spitzer on romney, taxes

[jms62]

Originally Posted by dellinger63

I completely concur and it has worked in Wisconsin, by just making public employees contribute to their own pensions not cutting them fully.

Public employees should also not be allowed to double dip or have two or three pensions.

To receive a military pension one has to serve 20 yrs for 50% of the average of your top 36 months in pay and up to 100% for 40 years in. I think if you serve this country for 20 years at FAR FAR under what a public or private sector employee would be paid you deserve every cent of that pension. What more 40 years?

The teachers' union situation is the polar opposite of the military. IMO

Obviously you do not understand me. I am fine with the amounts of the pensions I just think they should collect it starting at 65 no in their 40's.

[Danzig]

Originally Posted by jms62

Obviously you do not understand me. I am fine with the amounts of the pensions I just think they should collect it starting at 65 no in their 40's.

and no double dipping. another practice that just pisses me off.

[dellinger63]

Originally Posted by jms62

Obviously you do not understand me. I am fine with the amounts of the pensions I just think they should collect it starting at 65 no in their 40's.

OK I didn't understand you and I completely disagree.

Public pensions are contributed to every year by the taxpayer. That money is put into an account and invested by the pension fund manager. Should that pension manager make a bad financial decision and lose money, just like a private citizens 401K, the balance is decreased. However unlike the private citizen public sector pensions are insured by the fact taxpayers (private citizens) will be required to pay for any loses.

Recently my work lead me to review the WorldCom BK case. The number of public pension funds listed as creditors was outstanding. That money is gone forever and it is the mistake of the pension fund manager hired by whatever public union not the taxpayer.

Since the taxpayer also pays the salary of the public worker, putting food in their childrens mouths, clothing them, paying for vacations, healthcare etc. It would be a nice gesture for them to give something back to the taxpayer. Maybe restoring their 401k's etc.

[dellinger63]

Originally Posted by dellinger63

Recently my work lead me to review the WorldCom BK case. The number of public pension funds listed as creditors was outstanding. That money is gone forever and it is the mistake of the pension fund manager hired by whatever public union not the taxpayer.

Some of the worst losers:

The news disintegrated the value of WorldCom's already battered shares, and three bond-rating agencies slashed WorldCom's debt ratings deeper into "junk" territory, citing the increased likelihood of default.

As a result of all this, the California Public Employees' Retirement System, the biggest pension fund in the U.S., faces an unrealized loss of $565 million in its $150 billion portfolio, according to the Reuters news agency.

The country's No. 2 pension fund, the New York state retirement system, estimates it lost $300 million. It has $112 billion in total assets.

Reuters notes that Cal Teachers, the third-largest U.S. public pension fund, with $100 billion in assets, suffered a $109 million unrealized loss due to WorldCom.

Reuters also reported these other state pension fund losses related to WorldCom:

- The State of Wisconsin Investment Board says realized losses on its $58.5 billion in assets reached $29 million on WorldCom bonds and $7.3 million on stock.

- Michigan lost $116 million in its four pension funds.

- The Florida State Board of Administration public pension fund lost $92 million on WorldCom stock and estimates a $54 million loss on its bonds holdings.

- Virginia's retirement system has an unrealized stock loss of $44 million in indexed funds.

- Oregon pensions have $63 million in unrealized losses, of which $38 million is in stocks and $25 million is in bonds.

- North Carolina has $100 million in losses.

So sorry, the money is gone. But deal with like a private citizen would. You know the one's now asked to replace this lost

And maybe hire a different fund manager!


http://compensation.blr.com/Compensa...ension-Funds/#