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Thursday, April 22, 2010

PENSION PROBLEMS

The combined unfunded liability of the Laborers, Municipal Employees, Police and Firefighters pension funds now stands at 42 percent, down from 62 percent just two years ago and 80 percent in 1996.
To reach a 90 percent ratio over 50 years -- assuming annual investment returns of 8 percent -- would require $710 million more each year. Sixty percent of that would come from taxpayers, 40 percent from city employees.
Click here for article

Another article here

The city refused to keep their end of the bargain. They underfunded the pensions. The workers kept their end of the bargain. They paid in. Every time a city worker got paid, money was taken out to fund the pensions. The city wasted money on TIFs, Olympic bids, planters, corruption and who knows what else. The managers, contractors, consultants and friends of the administration got filthy rich. Now they want the employees and the tax payers to suffer for their greed. City workers will work longer, pay more and retire with less. All to fund the Mayor's kingdom of corruption.

1 comment:

  1. Right On Again my man!

    And it goes way way beyond 1996!

    The city has been under-funding the pensions since the early 1970's, if not longer.

    They consistently paid in far less than they were suppose to and are now going to cry foul?

    Bull Crap!

    Reduce all those Extra Administrative jobs at over $100,000 a pop and put all that dough into the pensions.

    Hey, how about the Mayor and all the Aldermen work for a dollar a year!

    They are paid far too much for what they do!

    Just a Tax Payer!

    ReplyDelete

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