Public pensions under pressure

Public pensions under pressure

There are 39 comments on the TwinCities.com story from Aug 12, 2009, titled Public pensions under pressure. In it, TwinCities.com reports that:

Retirement has taken a hit as the stock market has suffered. The average 401K account fell 27 percent in calendar year 2008.

Join the discussion below, or Read more at TwinCities.com.

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Bob the Bilderberg

Minneapolis, MN

#23 Aug 14, 2009
URFunny wrote:
I wonder what would happen if you pulled 2 Billion dollars out of the State economy right about now. Public pension pump that amount each year into our state economy.
See, this is why this has to be changed. The morons getting government pensions don't even have a clue where the money comes from. Like the $2 billion just materializes out of thin air or something and didn't come out of the pockets of the people pulling the wagon these slugs ride in.

Instead of 55 year-old retirees, I think that anybody who works in a government job should be required to work until they're at least 70 to make up for the fact that their work life was so easy and free of accountability.
URFunny

Circle Pines, MN

#24 Aug 14, 2009
I think you missed the point Bob!
Public pensions pump 2.5 billion dollars a year into the state economy. This represents 3 times more money that is spent by the tax payer to fund these pensions. If you think our state has money problems now......stop paying public pensions.
2/3 of the money used to pay these pensions...comes from the investments. 17% is funded by the tax payer.
Try retiring as a regular state employee at 55.(Your benefit is greatly reduced) I bet you didn't know if you were hired after 7/1/89 you can't retire until full Social Security retirement age...66. So smart you are Bob!
Tell a cop he had it easy and should retire at age 70. Wow! Funny one of the day there Bob!
If you want more FACTS on how the MN pension system benefits the great state of Minnesota.....let me know!
P.S. Careful who you call a moron Bob. You might be talking to someone who knows a thing or two about the MN State Pension System. RLMAO!
Raoul Duke

Andover, NJ

#25 Aug 14, 2009
No government can solve the public pension issue. The "governances" have all been hijacked.

The politicians enrich the public employees, the public employees fund and staff the politicians' campaigns. It is a perfect scheme. Neat. Simple. Unrelenting. Unstoppable.
Dirtly Larry

Minneapolis, MN

#26 Aug 14, 2009
gbloom wrote:
Government does nothing? next time you need emergency medical care, take care of it yourself, don't call the fire department, police department or fire department ambulance. Next time someone forces their way into your house to rob you and terrorize your family- take care of it yourself, don't call the Police. Next time there is a blizzard or ice storm creating snow plugged or icy roads- take care of it yourself, don't expect your city, county or state highway department to plow or salt the roads. Lastly, make certain that you teach your own children how to read, write, use complex mathematical formulas etc. don't depend upon the public education system.
Lastly , to the person who is upset that they do not have a pension like public employees. Tough, you chose to take higher pay and work in the private sector . It is not our fault that you were suckered into believing that you should fund most of your own retirement pension by investing on the stock market, ignoring what has happened over and over in the past history of the market.
We have a pension-it is not huge but we earned it.
I don't dial 911. I dial Smith & Wesson.
Red Ryder

Minneapolis, MN

#27 Aug 14, 2009
http://www.lewrockwell.com/blog/lewrw/archive...



The Pension Benefit Bailout-Me-Out Corp

The Pension Benefit Guaranty Corp (PBGC) is something that the media
likes to say is "not funded by taxpayer dollars." This story
< http://tinyurl.com/pw4r4y> ; makes the usual claim: "The PBGC, whose
costs are paid by premiums assessed on businesses, and money in the
pension funds it takes over...."

The PBGC, which just took over Metaldyne Corp's pension plans last
week, just committed to its 2nd most costly takeover ever, after the
United Airlines bailout, as it took over Delphi's pension plans,
which will cost $6.25 billion.

The government-owned PBGC has a $30+ billion deficit, and it has not
yet begun to take over auto industry pension plans. Earlier this
year, the Washington Post reported:

Despite the deficit, the PBGC will be able to meet its obligations
to pensioners for many years, the agency's acting director,
Vincent K. Snowbarger, told the panel. That's because the payments
it owes are not due all at once; they are spread over the
beneficiaries' lifetimes, Snowbarger explained.

Talk about a (often ignored) government ponzi scheme! You can bet
that American taxpayers are being set up to bail out this
monstrosity.
Red Ryder

Minneapolis, MN

#28 Aug 14, 2009
http://www.southtownstar.com/news/1711924,081...

The Southtown Star
August 12, 2009

Facing big budget hole, CPS plans property tax hike

By Rosalind Rossi, Sun-Times News Group

Faced with a "tsunami" of teacher pension costs, Chicago Public
Schools officials want a $43 million property tax increase, a 1.5
percent boost, a new budget indicates.

Even with a two-year influx of $383 million in federal stimulus
dollars, Chicago Public Schools and its new CEO struggled to hobble
together a budget for this coming school year.

Their biggest obstacle was a teacher pension tab that that will
balloon 70 percent - from $177.8 million to $307.5 million in the
coming fiscal year - and is expected to skyrocket to $536.3 million
in fiscal 2011.

The proposed property tax increase would be the 13th time in 14
years that CPS has raised the property tax for schools since Daley's
1995 takeover of the system.
Robin

Minneapolis, MN

#30 Aug 15, 2009
Public pensions are wonderful. I feel sorry for other folks.
Good Guy

Minneapolis, MN

#31 Aug 15, 2009
Wow, I can't believe I just read this, what common sense. The public payroll and benefits have gotten out of control, especially teachers. It always goes up, never goes down. They are completely out of whack with the private sector. And don't give me this BS that you're not paid as much because there is one HUGE difference that is conveniently glossed over........public workers are RARELY FIRED OR LAYED OFF!!
44mr share

Irvine, CA

#33 Aug 16, 2009
I'm tired of hearing about the government pensions. Don't they understand what we are going hrough in the private sector? Wage freeze, pay cuts, layoffs, no matching 401K. this recession has not shared the pain and the government better not bail out their pensions. There will be a big uproar. It is time to phase out the pensions and give them a 403B account.
Red Ryder

Minneapolis, MN

#34 Aug 16, 2009
44mr share wrote:
I'm tired of hearing about the government pensions. Don't they understand what we are going hrough in the private sector? Wage freeze, pay cuts, layoffs, no matching 401K. this recession has not shared the pain and the government better not bail out their pensions. There will be a big uproar. It is time to phase out the pensions and give them a 403B account.
they don't care. Gubermint is immune to market forces and economic reality:

http://www.dailynews.com/breakingnews/ci_1313...

LA Daily News
08/15/2009

Number of $100,000-plus government pensions
surges by as much as 7-fold

By Troy Anderson, Staff Writer

At a time when government agencies are cutting back on law
enforcement, health care for children and services for the poor, the
number of public servants collecting $100,000-plus pensions -
including one raking in nearly $500,000 a year - has exploded in
recent years, in some cases tripling or even increasing sevenfold.

In Los Angeles County, the number of retired county employees
receiving pensions of $100,000 or more has nearly tripled from 1,198
in 2004 to 3,096 today, the Daily News has learned through a series
of Public Records Act requests.
Pull the Plug

Saint Paul, MN

#35 Aug 17, 2009
Red Ryder wrote:
<quoted text>
they don't care. Gubermint is immune to market forces and economic reality:
http://www.dailynews.com/breakingnews/ci_1313...
LA Daily News
08/15/2009
Number of $100,000-plus government pensions
surges by as much as 7-fold
By Troy Anderson, Staff Writer
At a time when government agencies are cutting back on law
enforcement, health care for children and services for the poor, the
number of public servants collecting $100,000-plus pensions -
including one raking in nearly $500,000 a year - has exploded in
recent years, in some cases tripling or even increasing sevenfold.
In Los Angeles County, the number of retired county employees
receiving pensions of $100,000 or more has nearly tripled from 1,198
in 2004 to 3,096 today, the Daily News has learned through a series
of Public Records Act requests.
a.....WOW! I implore people to read Ryder's link! What an incredible scam! This is outright criminal! No wonder it's NEVER ENOUGH!
Yeah Right

Saint Paul, MN

#36 Aug 17, 2009
Dirtly Larry wrote:
<quoted text>
I don't dial 911. I dial Smith & Wesson.
And what pray tell do you do with the corpse??? That's right, you call for a government employee to come clean up your mess!
Yeah Right

Saint Paul, MN

#37 Aug 17, 2009
Pull the Plug wrote:
<quoted text>a.....WOW! I implore people to read Ryder's link! What an incredible scam! This is outright criminal! No wonder it's NEVER ENOUGH!
Red Ryder should ALWAYS be ignored! He spams every subject with his BS and should NEVER be encouraged!
Commonsense Man

Minneapolis, MN

#38 Aug 17, 2009
Yeah Right wrote:
<quoted text>
And what pray tell do you do with the corpse??? That's right, you call for a government employee to come clean up your mess!
Another dimwitted public employee, you're missing the point as usual. This post is about pensions and funding them. Not that government does jobs like pick up dead people. We know that. We pay for that. This post is not about jobs that government workers do, its how to pay for the pensions and benefits in retirement.
Bike Bubba

United States

#39 Aug 17, 2009
Um, "URfunny," reality is that the funds disbursed for public pensions are ultimately taken from the public. So it is impossible for a public pension fund to return three times more than it costs. There ain't no such thing as a free lunch.

Now we might claim that because a portion of the pensions being paid are from returns on investments, that the burden on the taxpayer is lighter as a result, but consider; the dollar taken from the taxpayer to purchase securities for government pension funds is a dollar not invested by the taxpayer in the same kind of securities.

Again, there ain't no such thing as a free lunch, and any claim of government "multiplying" the effectiveness of a dollar ignores the fact that the dollar could have done even more multiplying somewhere else--in its preferred use.

Read some Bastiat, URFunny.
Julie

Minneapolis, MN

#40 Aug 17, 2009
Nepotism - friends - family - helping each other and closing the doors to any one else. Fire Dept - County - City workers.
URFunny

Circle Pines, MN

#41 Aug 24, 2009
Poor Big Bubba
17% of Public Pensions in the State of MN are funded by the tax payer. 17% me boy! Where does the other 83% come from? Bubba! Ain't two smart no how in Georgia huh?
Bubba employees pay 15% of the bill themselves not to mention pay taxes on top of that.
In 2007 the jobs created by people spending pension checks covered the publics costs!
Move to MN and get a clue Buddy! I'm not sure how they do it down in ol'Georgia!
Poor Bubba! I'm looking at studies that were done on our states economy and the effect public pensions have on it. What are you looking at?
Bike Bubba

United States

#42 Aug 24, 2009
Um, URfunny, exactly how is it possible for pension funds for public employees to come from anywhere but public money, or from returns on pension investments bought (again) originally with public money?

No matter what accounting tricks are tried to hide this fact, 100% of pension funds contributions for public employees anywhere in the world come originally from the taxpayer. I guess they didn't teach you logic in those vaunted Minnesota government schools, did they?

BTW, I'm an hour south of the Twine Ball. Sometimes the Internet has interesting markings that don't correspond to geography.
Yea Right

Newark, NJ

#43 Aug 24, 2009
URFunny wrote:
Poor Big Bubba
17% of Public Pensions in the State of MN are funded by the tax payer. 17% me boy! Where does the other 83% come from? Bubba! Ain't two smart no how in Georgia huh?
Bubba employees pay 15% of the bill themselves not to mention pay taxes on top of that.
In 2007 the jobs created by people spending pension checks covered the publics costs!
Move to MN and get a clue Buddy! I'm not sure how they do it down in ol'Georgia!
Poor Bubba! I'm looking at studies that were done on our states economy and the effect public pensions have on it. What are you looking at?
WOW ... are you an idiot !

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