Reply With Quoteso your ok with cutting pensions people already earned? nice
This is why when I roll in a year or two I'm taking lump sum and not an annuity open to fucking politicians demanding cuts.
Not So Junior Member
Colorado Addressing The States Time Bombs
Pensions:
http://finance.yahoo.com/focus-retir...-readytoretire
No surprise, IL is not doing it well:
...One striking exception is Colorado, which has imposed cuts on its current workers, not just future hires, and even on people who have already retired. The retirees have sued to block the reduction.
Other states with shrinking funds and deep fiscal distress may be pushed in this direction and tempted to follow Colorado's example in the coming years. Though most state officials believe they are legally bound to shield current workers from pension cuts, a Colorado victory could embolden them to be more aggressive.
Colorado pruned a 3.5 percent annual pension increase to 2 percent, concluding that was the fastest way to revive its pension fund, which was projected to run out of money by 2029. The cut may sound small, but it produces big results because it goes into effect immediately. State plans vary widely, but many have other costly features, like subsidized early-retirement benefits, which could likewise be trimmed for existing workers.
Despite its pension reform, Illinois is still in deep trouble. That vaunted $300 million in immediate savings? The state produced it by giving itself credit now for the much smaller checks it will send retirees many years in the future -- people who must first be hired and then, for full benefits, work until age 67.
By recognizing those far-off savings right away, Illinois is letting itself put less money into its pension fund now, starting with $300 million this year.
That saves the state money, but it also weakens the pension fund, actually a family of funds, raising the risk of a collapse long before the real savings start to materialize...
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.” - Robert Heinlein
Verified User
so your ok with cutting pensions people already earned? nice
This is why when I roll in a year or two I'm taking lump sum and not an annuity open to fucking politicians demanding cuts.
The stone that the builder refused
Will always be the head corner stone
Not So Junior Member
Ok with it? That part will be determined by the courts. However, if the state goes bankrupt, the discussion will hardly matter.Originally Posted by Topspin
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.” - Robert Heinlein
Verified User
The same thing may happen in Cali, most people do not understand that pension earned is supposed to be as good as gold. Lump sum for me.
The stone that the builder refused
Will always be the head corner stone
Not So Junior Member
I understand being upset if you planned on those big pensions. On the other hand, seems some thinking about public costs should have been figured into those pensions, long before this economic downturn along with baby boomer retirements.
It's unsustainable.
Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty.
This is known as “bad luck.” - Robert Heinlein
The Almighty
If you are referring to CO, they did NOT cut the pensions.... they cut the ANNUAL increase from 3.5% to 2%.... so the pensions are actually going UP... just not up as fast as they were.
Quote from Cypress:
"Scientists don't use "averages". Maybe armchair supertools on message boards ascribe some meaning to "averages" between two random data points. And maybe clueless amatuers "draw a straight line" through two random end data points to define a "trend". Experts don't.
They use mean annual and five year means in trend analysis. Don't tell me I have to explain the difference to you. "
Verified User
didn't the article say they were cutting retirees, or is that cutting the increase?
The stone that the builder refused
Will always be the head corner stone
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