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Pssst! Howd'ya Like to Retire with $300,000 a Year of Taxpayer Moolah
Here, let me expain this so your pea sized brain can understand it, if a cop or ff makes $100K per year, the pension contribution from the city is $30K (just for argument we will use 30%). You cut the pay 25% down to $75K and the pension payment is $22.5K, so yes, there is a pension contribution loss of $7.5K, BUT you have a $25K savings on the lower salary....OK Joey.....time to put your little thinking cap on, $25K-$7.5K= savings of $17,500 AFTER the pension contribution is made based on the $100K salary. ------------- Yep. That helps the city out. What about SDCERS? It still hasn't dawned on you that they're two separate entities. How does paying less into SDCERS help out the unfunded liability? SDCERS is largely funded by investment gains. If you don't put the capital in, you can't make the gains. If the unfunded liability goes up, the ARC goes up. The city pays more.— October 10, 2010 9:59 a.m.
Pssst! Howd'ya Like to Retire with $300,000 a Year of Taxpayer Moolah
Back to the pension scam/mess, we need to CUT the pay of current employees-since we cannot cut their 3%@50 pension, and we need a second tier pension for ALL new employees. ==================== Been a while since I bothered to stop in here. I'm glad to see that my old buddy Johnny Vegas has finally realized that attempting to cut vested pensions is tilting windmills. His cut the pay of current employees idea appears to be a talking point straight from DeMaio's latest bright idea. However, it has a few issues that I'm not sure he realizes. The ARC, or Annual Required Contribution, is based on current salary. The pension is based on high one year. If you cut salaries, you'll still pay a pension based on the higher salary. But you'll make payments based on the lower salary. That's a recipe for failure. Pensions have already been cut for most new city employees, and will be cut for all new city employees if Prop D passes. This will present savings in the future, but it will take time. It took time to get into this mess and it will take time to get out.— October 8, 2010 8:39 a.m.