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San Diego City Employees pension fund ailing
Touchee' Have to be fair to Johnny too!— April 3, 2009 4:39 p.m.
San Diego City Employees pension fund ailing
Nicely done Trestles! Succinct and to the point, nicely done.— April 3, 2009 2:33 p.m.
San Diego City Employees pension fund ailing
Okay BillyBob...whatever name you're using this month... Here's something for your puppy to chew on...a portfolio worth some $38 million... In a 40-year period, history shows that there will be cycles of expansion and recession. During a recession, the returns will be much lower than during an expansion. These discounted forecasts use the 10-year weighted average return as their base. The use of 75 percent of this base yields a return of 15.3 percent. This is perhaps more historically realistic when comparing the weighted rates with the returns of large companies stocks and small companies stocks, which have been 12.3 and 17.6 percent, respectively. The fourth forecast of 50 percent of the base returned 10.2 percent annually, which compounded the portfolios future value to about $7 million. The final discount of 25 percent earned five percent annually and produced $1.5 million after 40 years. For comparison, the entire portfolio in Treasury Bills (T-bills), which is the essential investment used for Social Security. The average return for U.S. T-bills from 1926 through 1993 was 3.7 percent. Using this rate of return for a the same model of portfolio of mutual funds, the future value in 40 years was a little more than $1 million. The point: Pension Systems are long term investment vehicles. Longer than the several years that you mistakenly predict. In fact, your predictions, as well as other statements of fact, where you claim expertise on a variety topics have been not only wrong, but not even in the ballpark. Some, like our moderator, Mr. Bauder, would and have defined comments like yours as "inflammatory or inaccurate information just to get others excited." Or to be clear, Johnny Vegas, BillyBob Heny, Surfpuppy619 as well as any other monikers you may have posted under are comments made by an Internet Troll.— April 3, 2009 1:28 p.m.
San Diego City Employees pension fund ailing
So Johnny "triple boomer" Vegas, what happens to all the liabilities when the markets recover? During the month of March, it appears investors may have reached the point of capitulation. Then over the last few weeks the all of major indexes are showing bullish trends. If we have reached bottom and I'm not convinced we have, all of the Sky is falling rhetoric ends. You need to keep 20, 30 and 40 year investment horizons in proper perspective.— April 3, 2009 12:46 p.m.
San Diego City Employees pension fund ailing
With pension accounts capped with an annual 2% COLA, a period of inflation similar to the late 70's and early 80's will eat up the real value of the pensions rapidly. The retired city employees will need the proceeds from the DROP accounts as a hedge against the expected inflationary times ahead. Now that the city has filed a declaratory relief action against the POA regarding to DROP http://voiceofsandiego.org/pdf/droplawsuit040209.… and the meet and confer processes, it looks like we'll FINALLY get the ball rolling to decide its true nature: Vested Benefit or Wage Program. In the meantime, interest crediting rates will fall more inline with current market conditions and SDCERS institutes an annual review of rates. Hopefully this bring this beast under MANAGEABLE AND ACCEPTABLE control. I wonder whatever happened to the last Declaratory Relief Action filed by the City over the Purchase of Pension Service Credits? I don't recall hearing about any decision(s).— April 3, 2009 9:24 a.m.
San Diego City Employees pension fund ailing
With the way our Federal Gov't is spending money these days...we'll need to cry!— April 2, 2009 12:13 p.m.
Meter Eater
Surfpuppy you're stuck with your history of previous identities, as well as the inaccuracies. Johnny Vegas and BillyBob Henry will live in infamy on the SD Reader as well as other blogs on the Internet. To this day I'm still JustWondering why you chose to abandon your previous identities AND attempt to deceive others in doing so.— April 2, 2009 6:35 a.m.
San Diego City Employees pension fund ailing
Don, It just a great steak and excellent service. Nothing political and not an endorsement of Mr. Shea's agenda. Just a nice meal with friends.— March 27, 2009 9:28 a.m.
San Diego City Employees pension fund ailing
No John, The court said "Despite having concluded that the City may potentially reject the remaining CBAs, the court will defer determining whether the City has satisfied the Bildisco standard for their rejection for two reasons. The court was advised several times at the evidentiary hearing on the motion, and again at the hearing on a related motion by IAFF for relief from the automatic stay, that negotiations between the City, IAFF, and IBEW were ongoing. The court wishes to give the parties every reasonable opportunity to settle this motion. Given the settlements with two of the unions, the court wishes to do give the City and the remaining two unions every reasonable opportunity to come to terms. After all, Bildisco permits the City to reject the CBAs only if negotiation is unlikely to produce a prompt and satisfactory solution. The court used language ...[m]ay potentially reject the remaining CBAs... not SHALL. This decision was NOT published today (3/27), it was filed on 13th and the parties are still working on it two weeks later and they still have their CBA in place. WHY DO YOU CHOOSE TO KEEP SPREADING MISINFORMATION? YOU'VE BEEN WRONG SO MANY TIMES WITH YOUR COMMENTS, and PREDICTIONS IN THE PAST IT"S IMPOSSIBLE TO KEEP TRACK. The court further opined it wished to give the parties every reasonable opportunity to settle this motion. Given the settlements with two of the unions, the court wishes to do give the City and the remaining two unions every reasonable opportunity to come to terms. After all, Bildisco permits the City to reject the CBAs ONLY [emphasis added] if negotiation is unlikely to produce a prompt and satisfactory solution. Beside all that John, isn't it your professional opinion, as we've discussed before, the case is not over until ALL appeals are exhausted? Given that, this case could go on for 2, 3 or a lot more years. As our fellow poster Fumber put it..."please get a job and leave the real commentary to experts like me."— March 27, 2009 9:21 a.m.
San Diego City Employees pension fund ailing
Hey Fred Didn't realize you were hungry too. Regrets.— March 27, 2009 6:21 a.m.