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SDCERS Lowers DROP Interest Rate to 3.54 Percent, Says DeMaio
It's not a huge savings, and even if it were it is still morally corrupt. ============================= Really, Johnny? Aren't you the one who said that pension payments are 100% of salary? Of course, that's not true, but there's still a savings of around 25% of salary. Now let's look at your other assertions. As you stated, retirement is based on years of service multiplied by the factor. Since I'm speaking of public safety the factor is 3.0%. The average employee is hired at age 27 and enters DROP at age 52. They then work for 5 more years. So let's see, five less years * 3% = 15% less. There's no "discount". The savings is in that they'd get 15% more if they kept in the system for five more years. You claim that everyone reaches 90%. Sorry, but you're delusional. I suggest that you do some research. In fact, Don, why don't you look it up yourself on the SDCERS website and get back to me so maybe Johnny believes it. Again, the average safety employee is hired at 27, enters DROP at 52 (75%) and leaves service at 57.— February 21, 2009 6:52 a.m.
SDCERS Lowers DROP Interest Rate to 3.54 Percent, Says DeMaio
How can you be retired if you continue to work for five years? =============== Well, from a financial standpoint, the city no longer has to pay a percentage of your salary into the retirement system. This is a huge savings to the city. I believe that back in '05 or so the city figured out that it had saved in excess of $43 million in pension payments. Remember -- entering DROP locks in your retirement benefits at least 15% lower than they would have been otherwise. Unless, of course, you're already capped at 90%. And we know how rare that is...— February 20, 2009 9:34 p.m.
Strange bedfellows
Once again... DeMaio made his money from government contracts -- most of which were no-bid. He's made enough to "loan" money to his PAC to the tune of double what he's deriding city workers for making in a year. Doesn't he see the irony?— February 20, 2009 6:11 a.m.
San Diego City Employees pension fund ailing
Don, I know JW isn't the sharpest tool in the shed, but can you please explaint to JW, in very basic (baby) terms, what a "fiduciary duty" is =============== While you're at it, explain the difference between jive and jibe to Mr. Vegas.— February 18, 2009 10:45 p.m.
San Diego City Employees pension fund ailing
So how does that jibe with your claim that all firefighters make $200K? Or $300K with overtime? Sorry, Johnny, but your numbers are making less and less sense. Even those folks on your side disagree with your analysis.— February 17, 2009 6:54 p.m.
San Diego City Employees pension fund ailing
Just when this thread was about to die... DeMaio said that benefits cost 61% of salary for city workers and that the national average was 34%. He said this was an outrage. Well, it turns out that it is an outrage... that he used a different method of calculating the ratio. When the ratio is calculated using the same method as the BLS uses -- remember them, the federal agency that does this kind of thing -- the ratio here in SD is 38%. Wow, so we're about 10% high. Shocking, given the sunshine tax. http://www3.signonsandiego.com/stories/2009/feb/1… What's shocking is that DeMaio made millions on government contracts to analyze this kind of thing and yet still makes basic mistakes. How about a little story on that, Don?— February 17, 2009 7:02 a.m.
The Gathering Place Church
Amen to that, Fred. Um, I mean right on.— February 17, 2009 6:55 a.m.
San Diego City Employees pension fund ailing
The county did the same thing that the UC system did -- and the city did. Rather than continuing to build the system up for bad times, they raided the system by not paying in and used the money for something else. Now they don't have the interest gains on the capital they failed to put in. The money they used for "something else" is committed to that "something else" and can't be put in the system. And... the county still doesn't have a fire department. Here's my beef with all of this. In the city's case, that "something else" was corporate welfare. That has not gone away. When the city ends corporate welfare and the residents take a little pain in the form of fee or tax increases, then I'll be glad to help out by cutting pay or benefits. So far, the only solution given has been to strip benefits from employees... sorry, that's not going to solve the problem alone.— February 15, 2009 3:25 p.m.
No Double Dipping
Ponzi, $15/hour would be a raise for bottom step firefighters. And $40/hour is more than a Battalion Chief makes now.— February 15, 2009 2:15 p.m.
Names of $100,000 City Retiree Club
Don, you left out cutting public safety budgets to spend on the Faberge eggs. For that matter, you left out when Pete Wilson started SPSP.— February 15, 2009 8:01 a.m.