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Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
The fire chief makes only 160K. By JF 9 p.m., Jan 17, 2009 ========================== JF, you excluded the benefit package again. Fire Chiefy Base Pay = $160K Fire Chiefy Benefit Value = $100K+ =============================== Fire Chiefy Total Compensation Cost = $260K+— January 18, 2009 9:13 a.m.
Is Moores Jumping Out Just in Time Again?
Looks like vested public pensions in Vallejo, including those already retired are going to be getting a haircut. JF, if I were you I would be getting the FF union lined up with a sustainable (as in cheaper) pension plan, because if BK comes you can kiss those 90% pensions goodbye; Bankrupt Vallejo eyes CalPERS By Ed Mendel "The city of Vallejo’s groundbreaking attempt to use bankruptcy to overturn expensive labor contracts may include pension and retiree health contracts with CalPERS. The list of creditors holding the “20 largest unsecured claims” issued by Vallejo when it declared bankruptcy last May was topped by the California Public Employees Retirement System — $135 million for retiree health care and $84 million for pensions. The city has not formally proposed a change in retiree benefits. But Vallejo officials have said publicly that they want to negotiate a “long-term solution” with the public employee unions. An attorney for the city’s retirees, James Paul, said in a filing with the U.S. Banruptcy Court last month that the city “has indicated its intent” to modify retiree health benefits in talks with unions and the retirees committee." http://calpensions.com/2009/01/15/bankrupt-vallej…— January 17, 2009 1:29 p.m.
Is Moores Jumping Out Just in Time Again?
Do you think they will attempt to use any of the bail out money to build stadiums and ball parks? =============================== This will never happen. If it did you would see a second American Revolution. Seriously.— January 17, 2009 1:19 p.m.
San Diego City Employees pension fund ailing
DROP cannot be cost neutral without increasing the employee contribution 10 fold. DROP would not even be an issue iof the City (and all Gov.) had normal reirement ages. It only works because of the artificially low retirement age. And what the cops and FF's always do after they "reitre" at age 50 is go to work at another gov agency, usually doing the same job (see new OCSO Sheriff Sandra Hutchins and her cronies from LASO). JF, this thread was about to finally die a quiet death and now look what you have done.— January 17, 2009 9:55 a.m.
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
Feeling a little obsessed, Johnny? What does FD pay have to do with the UT? Further, the 18.5% cut was only for senior executives. The rank and file cuts were on the order of half that. ========================= 1- The UT is in better shape than the City is financially, so it is relevant. 2- The 18.5% pay cut applies to Copley senior executives, but SDFF's make MORE than Copley senior executives-so the FF's should actually take a pay cut larger than the Copley 18.5%. If SDFF cannot be considered "rank and file" when they are the highest paid City employees by far. If SDFF's were paid $30K-$50K like tru rank and file employees you would have a valid point JF.— January 17, 2009 9:51 a.m.
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
Most companies keep pensions on the books, and that was a major reason of leveraged buyouts in the 80's. Corporate raiders/slimeballs would look for companies that had huge funded pension funds, buy these companies through leverage, many times with Drexel junkbonds, and then loot the companies pension funds legally. This asset stripping would eventually bankrupt the fund and the company, while the raider grew rich at the expense of the rank and file employees. Victor Posner was a dirtbag that perfected this scam. Google Posner, Simplicity and pension fund and see what comes up. Drexel, Posner and others like him are the reason why Wall Street needs to have strong regulation (oh, lets not forget Thomas Spiegal of Columbia Savings and Loan!!).— January 16, 2009 5:15 p.m.
Is Moores Jumping Out Just in Time Again?
The biggest mistake any person can make is trying to lay blame on only one specific party. I was a solid hardcore democrat my entire life, until I started seeing how they morally bankrupted the poor and middle class to fund their biggest donor-the public employee unions. Broke my heart to see the democrats raise the sales taxes time after time and wanting to again today, a very regressive tax hitting the poor 100 times more then the wealthy, to fund the gold plated Cadillac pesnions and pay for our public employees. I am a hardcore Independant now, and very happy. Both parties have destroyed the backbone of America, the working middle class.— January 16, 2009 2:38 p.m.
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
So when the airlines went bankrupt and the Pension Guaranty Corp took their pension system is when the changes occurred to benefits of vested pilots. ======================== Correct-and the highest pensions take the biggest hit. I think the most the PBGC pays is $56K.— January 16, 2009 2:34 p.m.
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
So Don does this mean that you and others who have pensions from the UT could see them altered? Can the UT or maybe its new owners renege on a promised benefit? Or are you insulated from their protracted demise? ============================= Neither the UT not a successor could alter a vested benefit like a pension. Only a BK could alter Don's pension.— January 16, 2009 12:55 p.m.
Union-Tribune Slashing Wages and Benefits, Warning of More Staff Reductions
Also, it seemsw there is no willing buyer-even at a fire sale price. I think David Copley is stuck with the UT for the foreseeable future. I dont think they will file BK if they keep cutting costs-especially at the executive level, which where the rubber meets the road.— January 16, 2009 12:22 p.m.