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re: It's happening. Washington is the first state to terminate a public employee pension plan!
Posted on 5/6/26 at 6:26 pm to Timeoday
Posted on 5/6/26 at 6:26 pm to Timeoday
I know better to offer a legal pinion until i hear fro our local genius legal expert choices in…..but this sounds like theft. Pure an simple.
0
Posted on 5/6/26 at 6:26 pm to ForTheWin81
quote:
I grew up the grandson of a JFK democrat union worker,
Same here. WW2 Vet and the only R he voted for was IKE. LOL
He would agree with us today that the D's are not Democrats anymore. Not even close.
Posted on 5/6/26 at 6:27 pm to Mushroom1968
Did I mention how I felt? I certainly do not hate that government employees get a pension.
Posted on 5/6/26 at 6:27 pm to Timeoday
State legislators mysteriously always become rich after taking office. They don't need to worry about their retirement.
Posted on 5/6/26 at 6:27 pm to LordSaintly
quote:
They shouldn't be allowed to do this.
This is a state level issue but I would think the National Dem Party would swoop in and tell them "we will not do this in the interest of the national party.' If they dont they will get absolutely murdered in the Rust Belt. They already lost the a lot of the coal miners due to the Green policies that tried to run them out of business.
Posted on 5/6/26 at 6:28 pm to Timeoday
quote:
Did I mention how I felt? I certainly do not hate that government employees get a pension.
You’re the OP, I had to click on someone’s name to reply
I was speaking in general, not thinking you personally felt a certain way
Eta: You’re not OP, I don’t know why I replied to you
This post was edited on 5/6/26 at 6:29 pm
Posted on 5/6/26 at 6:28 pm to Timeoday
quote:
LEOFF Plan 1 was 160% funded as of June 2024 per the state's own actuarial valuation. It had not required a single contribution in 25 years. By 2029 it was projected to reach 200% funded with a $4.3 billion surplus.
I need to see the actuarial valuations for this. I've never seen a plan more than 80% funded.
Posted on 5/6/26 at 6:29 pm to cymark
quote:
All of those in this particular plan will be made whole
Who makes them whole? Is it the government that took the money or will that government that can't make ends meet have to sell bonds?
Posted on 5/6/26 at 6:31 pm to Timeoday
quote:
Washington just became the first state in U.S. history to terminate a public employee pension plan.
Epic click bait. The fund is funded at 200%. I don’t think I’ve ever heard of a fund anywhere close to 100% funded. Now it will only be funded at 110%.
Posted on 5/6/26 at 6:32 pm to cymark
quote:
I don’t think this is overly concerning.
Found the reetard.
Posted on 5/6/26 at 6:33 pm to lsuconnman
I do not care what is is funded at. A government should not have the right to raid a pension!!
Posted on 5/6/26 at 6:36 pm to Timeoday
State of Washington went from Socialist to Communist real quick
Posted on 5/6/26 at 6:38 pm to Timeoday
quote:
It's happening. Washington is the first state to terminate a public employee pension plan!
Timeoday
This is a start.
Now if the US taxpayers could only get the nearly $60 billion of US taxpayer dollars that was stolen from them to bail out the Midwest Teamsters pension fund, where the average retiree receives $3500/month
Posted on 5/6/26 at 6:39 pm to Timeoday
DEI Ideologues truly BELIEVE in economic parity and one would be foolish to think that if they hold power to effect such that they won’t do it. Look at the UK. The descriptor “suicidal empathy “ perfectly describes this group’s psychological profile.
It’s Cloward-Piven and “engineered collapse “ and with the massive immigration it is well on its way to ‘success’.
It’s Cloward-Piven and “engineered collapse “ and with the massive immigration it is well on its way to ‘success’.
Posted on 5/6/26 at 6:39 pm to lsuconnman
quote:
Epic click bait. The fund is funded at 200%. I don’t think I’ve ever heard of a fund anywhere close to 100% funded. Now it will only be funded at 110%.
There is certainly no reason to be more than 100% funded.
ETA: Honestly 75% is probably a great target. You're never going to pay out 100% of pension liabilities.
This post was edited on 5/6/26 at 6:41 pm
Posted on 5/6/26 at 6:41 pm to Timeoday
quote:
I do not care what is is funded at. A government should not have the right to raid a pension!!
It’s not a raid if the fund contains more money than it is obligated to pay.
Posted on 5/6/26 at 6:42 pm to Timeoday
Posted on 5/6/26 at 6:42 pm to Prominentwon
quote:
But just goes to show that these people elected to office don’t care about you. They lie to your face for a vote just so they can get into power, yet people still eat their bullshite up as long as their team is winning.
This is the correct answer, and this is why conservatism is so superior to populism.
Government is the biggest threat to you. It's not your friend and it's not a djinni you can control. Best philosophy is to reduce its power as much as you can.
Posted on 5/6/26 at 6:44 pm to cymark
quote:
It’s for retirees so no one is accruing additional benefits and no one will lose any benefits, right? I don’t think this is overly concerning.
Now, if it was a plan actively accruing benefits, you’d have a story. All of those in this particular plan will be made whole and either get their monthly annuity from another annuity provider or get a lump sum.
I admit I didn't read the link.
After thinking on it a moment...seems like the employees are or will be receiving the benefits they contracted and worked for. This is a closed loop financial cycle. The government is taking the position that they have over funded the pension plan event though they followed the rules. They need to change the rules, the pensioners have no gripe because they're getting their cut. The ones with a gripe are the taxpayers. Legislature can't keep a budget, overspend, overcharge, and overinvest.
Posted on 5/6/26 at 6:47 pm to Victor R Franko
quote:
the pensioners have no gripe because they're getting their cut.
Well the pensioners paid into it also while they were working. Louisiana firefighters retirement for instance needs 10% gains from investments every year to break even. Right now the market is doing well and has been for awhile. The concern is when those investments and market go bad, now you’ve taken out the buffer.
This post was edited on 5/6/26 at 6:48 pm
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