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Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
He also testified that the 79.9% figure used by Aguirre is not an appropriate measure, "Based on the latest SDCERS Actuarial Valuation for the City of San Diego, as of June 30, 2006, the "funded ratio" of SDCERS is 79.9%. This represents the ratio of the actuarial value of assets to the actuarial accrued liability (the "AAL"). This rate is not an appropriate measure of actuarial soundness, since Its calculation is dependent upon the choice of actuarial method of calculation." ====== ====== JF, this guy states, and you even reposted it, that the 79% rate is not SOUND!— October 22, 2008 11:03 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Once the city pays SDCERS, the money is no longer taxpayer money, it is retirement system money. Get over it. ================================= Nope, DROP is taxpayer money and an employee scam. Mike Aguirre has already proven that. You didn't earn that $$ and you don't deserve it. Don't make me post Mike's report on DROP again, showing that it has cost SD taxpayers millions. I have an idea for you JF-if you are unhappy with your FD pay or benefits, go find a better job. The abuses the FD have pulled here are the same as in Valljo-and we already know how that one turned out- don't we JF.— October 22, 2008 6:34 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Speaking of corks... According to the Social Security Administration, the average person retires and begins receiving SS at age 62. ================================== WRONG again JF, the "average person" retires at age 62 ONLY when you INCLUDE the welfare queens who retire at age 50; "You can begin receiving Social Security benefits before your full retirement age, as early as age 62. However, if you retire early, your Social Security benefit will be less than if you wait until your full retirement age to begin receiving benefits." http://www.360financialliteracy.org/Life+Stages/S… The SOONEST anyone can retire in SS is age 62, so that age could never be the "average" age for SS recepients-it is onloy average when you include the 50 year olf welfare queens in government, which has a horrendous affect on the numbers. Nice try. BTW, at age 62, you "retire" in SS with about 25% of highest years pay, not 90%. But this is all going to be a moot point very soon, because this City will be filing BK sooner or later.— October 22, 2008 6:29 p.m.
San Diego tourism weakens
I hope Bill Evans goes BK.— October 22, 2008 5:23 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. ==================================== 100% false. The Big 3 auto makers are examples 1-3. It has NOTHING to do with CEO pay. Here you go JF-some more reading for you tonight; Abolish Public Employee Pensions Posted on: October 7th, 2008 by Ed Ring During the internet bubble, then the housing bubble, most financial analysts understood we were experiencing unsustainable economic growth. But this didn’t stop the public employee unions from using these temporary surpluses as an excuse to serve their members at the expense of the taxpaying private sector workers. ****Crowing about excessive ”executive compensation” collected by an insignficant handful of corporate executives, they demanded endless hikes in pay and benefits. **** http://ecoworld.com/blog/2008/10/07/abolish-publi…— October 22, 2008 5:19 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on 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. ===================== No, DROP money is NOT the employees money. It is taxpayer money being paid to a welfare queen who has not "retired", as such it is not the employees money. As for the military, when you work for $1K per month where the fatality rate is 5% then you can make that claim, until then put a cork in it. As for SS, when you 'retire" at age 75 you can make the claim, until then put another cork in it.— October 22, 2008 5:14 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
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. ======================================== Noe, not after this tsunami is over. Here you go JF, this is factual data from arguably the top financial university in the nation; The Intergenerational Transfer of Public Pension Promises Robert Novy-Marx University of Chicago - Graduate School of Business Joshua D. Rauh University of Chicago - Graduate School of Business; National Bureau of Economic Research (NBER) September 2, 2008 Chicago GSB Research Paper No. 08-13 Abstract: The value of pension promises already made by US state governments will grow to approximately $7.9 trillion in 15 years. We study investment strategies of state pension plans and estimate the distribution of future funding outcomes. We conservatively predict a 50% chance of aggregate underfunding greater than $750 billion and a 25% chance of at least $1.75 trillion (in 2005 dollars). Adjusting for risk, the true intergenerational transfer is substantially larger. Insuring both taxpayers against funding deficits and plan participants against benefit reductions would cost almost $2 trillion today, >>>>>even though governments portray state pensions as almost fully funded. <<<<<<< http://papers.ssrn.com/sol3/papers.cfm?abstract_i…— October 22, 2008 5:11 p.m.
City Pension Portfolio Plunges Below $4 Billion; That's Lower Than Level of Mid-2006
Doug McCalla, chief investment officer of SDCERS, would not comment, deferring to a spokesperson. ========================================== Of course he is not going to comment-the fund is bankrupt. It is BK on a cash flow and asset liability basis. File BK NOW! CHAPTER 9. There is no way around it now-there is no way we are getting out of this-the San Diego pension's goose is cooked. Just a matter of time before San Diego files BK. I predict KFC Sanders will continue on with the same path he has followed the last 4 years-pass the buck, no leadership no solutions. I have a C note that says Sanders just rides this financial tsunami out until he leaves office forcing the next Mayor to file BK......any takers on that action??????— October 22, 2008 5:07 p.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
I wondered if BillyBobHenry's sudden reappearance after such a long absence was a hoax. ===== ================================= These City employees love me, and I love them!— October 22, 2008 8:36 a.m.
Good News: SDCERS Discussing Lowering Interest Rate on DROP Account
Lol.... You know I am inside some welfare queen minds when they resort to using a "BillyBobHenry" handle..... JF, imitation is the sincerest form of flattery. BTW JF, the DROP scam has been gone, long gone, for a few years now and it anit coming back. There is a 99% probability that DROP will be eliminated for EVERYONE if San Diego files for BK protection.— October 21, 2008 5:30 p.m.