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Suit Challenges Lid on City Workers' Healthcare Costs
Hey city worker scum Welcome to the real world. By SanDiegoParrothead 12 ============== Finally, some back up!— July 21, 2010 4:18 p.m.
San Diego News Network Pulls the Plug
"Our other site, Southwest Riverside News Network (SWRNN.com) continues to grow, thrive and prosper." =========== Do you think their nose grew longer with that whopper???— July 21, 2010 4:14 p.m.
Lest We Forget: Pension Woes Worse Than Ever
That's why I posted the return averages for the last 20 years. It more relevant for a pension system making long term investment decisions and you know it. ========== Oh poor JW, what am I going to do with you???.........Have you ever read ANY financial disclosure forms for any investment??? They ALL have a disclosure that goes something like this; "Past performance is no indication of future success" Back in the 1960's, 70's, 80's, 90's and 2000's the largest corporation in th world, GM, said they were rock solid and had NO financial troubles (sort of like how you're comparing the city pension funds pat performances right now), guess what happened to GM in 2008??????— July 21, 2010 4:13 p.m.
Lest We Forget: Pension Woes Worse Than Ever
Oh, by the way, while I thinking about your bad attitude, why as a taxpayer would you wish them anything but great success with their investments. Every dollar they earn from investments REDUCES the city's actuarially required payment. Let's hope they meet and substantially exceed my prediction. By JustWondering ========================= LOL..the only way the city pension fund and your pie in the sky return rates will meet those bogus expectations is when you close your eyes and drift off into FANTASYLAND. As for your preposterous comments that the system will be in the top 2% for returns, keep dreaming buddy, keep dreaming. You're so caught up in your own little fantasy world that there is nothing that can wake you up from your dreams of the life styles of the rich and famous.— July 21, 2010 4:08 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
Technically insolvent? How so, the City continues to pay its bills. ========== You are like a kid who says he is not overdrawn b/c his checking acount still has money in it when there are tens of thousands in outstanding checks waiting to be cashed. The city does NOT have enough money to pays it's bills, or did you not know we have, a what, 150 million dollar hole in the budget, and that hole grows bigger every year going forward, $250 million next year!— July 21, 2010 12:16 p.m.
Lest We Forget: Pension Woes Worse Than Ever
With the close of SDCERS fiscal year the system will most likely report between 10-12% annual return, slightly down from the 15-20% return growth reported during its third quarter ending in March. =============== LOL...more spin than a merry-go-round. The notion that ANY pension sytsem could return double digit ROI for more than one quarter in todays market is 100% absurd-as are most of JW's pie in the sky comments about the pension system working properly and being sustainable. Calpers had a 2.41% ROI from 89-99,and that does not even include all of the market loses from 2008-2009. Stanford, Northwestern and the University of Chicago have all said a 4% ROI discounted rate over the next 5-15 years is about right for risk averse pension funds, with 5% being the upper end. But not SDCERS, they are much smarter than everyone else in the pension fund business and are going to get a "15-20% return", at least according to head cheerleader/fraudstir enabler JW! Fine JW, you take the big bets, but I will let you and your co-conspirators backstop those wild get rich quick schemes.— July 21, 2010 12:09 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
The truth is City Management, and its political leaders didn't care and citizens didn't care either. ======== The TAXPAYERS (aka "citizens") didn't care JW????? Are you for real??? Did you poll them personally, all 1.3 million San Diego Citizens??... or are you stretching the truth just a wee bit???? I know I cared, and everyone I know cared. I also know I didn't vote YES for that retro active pension give away of a gift......— July 20, 2010 10:58 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
In addition, SDCERS and its Board are fiduciaries =============== Yes they are fiduciaries , and they violated their fiduciary duty (BIG time) by allowing the city to underfund the pension system in exchange for a quid pro quo bribe of higher pension payments, higher pension payments that were neither worked for nor earned, but were in fact a gift of public funds to make the quid pro quo bribe work. I say we sue the pants off the pension board who violated their fiduciary duty.......but in any event the taxpayer should not be on the hook for any short fall given the board members violations of their fiduciary duty to keep the pension fund solvent. You KNOW I am right on this, and no JW spin will change those basic facts.— July 20, 2010 10:53 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
As usual pupster/JohnnyV/billyb you've missed the point once again. This has nothing to due with SS versus city pensions, it deals with missing tens of millions of dollars and politician who do anything to keep their elected office. ================= Hey, the truth can be painful. The City did bail out of SS, but that is NOT "[That's] the real question." as you posted. That is just part of the question/s. IMO the "REAL question" is why did the SD pension system AGREE to allow the underfunding?????????????????????? I won't hold my breath while you try to answer that one.....(it is a rhetorical question, the reason is because you didn't care about the system's health, but were greedy).— July 20, 2010 4:49 p.m.
Suit Challenges Lid on City Workers' Healthcare Costs
The City bailed out of Social Security in 1982 and the 7.65% in matching employer contribution. So what happened to all of that money over the last 28 years? That's the real question. ============ Well, the City AND the employees bailed out. That was not a one way street-it needed the approval of the employees, and once again, the City pension deal is 5000% better than anything SS can provide. In fact there is talk of raising the current retirement age for FULL SS from age 67 to age 70. So a cop working 25-30 years will get a 75%-90% pension (with 2%-3% annual COLA's) for the next 31-36 years in retirement, while a SS worker working 50 YEARS! will get $12K average (with 0%-1.2% COLA's) for 11 years in retirement. As you can see, the numbers don't lie.— July 20, 2010 9:06 a.m.