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Message
re: Pensions may bankrupt Dallas (Reason)
Posted on 2/23/17 at 10:51 am to SlowFlowPro
Posted on 2/23/17 at 10:51 am to SlowFlowPro
One if the few ways to fix the problem with police/firefighter retirement fund is establish a metropolitan police department and fire department.
This may piss off the people that live in the suburbs, but it will help with a bigger tax base.
This may piss off the people that live in the suburbs, but it will help with a bigger tax base.
1
Posted on 2/23/17 at 10:52 am to Big12fan
When my parents told me the Houston pension returns, I was in utter disbelief. Hell, I'm only 22 and I know a guaranteed minimum return of 5% is unsustainable.
Posted on 2/23/17 at 10:56 am to SlowFlowPro
They were dealing with this in Memphis when I was there. A lot of employees had to take haircuts. It was a painful process but the city is probably ahead of a lot of peers in terms of dealing with this mess.
Defined benefits will sink a lot of municipalities and states in the coming years.
Defined benefits will sink a lot of municipalities and states in the coming years.
Posted on 2/23/17 at 11:00 am to MizzouBS
quote:
One if the few ways to fix the problem with police/firefighter retirement fund is establish a metropolitan police department and fire department.
This may piss off the people that live in the suburbs, but it will help with a bigger tax base.
Making the pot larger is still a temporary fix. The problem is the nature of the benefits themselves. Eventually these type of benefits can sink the whole county and suburbs too.
I'm afraid the teacher's pension setup in Louisiana can really be a problem when the budget tightens in a few years.
This post was edited on 2/23/17 at 11:03 am
Posted on 2/23/17 at 11:12 am to gatorrocks
I honestly believe the military retirement pension will be phased out in the next 20-30 years.
Posted on 2/23/17 at 11:17 am to SlowFlowPro
In my opinion one of the main problems is when they employees are allowed to retire. People are living longer now yet in a lot of places the retirement age has stayed the same. If you're a teacher and get a job right out of college, you can retire with full health care and a significant salary at 52 (30 years of employment). That means if you live to be 90 you are now payed for more years not working than when you worked!
Posted on 2/23/17 at 11:19 am to dewster
Why does a metropolitan area that takes up an entire county need a sheriffs department?
When the smaller suburb police department needs help who helps them?
Where do most of the police force live?
It may seem like a larger metro force could make the problem worse, but it allows for more tax revenue and less problems with jurisdiction.
When the smaller suburb police department needs help who helps them?
Where do most of the police force live?
It may seem like a larger metro force could make the problem worse, but it allows for more tax revenue and less problems with jurisdiction.
Posted on 2/23/17 at 11:32 am to SabiDojo
If I had to bet on the next city to go chapter 9 I would bet on Jackson.
Posted on 2/23/17 at 11:33 am to SlowFlowPro
Fake news, small local government is infallible.
Posted on 2/23/17 at 11:34 am to SlowFlowPro
I am glad I fled North from Dallas County. Dallas is a blue county, which translates to not being good with other people's money.
Posted on 2/23/17 at 11:44 am to DarthRebel
quote:
DarthRebel
The blue you see in Ark. in your picture, Pulaski County, home of Little Rock/ North Little Rock. I fled from there back in '86 to keep from being arrested for something that I was going to do.
Posted on 2/23/17 at 11:44 am to Wtodd
quote:
st believe the total Fed debt is well above $120T...not $19.5T.
Wow. I would love to see the calculations behind that. Terrifying if even close to true
Posted on 2/23/17 at 11:47 am to SlowFlowPro
Like Prichard Alabama on a large scale.
To everyone that believes that Social Security, Obamacare, Medicare, etc., are government 'guaranteed'.
Let this be a lesson that government guarantees nothing.
To everyone that believes that Social Security, Obamacare, Medicare, etc., are government 'guaranteed'.
Let this be a lesson that government guarantees nothing.
Posted on 2/23/17 at 11:52 am to SlowFlowPro
Government employees have a lot of political power and thus politicians have been making their pension plans more and more lavish. We'll being seeing a lot of bankrupt government plans in the upcoming years.
It was supposed to be that government service didn't pay well, but had good retirement benefits. Now, it is both.
It was supposed to be that government service didn't pay well, but had good retirement benefits. Now, it is both.
Posted on 2/23/17 at 11:55 am to SlowFlowPro
Houston is in the same situation.
Posted on 2/23/17 at 12:02 pm to Oilfieldbiology
there is much merit to your position.
I retired at 58 years old, rule of 80 - age plus years of service. Could have continued working but in doing the math it was more prudent for me to simply say 'thanks for the memories'...am semi-retired, approaching 61, and have no intentions of full retirement anytime soon.
Will need to push back/out the rule of 80 at some point. Grandfather those employed now? Something will need to be done at some point.
I retired at 58 years old, rule of 80 - age plus years of service. Could have continued working but in doing the math it was more prudent for me to simply say 'thanks for the memories'...am semi-retired, approaching 61, and have no intentions of full retirement anytime soon.
Will need to push back/out the rule of 80 at some point. Grandfather those employed now? Something will need to be done at some point.
Posted on 2/23/17 at 12:11 pm to SlowFlowPro
ERISA provides for stiff penalties for fiduciary breaches and mismanagement (including personal liability of fiduciaries; i can't remember if treble damages apply to fiduciaries or just participants--it has been well over a decade since i handled), but apparently that isn't a sufficient deterrent for some trash.
I used to help manage benefit funds for unions (they don't let the corrupt Dems handle that part) and the biggest boondoggle I ever had was a trip to chick-fil-a en route to the IBEW HQ during a trial.
Slightly related: The USPS's financial woes are primarily due to the prefunding mandate on its pension plans.
I used to help manage benefit funds for unions (they don't let the corrupt Dems handle that part) and the biggest boondoggle I ever had was a trip to chick-fil-a en route to the IBEW HQ during a trial.
Slightly related: The USPS's financial woes are primarily due to the prefunding mandate on its pension plans.
Posted on 2/23/17 at 12:14 pm to McLemore
Governmental plans are exempt from ERISA.
This post was edited on 2/23/17 at 12:15 pm
Posted on 2/23/17 at 12:15 pm to Oilfieldbiology
quote:
f you're a teacher and get a job right out of college, you can retire with full health care and a significant salary at 52 (30 years of employment)
Where is this? In LA it's 45 years.
Posted on 2/23/17 at 12:28 pm to barry
This is why soon the major cities in the US will be no-go zones for most of the middle class...this is nothing new and for sentient people that pay attention to some degree...the decay has been going on for decades...it's the normal cycle of cultures and societies...it's just now reaching the peak where politicians' big promises of socialism/social justice bs is realized to be a false promise/a fraud...as Thatcher famously said,"Socialism works fine until they run out of other people's money!" lol We are reaching such a time...buckle up!
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