. That would have been something but now they have no claim.
ROBERT E LEE

Houston, TX

#6 Dec 5, 2013
keep on voting for democrat scumbags--keep kissing union butts.
ThomasA

Birmingham, AL

#7 Dec 6, 2013
Pete wrote:
<quoted text>
Civil servants are not going to lose their pensions. They will contribute to the cost cutting and debt payment of the city. The best estimate is that the haircut could not exceed 15%. Even that would be substantial for a person living on that money and expecting it. The judge encouraged a negotiation between the pension funds and Orr to come to an agreement, which could be less than 15%. The pensions could have been set up in a way to specifically exclude bankruptcy from touching them, but that was not done.
The good part of the judge's ruling is that the art is to be part of the settlement assets considered. I would rather see the pensions saved and the arts contribute 30% to this deal.
Also, the water department will likely be restructured. It might end up like a sale and lease back. Or it could be like renting WSDS so the city would receive a fixed revenue from it to pay bills while the entity renting it would beat all the suburbs up for a profit.
To all those who said, "Let the city go, we don't care", that emotion will come at a great financial cost over the future as the needs of Detroit are socialized out state.
The pension plans are underfunded so where will the money come from except from the employees still working paying into the system. This will only work if the payments are cut as more will be going out than coming in.
Calvin Ralls

Nashville, TN

#8 Dec 6, 2013
They need to take all pensions and start over, but this time set it up according to how much HONEST work they do
ROBERT E LEE

Houston, TX

#9 Dec 6, 2013
with democrats and unions in control (YES) most of you will loose at least part of your pensions----- the fat cat union officials will still get ALL of their pensions.
Pete

Livonia, MI

#10 Dec 6, 2013
ThomasA wrote:
<quoted text>The pension plans are underfunded so where will the money come from except from the employees still working paying into the system. This will only work if the payments are cut as more will be going out than coming in.
You just rephrased what I and others have said.

The pension fund is underfunded, not out of funds. The city has the obligation for the unfunded portion, not any future income stream from employees. The funding for current and future employees will hopefully be kept solvent. This is not like Social Security where they will make the grand kids pay the bill. The unfunded portion becomes a separate liability to be prorated with the other debts of other unsecured creditors. I guessed that pensioners would lose 15%, but I could be very wrong. Maybe it could be 50%. Maybe these retirees will have to go back to work not answering phones to make ends meet.
Retired Teacher

Paducah, KY

#11 Dec 6, 2013
Ex- El Paso Resident wrote:
<quoted text>
If you have time you may want to start saving on your own.
Did you pay into SS ? In Detroit they did not and now they will regert it. That would have been something but now they have no claim.
Public employees do not have a choice as to whether or not they pay into Social Security. In many places and many occupation they can't even if they want to.
ROBERT E LEE

Houston, TX

#12 Dec 6, 2013
in a occupation where you do not pay into social security---if you DO NOT put money back for retirement every payday----then SHAME ON YOU.

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