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City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
BTW-I have a C-Note that says San Diego files BK within 12 months-who wants some of that action??????? JF-you game????????????— November 12, 2008 2:10 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
My question is how long will it take to calculate and what happens next. Has the court open Pandora Box or is this a crack in the dam. ============================= What happens next-Bankruptcy happens next. This victory is like using a water pistol to put out the 2007 Witch (Creek) fire. No, it is way TOO late to fix the pension underfunding, we are so far behind the 8 ball now we will never get out from behind it. We are DONE. BK is coming and there is NO stoppping it at this point. We should have LOWERED pensions 4 years ago and then worked on shoring up the hole-but by not fixig the pension costs we just kept digging a deeper hole, now we cannot dig ourselves out. Stick a fork in San Diego-becaus we're done; San Diego pension payments to soar The city's annual pension payment has never exceeded $163 million, even at the peak of its own fiscal crisis. But a new five-year financial outlook the Mayor's Office released Wednesday shows the payment will be $166 million July 1, and as much as ****$236 million a year later. In the three years that follow, that payment could continue to grow, to ****$256 million, then ****276 million and finally ****$291 million -- payments that would consume increasingly larger portions of the city's general fund that pays for a broad range of city services. (In case you did not add up those 4 short years of pension payments, it is = $1,059,000,000.00........over a BILLION dollars in 4 short years, and that number will only go up). http://weblog.signonsandiego.com/news/breaking/20…— November 12, 2008 2:09 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
Fred, that makes WAYYYYY too much sense-it would never go over at City Hall.— November 12, 2008 11:53 a.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
I would actually lay the slightly more of the pension blame at the hands of the Democrats (and I was a Dem for years-now independant) because they are the ones doing the bidding of the public unions (Scott Peters said we have no pesnion problem today)-but it is a two way street for sure. But make no mistake about it, Republicans are just as guilty and one just needs to look to Orange County to see a mess almost as big as ours (Specifically former OC Supervisor Todd Spitzer, R-Unions). No, we have two sets of constituents in America, the "donor" class and the "non-donar" class. And it is both parties. So if you're not giving/donating, you're getting screwed.— November 12, 2008 7:50 a.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
One seldom mentioned aspect is that the San Diego City Council is unique in that in 2000 they gave themselves pensions that can start IMMEDIATELY after retirement. Maienschein is -- what? -- 39?? ===================================== When the IRS implements their new rule on how early people can "retire" in 2010, including these governemnt welfare queens, then hopefull everything will get in check (Normal Retirement Age); http://www.nco1921.org/pdf/normal_retire.pdf— November 11, 2008 4:56 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
Oppsss.. I mean MIKE Aguirre!— November 11, 2008 1:33 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
According to Aguirre, Esuchanko will report that the pension fund's assets are $3.8 billion, and the present value of future benefits (for both those retired and not retired) is $7.8 billion. That leaves a $4 billion gap. ====================================== Let's see now, current budget deficit $43 million, pension deficit $4 BILLION! (I won't even go into the $1 Billion retiree healthcare deficit). We cannot dig out of a $43 million budget deficit, yet KFC Sanders thinks we can dig out of a 4 BILLION dollar pension deficit-99 times the budget deficit???? Oh brother!!! Someone has flippd their lid if they think we are not filing BK! Nike Aguirre is going to be the one who laughs last in this financial meltdown.— November 11, 2008 1:31 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
LOL! Where is JF at????? I need to bust his chops on this one.— November 11, 2008 1:25 p.m.
Bell to Meet with U-T Employees November 18. Meeting Announcement Spurs Rumors of Paper's Sale
No one is going to be paying any cash for the UT in this market; L.A. Times' owner loses $121.6 million in the third quarter as newspaper ad sales fall. Times Wire Services November 11, 2008 Tribune Co., owner of the Los Angeles Times, Chicago Tribune and other media properties as well as the Chicago Cubs and Wrigley Field, said Monday that it lost $121.6 million in the third quarter as newspaper advertising revenue fell. The privately held company's net income a year earlier was $152.8 million. Revenue fell 10.5% to $1.04 billion from $1.16 billion, the company said. "This is slightly worse than we were expecting but certainly within the parameters we would expect given the types of numbers posted by others" in the newspaper industry, Fitch Ratings credit analyst Mike Simonton said. http://www.latimes.com/business/la-fi-tribune11-2…— November 11, 2008 11:50 a.m.
While Public Was Fixated on $700 Bailout's Passage, Treasury Quietly Gave Banks $140 Billion Tax Windfall
Don, be sure to post how Treasury had the legal authority to change the laws. I don't get that.— November 10, 2008 9:21 p.m.