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Message
re: This is Why City and state Governments Will go Broke
Posted on 5/17/18 at 9:59 am to FLObserver
Posted on 5/17/18 at 9:59 am to FLObserver
You guys realize this isnt just free money right?
You realize that these people have to contribute a percentage every month just like everyone else right?
And then, you do realize that just like in the "real world" everyone else operates in, the employers matches that, right?
Furthermore, you also realize that nobody in this whole world is stopping you from going and reaping those same benefits, right?
4
Posted on 5/17/18 at 10:49 am to AUjim
quote:
You guys realize this isnt just free money right?
You realize that these people have to contribute a percentage every month just like everyone else right?
And then, you do realize that just like in the "real world" everyone else operates in, the employers matches that, right?
Furthermore, you also realize that nobody in this whole world is stopping you from going and reaping those same benefits, right?
Spoken like someone who feels the need to justify their excessive pension, I would suggest.
Posted on 5/17/18 at 10:58 am to AUjim
(no message)
This post was edited on 6/9/18 at 1:30 am
Posted on 5/17/18 at 11:02 am to FLObserver
That is insane. Mother fricker is in a better financial situation than he would be in if he would have not been a pussy.
Posted on 5/17/18 at 11:06 am to FLObserver
quote:
so a guy/gal can work a state job and retire at 55 or younger and get paid with an average of his last 5 years of highest salary. bullshite!!!
You're right, that is bullshite, because that's not how it works at all.
Posted on 5/17/18 at 11:27 am to FLObserver
quote:
Why City Governments Will go Broke
Because they progressively turn into third world shite holes.
Posted on 5/17/18 at 12:05 pm to TDFreak
quote:
Spoken like someone who feels the need to justify their excessive pension, I would suggest
Spoken like one in a large group of people who have no idea how pension funds actually operate and get all their information from 'studies' funded by the Koch brothers.
Again, if these defined benefit plans are so awesome and such a huge benefit, why on earth would you all not go work as a police officer, firefighter, teacher, or other government official? Obviously you are all smart enough to be those upper-level administrators who are WAAAAAAAY overpaid to just have an easy cake-walk job and get rich in retirement....Why are you holding back?
Posted on 5/17/18 at 1:00 pm to kywildcatfanone
quote:
Pensions for everyone in govt are way out of control. That practice needs to end for all govt workers. Move them to a 401K type plan.
Pensions were fine when govt workers made less than those in the private sector. That hasn't been true for a long time now.
If the government pay and pensions are so great then why don't you get one of those jobs?
I am going downtown right now to get in on that sweet government employee gravy train.
This post was edited on 5/17/18 at 1:03 pm
Posted on 5/17/18 at 1:23 pm to AUjim
quote:
Spoken like one in a large group of people who have no idea how pension funds actually operate and get all their information from 'studies' funded by the Koch brothers.
Again, if these defined benefit plans are so awesome and such a huge benefit, why on earth would you all not go work as a police officer, firefighter, teacher, or other government official? Obviously you are all smart enough to be those upper-level administrators who are WAAAAAAAY overpaid to just have an easy cake-walk job and get rich in retirement....Why are you holding back?
You do realize that it is insanely competitive to be a teacher, fireman, police, etc. in jurisdictions where these pension systems are extremely burdensome on the taxpayers (Illinois, New Jersey, California, etc.)?
You probably don't want to play that card because you'll lose. Public pensions and retiree healthcare are one of the biggest threats to the long-term health of the republic, and lemmings who bury their heads in the sand about it or cry "Teachers are underpaid!$%$" need to take a long walk.
Posted on 5/17/18 at 1:26 pm to AUjim
quote:
You guys realize this isnt just free money right?
You realize that these people have to contribute a percentage every month just like everyone else right?
And then, you do realize that just like in the "real world" everyone else operates in, the employers matches that, right?
Furthermore, you also realize that nobody in this whole world is stopping you from going and reaping those same benefits, right?
That's not "matching", and if you're a teacher, I hope you don't teach economics, because you clearly don't understand the concepts of cost of capital, inflation, or the fungible nature of money.
Posted on 5/17/18 at 2:26 pm to AbuTheMonkey
quote:
That's not "matching"
When a person puts in 5% and their employer has to also contribute 5% from their general fund to the retirement fund in the name of the employee....in a practical sense (the one that makes sense in trying to calculate a future retirement benefit and the opportunity cost of potentially leaving a pension fund job) that is essentially "matching."
I can't wait to retire with full benefits at 49 and fish all day while you just complain about how unfair everything is.
ETA-I'll concede (though I never tried to make the argument) that plenty of pensions are very poorly designed. Pension reform is necessary in a lot of situations, especially in instances of allowing overtime as part of the contribution and/or benefit calculation....
My only real argument started off being that people bitch about stuff like this because of what they've heard without knowing what the reality is.
This post was edited on 5/17/18 at 2:33 pm
Posted on 5/17/18 at 2:42 pm to bigblake
quote:
Furthermore, this isn't a private sector company where we shouldn't care. This is a government entity, and when (trust me, WHEN) that pension fund is underfunded the citizens pay with increased taxes or less services. Then, if future administrations try to reduce those benefits they are usually protected by state constitutions. If the locality goes into bankruptcy, usually those pensions are given preferred status over bondholders. So those citizens suffer for a generation because some local politicians decades ago caved to union pressure to be/stay elected.
Do you live in that particular county? Because if not this mans pension should be of no concern to you as you are not funding it.
Posted on 5/17/18 at 2:46 pm to AUjim
quote:
Spoken like one in a large group of people who have no idea how pension funds actually operate and get all their information from 'studies' funded by the summa cum laude that post on the OT.
Fixed that for you.
Posted on 5/17/18 at 3:08 pm to bigblake
quote:
Hah, "match". The government isn't "matching". He's putting in some percentage of his pay, likely around 5-10%, into a pension fund. The government puts in some amount, usually twice as much (not matching 1 to 1). He has a defined benefit, and if that pension fund is underfunded, then the government puts more. Matching is what a private sector company does, where it matches your exact contribution then says "cya, hope you do well in retirement".
Furthermore, this isn't a private sector company where we shouldn't care. This is a government entity, and when (trust me, WHEN) that pension fund is underfunded the citizens pay with increased taxes or less services. Then, if future administrations try to reduce those benefits they are usually protected by state constitutions. If the locality goes into bankruptcy, usually those pensions are given preferred status over bondholders. So those citizens suffer for a generation because some local politicians decades ago caved to union pressure to be/stay elected.
All very true. Kentucky has been in the news about this for a couple of years now. Pensions were raided, and now they are woefully underfunded. The benefits for some are outrageous, and reforms are slowly starting to occur. Just like with most states, the inability to treat the taxpayers dollar as a valuable resource is going to cost taxpayers way more down the road. Trying to reform govt pensions is like trying to take away any entitlement program, it's nearly impossible.
Posted on 5/17/18 at 3:10 pm to FLObserver
quote:
A coward dies a thousand times before his death, but the valiant taste of death but once
- Tupac
Posted on 5/17/18 at 3:11 pm to FLObserver
quote:
This is Why City and state Governments Will go Broke
Has nothing to do with the cop who wouldn't do his job, but yes the answer is pensions.
Posted on 5/17/18 at 3:16 pm to mastersleestak
The original quote is:
"Cowards die many times before their deaths,
The valiant never taste of death but once."
Shakespeare
Tupac's take on it:
"A coward dies a thousand times, a soldier dies but once."
"Cowards die many times before their deaths,
The valiant never taste of death but once."
Shakespeare
Tupac's take on it:
"A coward dies a thousand times, a soldier dies but once."
Posted on 5/17/18 at 3:17 pm to TheHarahanian
How much does the average workingman have to save in order to make $8700 per month starting at the State worker retirement age of 58 ? Which he will continue to get until the ripe old age of 85.?
Posted on 5/17/18 at 3:24 pm to mikeytig
quote:
How much does the average workingman have to save in order to make $8700 per month starting at the State worker retirement age of 58 ?
There are people in Detroit, and Portugal, and Greece, who can give you an exact answer. What do these places have in common?
Posted on 5/17/18 at 3:29 pm to Pelican fan99
quote:
That dude should have to pay back all the money that he has made. The one time he was probably ever actually needed at the school he totally flopped
quote:
The figure takes into account the average of his five highest-paid years and his 32 years of service.
I'm sure he did a lot of good over 32 years as a cop. He was a pussy for sure on that day, but I feel like he's getting a lot of heat just because he's been named.
The FBI is who really failed, but thats too vague. This guy has a face you can all look at and hate.
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