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Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Actually JF, what I said was all F's make $200K, and $250k with OT is very real. Now-if you re read my post I said SDFD FF's may make less their FIRST YEAR-but they too will be at $200K after their "step" increases. So all FF's DO make $200K, with benefits.— October 24, 2008 7:26 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
In other words... my numbers were pretty close, you proved it for me, and your ALL (as in every) firefighter makes $200K shtick is crap. =================================== The $200K number is good for the majority of CA muni's. SDFD is paid less, I admit that, but certainly not more than 20%-25% less, which would still put the number at $150K+ (with benefits).— October 24, 2008 3:37 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Johnny, you can knock the interest all the way down to 6.5% and still have a return over $2 million. Remember that the retirement system is in it for the long run, and not the past quarter or even the past year. We're talking a 30 year career here. ==================================== Err....right......: October 24, 2008 Aguirre reveals $789 million pension loss San Diego City Attorney Michael Aguirre said the city's pension system has lost $789 million in assets over the past year as a result of the nation's financial crisis, and he blamed Mayor Jerry Sanders for doing nothing to stop it.— October 24, 2008 3:34 p.m.
CalPERS Down 19 Percent Since Fiscal Year Began; Employers May Have To Boost Contributions, Increasing Municipalities' Chaos
More good news-this time local; October 24, 2008 Aguirre reveals $789 million pension loss San Diego City Attorney Michael Aguirre said the city's pension system has lost $789 million in assets over the past year as a result of the nation's financial crisis, and he blamed Mayor Jerry Sanders for doing nothing to stop it.— October 24, 2008 3:31 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
While you're in the neighborhood, look at total compensation. Since you're all hot on this $200K thing, how many do you see making that kind of dough? ========================================= JF-as stated above-ALL FF's make over $200K in full compensation (except possibly a first year hire-but with OT even a first year hire will make that much)-the pensions are what drive it over that 200K number.— October 24, 2008 1:56 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Johnny, Let's compare apples to apples. You posted a screwed up link to Contra Costa County. Use this instead. http://ca-contracostacounty.civicplus.co... You posted data on Deputy Sheriffs. OK, but we're talking about firefighter compensation here. So... scroll down to the F's. Look at Fire Captains, Fire Engineers and Firefighters. Now look at pay vs retirement. Golly, it's about 25%. Damn close to my 20% estimate. ================================= Actually JF-the FF's are in there too-at page 101. They use a lower pension contribution rate for FF's-but for some reason their workmans comp rate is 35% of salary, while pension is at 25%. Why that is I do not know. Together they equal 60% of base salary. But the only number you need to read is the END number, which is total compensation, and a Fire Captain with a BASE salary of $104K per year has a total copmensation of $240K per year including benefits. That is what it cost the county to employ that GED educated FF. I would suggest a Fire Captain is not even worth HALF that amount.— October 24, 2008 1:53 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Let's see, $32,000/year x 25 years of contributions pre-DROP x the current assumption rate of 8% = $2,547,815.62 ===================== Since Calpers has lost 25% of it's total value since July 1, I don't think you can use 8% as a ROI. In fact the rate may even be negative.— October 24, 2008 1:42 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
The FF/PM is paid at the same rate as the Engineer, to compensate for the Paramedic skill. So 3/4 of personnel are paid at Engineer rate or lower. I'll round up a little and say that Engineers make $80K salary to make the math easy. We just saw that retirement is 20%, or $16K. =========================================== JF....LOL, please tell me you are joking with the $16K as a retirement contribution! That doesnt even pass the laugh test. The notion that $16K annual contribution today will equal a pension valued at $2 million dollars and more is so far beyond the bounds of reality that I think you need to check you meds.— October 24, 2008 12:20 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
I believe Goldsmith said flatly that he would end the litigation, or at least he implied that. Correct me if I am wrong. It will be academic if the City goes BK. ========================================= Even if San Diego goes BK it would not be academic to see the 1090 issue to conclusion. The reason being is there are other muni's with the same exact problems and althouh may be in bad shape, not bad enough to file BK. For those muni's the 1090 issue needs to be resolved. It could save them, as well as prevent FUTURE muni's from instantly creating billions in debt with the stroke of a pen by giving retroctive pension increases. If the 1090 conflict holds water with the Courts-then the labor contracts and retroactive pension increases will be void. It would be precedent for all muni's in the state, and would certainly be looked at in every muni in the nation-although only binding here in CA. Pay Shea says the contracts are void because without the funding in place the contracts violated the CA Consitution against deficit spending. I agree with him 100%. I would hope the CA Supreme Court also shares that view.— October 24, 2008 12:15 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Johnny, You keep claiming that retirement benefits are 60% of salary. ========================== JF, here is a link to Contra Costa Conty employees and their ACTUAL HARD COSTS of all benefits-scroll down to ANY Deputy-any of them-look at the base salary and then look at the pension ocntribution-it is 60% in virtually all of them; http://www.contracostatimes.com/news/ci_10201908?… You need to "rotate" the salary and benefit tables 90 degrees and then enlarge the font so you can read it. Deputy Sheriff's start on Page 69-the pension costs are in the 5th column from the END. Go ahead and read it, and then learn something.— October 24, 2008 12:04 p.m.