Collarspace Discussion Forums


Home  Login  Search 

RE: Judge rules on public employees' retirement pensions


View related threads: (in this forum | in all forums)

Logged in as: Guest
 
All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> RE: Judge rules on public employees' retirement pensions Page: <<   < prev  1 [2]
Login
Message << Older Topic   Newer Topic >>
RE: Judge rules on public employees' retirement pensions - 9/13/2011 3:42:58 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		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



_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Iamsemisweet)
Profile   Post #: 21
RE: Judge rules on public employees' retirement pensions - 9/13/2011 3:51:27 PM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		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

(in reply to tazzygirl)
Profile   Post #: 22
RE: Judge rules on public employees' retirement pensions - 9/13/2011 3:58:43 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		I dont think that is tinfoilhatism at all.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Termyn8or)
Profile   Post #: 23
RE: Judge rules on public employees' retirement pensions - 9/13/2011 4:03:49 PM   
SternSkipper


Posts: 7546
Joined: 3/7/2004
Status: offline
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



_____________________________

Looking forward to The Dead Singing The National Anthem At The World Series.




Tinfoilers Swallow


(in reply to tazzygirl)
Profile   Post #: 24
RE: Judge rules on public employees' retirement pensions - 9/13/2011 4:04:24 PM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		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




_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

(in reply to tazzygirl)
Profile   Post #: 25
RE: Judge rules on public employees' retirement pensions - 9/13/2011 4:09:56 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		All in the chase of a vote.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to Iamsemisweet)
Profile   Post #: 26
RE: Judge rules on public employees' retirement pensions - 9/13/2011 4:14:08 PM   
willbeurdaddy


Posts: 11894
Joined: 4/8/2006
Status: offline
quote:

ORIGINAL: tazzygirl

All in the chase of a vote.


?

_____________________________

Hear the lark
and harken
to the barking of the dogfox,
gone to ground.

(in reply to tazzygirl)
Profile   Post #: 27
RE: Judge rules on public employees' retirement pensions - 9/13/2011 4:54:19 PM   
tazzygirl


Posts: 37833
Joined: 10/12/2007
Status: offline 		Both sides, willbe.

_____________________________

Telling me to take Midol wont help your butthurt.
RIP, my demon-child 5-16-11
Duchess of Dissent 1
Dont judge me because I sin differently than you.
If you want it sugar coated, dont ask me what i think! It would violate TOS.

(in reply to willbeurdaddy)
Profile   Post #: 28
RE: Judge rules on public employees' retirement pensions - 9/14/2011 6:21:48 AM   
Fightdirecto


Posts: 1101
Joined: 8/3/2004
Status: offline
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.


_____________________________

"I swore never to be silent whenever and wherever human beings endure suffering and humiliation. We must always take sides. Neutrality helps the oppressor, never the victim. Silence encourages the tormentor, never the tormented.””
- Ellie Wiesel

(in reply to Iamsemisweet)
Profile   Post #: 29
RE: Judge rules on public employees' retirement pensions - 9/14/2011 7:26:40 AM   
Iamsemisweet


Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
Status: offline 		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

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.



< Message edited by Iamsemisweet -- 9/14/2011 7:59:56 AM >

_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

(in reply to Fightdirecto)
Profile   Post #: 30
Page:   <<   < prev  1 [2]
All Forums >> [Community Discussions] >> Dungeon of Political and Religious Discussion >> RE: Judge rules on public employees' retirement pensions Page: <<   < prev  1 [2]
Jump to:





New Messages No New Messages
Hot Topic w/ New Messages Hot Topic w/o New Messages
Locked w/ New Messages Locked w/o New Messages
 Post New Thread
 Reply to Message
 Post New Poll
 Submit Vote
 Delete My Own Post
 Delete My Own Thread
 Rate Posts




Collarchat.com © 2025
Terms of Service Privacy Policy Spam Policy

0.094