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  • Retired. Pension going to be there?

    To the retired people out there, any thoughts about our pensions being eliminated or downsized? I'm told ours is solid but as things continue to go sideways I have to wonder sometimes. I can really see town and small city pensions being eliminated by the good for nothing politicians, and eventually state pensions as well.
    When I talk to some people they say it's law that they can't touch the pension system and for some reason I'm not comforted hearing that. Thoughts?

  • #2
    Pensions really only exist in the public sector. They are juicy targets when super rich *******s decide to **** over normal people. A smart State would consolidate pensions into one group. Smaller isn't always better. They have been reduced and some mega billionaire is still ****ed off his illegal cash cow (Enron) got shutdown so he takes 10% of net worth and dumps it into a manufactured pension fight and thankfully has lost all but one round.

    While they are usually protected, nothing is guaranteed. The States could be forced by a no name US district court judge to liquidate their pensions to pay for a debt.
    semper destravit

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    • #3
      Originally posted by RGDS View Post
      Pensions really only exist in the public sector. They are juicy targets when super rich *******s decide to **** over normal people. A smart State would consolidate pensions into one group. Smaller isn't always better. They have been reduced and some mega billionaire is still ****ed off his illegal cash cow (Enron) got shutdown so he takes 10% of net worth and dumps it into a manufactured pension fight and thankfully has lost all but one round.

      While they are usually protected, nothing is guaranteed. The States could be forced by a no name US district court judge to liquidate their pensions to pay for a debt.
      The pension system for public employees in Iowa is not only solid but is funded (mostly) by the retirees. It is administered by an independent agency and by law is "protected" due to the fact that it is "our"money.

      Several governors have attempted to get their mitts on our pension money to fund various projects over the years and the courts continue to overrule them and say the funds are totally separate from the general fund and they have to keep their hands off.


      Fiscally, the fund is strong even after the past downturn in the stock market.
      Since some people need to be told by notes in crayon .......Don't PM me with without prior permission. If you can't discuss the situation in the open forum ----it must not be that important

      My new word for the day is FOCUS, when someone irritates you tell them to FOCUS

      Comment


      • #4
        Retired. Pension Going To Be There?

        This is an issue that concerns a lot of us. I am annuitant of the Minnesota PERA Police And Fire Fund. I have been drawing for four years. Similar to Iowa, I think our fund is doing pretty well. As an individual I encourage other retired cops to hedge their bet, though. For example, in my case, since I did not contribute to Social Security when I was a cop, I checked with them to see what I needed to get vested. I was told 40 quarters; the equivalent of 10 years. So, I am working a post-retirement job, which also offers a defined benefit pension and has now brought me up to the Social Security vesting level.

        Rettroop, what are your best options, if you continue to work after retirement? In Minnesota, we have three public pensions. It is MSRS, PERA, and TRA. One of the nice things is if you are retired under one, you can work without penalty under another. So, some guys retire from local service and get a state job. Conversely, some guys retire from state service and get a local job.

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        • #5
          Rettroop........Except for NYC all employees working for local and state agencies are in a New York State run pension system. The State cannot declare bankruptcy and under the NYS Constitution you are first in line as a creditor and your pension cannot be changed. While NYC can file for bankruptcy it is extremely unlikely and the City's pension plans also have constitutional protections. Unlike conditions in other states/cities, it requires a Constitutional Convention to effect any changes to our pensions. CCs in New York are politically dangerous as it is almost impossible to limit the subject matter of the convention.

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          • #6
            Are the NYS and NYC pension plans compatible? In other words, if one had state pension time and then went to work for the city, would the time be credited?
            I’ll die with blue in my veins.

            Comment


            • #7
              Originally posted by Jim1648 View Post
              This is an issue that concerns a lot of us. I am annuitant of the Minnesota PERA Police And Fire Fund. I have been drawing for four years. Similar to Iowa, I think our fund is doing pretty well. As an individual I encourage other retired cops to hedge their bet, though. For example, in my case, since I did not contribute to Social Security when I was a cop, I checked with them to see what I needed to get vested. I was told 40 quarters; the equivalent of 10 years. So, I am working a post-retirement job, which also offers a defined benefit pension and has now brought me up to the Social Security vesting level.
              Have you calculated the amount “Windfall Elimination Provision” and “Governmental Pension Offset” will affect your social security benefits?
              Last edited by sanitizer; 12-17-2014, 01:25 PM.

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              • #8
                GoldBadge........All pension time counts in both systems........How the time is calculated and transferred from one to the other differs with the titles involved.

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                • #9
                  Originally posted by Iowa #1603 View Post
                  The pension system for public employees in Iowa is not only solid but is funded (mostly) by the retirees. It is administered by an independent agency and by law is "protected" due to the fact that it is "our"money.

                  Several governors have attempted to get their mitts on our pension money to fund various projects over the years and the courts continue to overrule them and say the funds are totally separate from the general fund and they have to keep their hands off.


                  Fiscally, the fund is strong even after the past downturn in the stock market.
                  You should look up Stockton, CA's current bankruptcy proceedings. The local US District Court Judge ruled that pensions are not protected and can be taken by creditors (not the benefactors of the pension). Franklin Templeton Investments is the one pushing this fight. The judge put the brakes on enforcement of his decision because he said he is not sure he has the power to actually do what he is thinking.

                  If possible, please divest yourself of Franklin Templeton Investments and anything associated with John Arnold.
                  semper destravit

                  Comment


                  • #10
                    Originally posted by RGDS View Post
                    You should look up Stockton, CA's current bankruptcy proceedings. The local US District Court Judge ruled that pensions are not protected and can be taken by creditors (not the benefactors of the pension). Franklin Templeton Investments is the one pushing this fight. The judge put the brakes on enforcement of his decision because he said he is not sure he has the power to actually do what he is thinking.

                    If possible, please divest yourself of Franklin Templeton Investments and anything associated with John Arnold.
                    I am not worried about anything that a judge in California does----------even a US District Court judge. The judges in that circuit are reversed more than any of the other circuits combined.

                    I prefer to read Iowa Code 97A as to my pension-----------IPERS funds are NOT property of the state of Iowa



                    Originally posted by Jim1648 View Post
                    One of the nice things is if you are retired under one, you can work without penalty under another. So, some guys retire from local service and get a state job. Conversely, some guys retire from state service and get a local job.
                    I actually am retired from IPERS and am working again under IPERS------------I can make up to 30,00 a year in an IPERS covered job without penalty.............When I retire from this 2nd job I can get either another pension or take a lump sum.
                    Since some people need to be told by notes in crayon .......Don't PM me with without prior permission. If you can't discuss the situation in the open forum ----it must not be that important

                    My new word for the day is FOCUS, when someone irritates you tell them to FOCUS

                    Comment


                    • #11
                      I believe it’s the City of Milwaukee that announced today that new hires will no longer be eligible for pension…. It’s coming. They will be a thing of the past in another generation of police.

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                      • #12
                        I'm retired from Los Angeles County and our pension fund is probably the most solvent in the entire country...This year our retirement funds investments have been over 17 percent gains..LA County did not make the mistake years ago that many other civil service agencies did and that was the 3 at 50 retirement. That was great for the employee but horrible for the agency that provided that type of retirement...
                        Retired LASD

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                        • #13
                          Originally posted by Dinosaur32 View Post
                          GoldBadge........All pension time counts in both systems........How the time is calculated and transferred from one to the other differs with the titles involved.
                          Thanks Dinosaur. Looking at a second pension ...
                          I’ll die with blue in my veins.

                          Comment

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