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Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Speaking of corks... The fatality rate for the military is nowhere near 5%. Not even in combat in Iraq. According to the Social Security Administration, the average person retires and begins receiving SS at age 62. Just more JV crap. Once the city pays SDCERS, the money is no longer taxpayer money, it is retirement system money. Get over it.— October 22, 2008 5:22 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Don, I would maintain that the reason that private employers are moving to DC plans is simply to increase profits and thus CEO pay. The move certainly doesn't benefit the employee. It could -- if employees were investing savvy and the same amount of money was invested. But generally speaking, employees will be much worse of in retirement in a DC plan.— October 22, 2008 1:01 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Response to "Balderdash". Don, you've missed a few points. Let's get away from the assumed rate for a minute. Where does the money that is deposited in a DROP account come from? Answer -- the retirement system, not the general fund. It would be double dipping if both checks came from the general fund. If I choose to walk away and not continue working via the DROP, where does the money come from? Yep, the retirement system. If I choose to walk away, get a job as a consultant, and invest my retirement money rather then spend it: where does my investment money come from? Again, the retirement system. Plus, now I can work on getting Social Security and might even get a DC plan as well. The money that goes into DROP is the same exact money that would go into my pocket were I to simply walk away at the same age, except that it is 15% less (5 years x 3%) That's the part that you simply do not understand. If the employee walked away, the retirement system would be paying that money out anyway. With DROP, the retirement system gets to hang on to that money and re-invest it, making 2% on the deal.— October 22, 2008 12:55 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Paul, Your "dream world" isn't too far from reality for the base defined benefit retirement. Money is deposited in an interest bearing account (averaging 10%) by both the employer and employee. The amount of money deposited is calculated based on age at entry, so that those closer to retirement pay more per check. The benefit is calculated based on the number of years worked. The average city retiree has worked for the city for 30 years. If they got 1 for 1 service as you propose, that would last them until around age 90. Most don't last that long. Depending on the option they choose when they retire, the survivor gets a reduced benefit. Again, that's calculated by age -- if a 72 year old retiree was to marry an 18 year old his benefit would be drastically reduced. Basically, it's exactly what you proposed. The only real difference between a defined benefit retirement system and Social Security is that the money in a DB system is invested over the life of the retiree and that in a DB system both parties put in more money (which is then invested). Last year, payments by the city into SDCERS were $166 million. The interest payment was $660 million. (Source: SDCERS 2007 CAFR) That's why a DB plan ends up paying more than SS. In other words, a DB plan is exactly what you said you'd like to put your money into. You said you'd like it to be in CDs. Well, as it turns out SDCERS has done a little better than that by averaging 10% over the past 10 years.— October 22, 2008 11:44 a.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Sorry, Johnny, your imitator wasn't me. I'm sitting in front of the computer doing city work on my own time. Where should we meet so you can sign my overtime slip? (As usual - I'm not really submitting for OT) Does that look like my writing? Plus I always use my own moniker. Of course DROP is a benefit to the employee. But it's also a benefit to the city. Johnny bemoans the recent reduction in value of some retirement systems. What he doesn't mention is that SDCERS has averaged 10% over the past 10 years. Given that SDCERS assumes (and pays on DROP) 8%, there's a 2% spread there. Most banks would kill to make 2% on their money. The retirement system makes a few million a year (on average) in interest on retirees deposits in their DROP account. Remember, DROP money is the employees' own money. DROP is absolutely no different than a military retiree taking another job and then collecting Social Security as well as a retirement from that second job as well. Heck, at one place I worked, the entire night shift was active duty military moonlighting. I suppose you want to ban military retirees from getting second jobs as contractors?— October 22, 2008 11:32 a.m.
San Diego continues to reward bad behavior
Don, That's why I asked about the clause in the bailout bill. Is there a change to the PBGC? What will the change(s) be?— October 6, 2008 1:08 p.m.
San Diego continues to reward bad behavior
Johnny, I'm well aware of the limitations of the PBGC. There will obviously be some differences between public and private pension plans. And sorry, but that's not likely to happen to me soon, no matter how much you might wet your pants will glee over seeing public employees hurt. By the way, today is the federally mandated "Fallen Firefighter Memorial Day". Did you remember to lower your flag to half mast? I'm trying to remember -- which day memorializes lawyers?— October 5, 2008 5:21 p.m.
San Diego continues to reward bad behavior
Response to #35: Good. There was too much thievery as it was.— October 4, 2008 8:08 p.m.
San Diego continues to reward bad behavior
I guess Moores didn't get his Faberge egg? So did the new version of the bailout include the language that Johnny Vegas quoted earlier for bailing out public retirement systems? That seems to make sense from the perspective that they already bail out private systems.— October 4, 2008 6:46 a.m.
San Diego continues to reward bad behavior
Johnny, Sorry buddy, but you do NOT get two paychecks. You get one paycheck and one retirement check. Is that a technicality? Not really, when you consider that millions of military retirees collect a military pension and continue to work for the government as contractors. Consider that McCain (who we both dislike) collects a paycheck as a US Senator AND Social Security. No wonder he wants me to pay into a Social Security system I'll never get the benefit of. I hate to disappoint you, but I don't spend every waking hour here just waiting to see what you say. I pop in occasionally to see what the latest BS exaggerations are.— October 2, 2008 7:14 p.m.