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California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
JF, You dont know how much of your paycheck goes to the pension? Also, do you know anything about the "emloyee contribution offset" discussed below? What is more outrageous than the level of the benefits given to city workers is the fact that the city workers have not been required to pay their fair share of the cost of those benefits. In fact, the SDCERS Administrator David Wescoe contends that the split is “about 60-40.” The Mayor has commissioned analysis that shows the number to be more like 65-35. That’s not substantially equal–unless you’re using City Hall math to do the calculation. You may be surprised to know that the City’s Charter (as voted on and approved by taxpayers) contains language calling for the City (as the employer) and individual city employees to share equally in the cost of funding the pension benefits. The only problem is the City’s politicians and bureaucrats have not complied with the Charter—and struck union contracts in recent years that got around the requirement. This scheme is called the “employee contribution offset” whereby the city picks up individual employee contributions for the cost of the pension in addition to the City’s own share.— April 8, 2008 1:41 p.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
SS maxes out at about $18,000 per year. A far cry from the 90% of max year (or higher with DROP) retirement pay city workers can get. And I realize its supplemental. I'm trying to figure out how much city workers pay into the pension vs. how much they get back and compare it with SS and defined contribution plans. So private workers pay 6% to get somewhere around $15,000 on average, which would be at age 67 (less if its age 62 more if its age 70). So you think the spouse getting 50% of that (or roughly $7,500 per year) is a big bonus for SS? An average private citizen retiring at age 65 with 30 years of decent wages gets about $15,000 per year and the spouse gets $7,500 per year. That's $22,500 per year and obviously doesnt start until age 62 at the earliest. Also, working for 10 years doesnt get you much for SS. The base formula uses 35 years working. http://www.socialsecurity.gov/mystatement/howfigu…— April 8, 2008 1:35 p.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
For reference, according to SDCERS, the average age at hire is 27, meaning that folks aren't eligible for Johnny's beloved 90% until age 57. Add 5 years of DROP and guess what -- they retire at age 62, just like the average American. By JF 5:47 p.m., Apr 7, 2008 But private industry workers are paying SS for their whole lives, they dont start at age 27. Its not a system whee they pay SS for 30 years and then get 90% of the highest year's income. Also, there is no DROP for private citizens so they dont get 5 years where they collect retirement and collect pay. What percentage of pay do city employees contribute towards retirement?— April 8, 2008 12:24 p.m.
SEC Charges Five Former City Officials with Fraud for Roles in False Municipal Bond Filings
Many more shoes to drop: The SEC charges filed yesterday are civil, not criminal, and involve possible fines and admonitions not to break securities laws. In a separate state criminal case, six former pension board members are accused of violating a law prohibiting officials from profiting from their votes. The case is awaiting review by the state Supreme Court. The justices already have signaled unease with the case. In another criminal case, five former board members and pension administrators are charged with fraud.— April 8, 2008 10:17 a.m.
SEC Charges Five Former City Officials with Fraud for Roles in False Municipal Bond Filings
Kelly Bowers, a senior assistant regional director at the SEC's Los Angeles office, said the investigation is not over but declined to say how long it might last or whom it might target. He added that the commission typically doesn't wait for one aspect of a case to be resolved before pursuing another.— April 8, 2008 10:17 a.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
JF, you talk like everyone will get SS. That system will run out and most citizens born after 1964 wont get the benefits. Also, SS retirement age is much higher than police and firefighters, so they would have to wait until 70 to get that benefit.— April 7, 2008 1:53 p.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
JF, I wouldnt try to compare Marine pay with firefighter pay as military start at base pay of about $16k per year and they get a whopping $225/month combat pay for being in a hostile fire zone. The are also subject to 24 hour shifts with no overtime pay, no holiday pay, etc. and they are pretty much on-call 24/7.— April 7, 2008 1:51 p.m.
Quids, quos, and a pro
another politician bought and sold— April 7, 2008 12:24 p.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
JF, what is your work schedule? You say you work 56 hours per week? For instance what is your schedule this week?— April 7, 2008 12:13 p.m.
California Is in Such a Financial Quagmire That There Could Be Municipal Bankruptcies
Only 3 firefighters have left for other departments in 2006 and 2007 so I dont foresee a mass exodus. Defined benefits are not feasible. You cant guaranty a benefit when investments may have ups and downs. You cant guaranty 13% return or even 6% return (on investments that may then be taxed).— April 7, 2008 12:13 p.m.