RE: Judge rules on public employees' retirement pensions

RE: Judge rules on public employees' retirement pensions (Full Version)

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tazzygirl -> RE: Judge rules on public employees' retirement pensions (9/13/2011 3:42:58 PM)
Constitutionally, its very difficult for a state to declare bankruptcy. That issue was visited back in Jan of this year, http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html

Termyn8or -> RE: Judge rules on public employees' retirement pensions (9/13/2011 3:51:27 PM)
FR Y'all might think demanding a CAFR is tinfoilhattism, but in trying to go bankrupt it would happen for sure, and under alot of official scrutiny. There are slush funds all over the place. Any good theif knows why. T^T

tazzygirl -> RE: Judge rules on public employees' retirement pensions (9/13/2011 3:58:43 PM)
I dont think that is tinfoilhatism at all.

SternSkipper -> RE: Judge rules on public employees' retirement pensions (9/13/2011 4:03:49 PM)
quote: Its very hard to get out of back taxes, either on the state or federal level. Thats the type of contract I was thinking about with the state. Tazzy ... not talking about getting out of the pension/tax issues... I'm talking about getting out of their phoney pledges... it's easy, it's like an insanity plea

Iamsemisweet -> RE: Judge rules on public employees' retirement pensions (9/13/2011 4:04:24 PM)
Thanks. That was interesting. The fact that Congress is even having to consider how to make this work is pretty shocking. Who would have thought we would come to this 10 years ago? On the one hand, I would hate to be a public employee relying on a pension. On the other, I hate the thought of taxes being raised on people who are already struggling. quote: ORIGINAL: tazzygirl Constitutionally, its very difficult for a state to declare bankruptcy. That issue was visited back in Jan of this year, http://www.nytimes.com/2011/01/21/business/economy/21bankruptcy.html

tazzygirl -> RE: Judge rules on public employees' retirement pensions (9/13/2011 4:09:56 PM)
All in the chase of a vote.

willbeurdaddy -> RE: Judge rules on public employees' retirement pensions (9/13/2011 4:14:08 PM)
quote: ORIGINAL: tazzygirl All in the chase of a vote. ?

tazzygirl -> RE: Judge rules on public employees' retirement pensions (9/13/2011 4:54:19 PM)
Both sides, willbe.

Fightdirecto -> RE: Judge rules on public employees' retirement pensions (9/14/2011 6:21:48 AM)
quote: ORIGINAL: Iamsemisweet It would suck for state employees to switch to a 401K system, I agree, but I have less of a problem with that happening prospectively. What I am afraid of is that these pension obligations are going to have to be revisited retroactively. I think this judge's ruling, if upheld, cancels out pension obligations being revisted retroactively, at least in Rhode Island. As for switching federal, state and municipal employees to a 401K system, I can only compare it to my personal situation vs. my brother's. He put his savings in a 401K and stocks. Two years after he retired (he's an optometrist), he had to un-retire and go back to work because the stock market tanked. He’s a very smart guy, but even the smartest people can lose in the stock market. Having everyone in the country put their retirement funds in a 401K is the same as requiring everyone in the country to take all their retirement funds to Las Vagas and play the roulette wheel. Just as safe and secure as stocks and a 401K. I bought property, mostly grazing land in Eastern Colorado but also a 1 bedroom condo on West 56th Street in Manhattan, NYC. The rent checks and the grazing fees are hardly ever affected by the stock market. Add to that my Army Reserve retirement check & disability check and I’m one of the few who’s reasonably secure financially in my retirement. It’s probably why I afford to do what I do now. There’s a saying in the jazz world “A successful jazz musician is someone who either has a girlfriend who works two jobs or has another source of income” - so I guess I’m a “successful” [:)] jazz musician.

Iamsemisweet -> RE: Judge rules on public employees' retirement pensions (9/14/2011 7:26:40 AM)
that ruling would not affect a bankruptcy, if it ever came to that. The ruling says these obligations are contracts. Hard to disagree with that, but what happens if the state can't pay their obligations? Do they fire current teachers to pay retired ones? Reality is ugly 401ks suck, I agree. So do unfunded obligations that have to be paid from tax revenue, to the detriment of other services. The states really fucked this up. But CalPERS, at leat, got in so much trouble because they invested a lot in real estate and the infamous mortgage backed securities. There were no safe havens in this recession. T quote: ORIGINAL: Fightdirecto[:D] quote: ORIGINAL: Iamsemisweet It would suck for state employees to switch to a 401K system, I agree, but I have less of a problem with that happening prospectively. What I am afraid of is that these pension obligations are going to have to be revisited retroactively. I think this judge's ruling, if upheld, cancels out pension obligations being revisted retroactively, at least in Rhode Island. As for switching federal, state and municipal employees to a 401K system, I can only compare it to my personal situation vs. my brother's. He put his savings in a 401K and stocks. Two years after he retired (he's an optometrist), he had to un-retire and go back to work because the stock market tanked. He’s a very smart guy, but even the smartest people can lose in the stock market. Having everyone in the country put their retirement funds in a 401K is the same as requiring everyone in the country to take all their retirement funds to Las Vagas and play the roulette wheel. Just as safe and secure as stocks and a 401K. I bought property, mostly grazing land in Eastern Colorado but also a 1 bedroom condo on West 56th Street in Manhattan, NYC. The rent checks and the grazing fees are hardly ever affected by the stock market. Add to that my Army Reserve retirement check & disability check and I’m one of the few who’s reasonably secure financially in my retirement. It’s probably why I afford to do what I do now. There’s a saying in the jazz world “A successful jazz musician is someone who either has a girlfriend who works two jobs or has another source of income” - so I guess I’m a “successful” [:)] jazz musician.

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