When the PC people admit what the common denominator is and take appropriate action nothing will improve.
Look at every nice area in Memphis including shopping malls and tell me honestly that you do not know what or who is causing the cancer to spread!
Was a fire inspector transferred to another job on the MFD because he did his job and enforced the fire code? The project had to have an elevated water tank on the roof to meet code. The building plans and budget did not include this large cost. After the fire inspector took the people to court and the court ruled in his favor he was transferred! The burning question is WHY!
Politics can come into play when one least expects it.
The pension fund has recouped the money lost during the recession and even more. It now has 2.209 BILLIN DOLLARS in it. The so called unfunded liability is how much money is needed if ALL EMPLOYEES retire at the same time and all have completed twenty five years of service. Both are impossible! Everybody can not have the exact same number of years on the job. Everybody can not retire at the same time for various reason mainly because if their years of service not conforming to the retirement rules.
We pay 30% of our health care insurance and about 8% of salary into the pension. We pay our way!
These benefits were conditions of employment.
The city has squandered money like a drunken sailor! How about giving 66 million dollars to a dead mall? The owners do not even want this money. The city has given away almost one half BILLION dollars to private sector projects.
It is not a health insurance or pension problem. It is a spending problem.
With this ungodly amount of money passing Into the private sector, it sure raises a lot of questions?
The unfunded liability is smoke and mirrors. An unfunded liability is the amount of money the pension must have to pay out the proper monthly payments to the retirees if ALL EMPLOYEES retire at the same time and all of these new retirees have a full twenty five years of service. BOTH ARE IMPOSSIBLE!
The pension plan has over 2.2 billion dollars in it. This is more than it had before the downturn in our economy. This pension plan has worked very well since 1948!
The proposed plan is not a 401 K but a 401 A which only requires the city to pay into it for the first year only. How many think the city will continue to pay into this after the first year?
It is rumored that AC will be the chief administrator for the new fund. I want to know if the city will be able to borrow from the 401 A! The city is prohibited from borrowing from the pension plan. I can see it now! The city will borrow all of the money and not be able to pay it back!
With a 401A or K there is not a death benefit for line of duty deaths for the surviving spouse and children. There are no monthly disability payments to a firefighter or law enforcement officer that are injured on duty and can not return to duty. How many educated and qualified people do you think the city will be able to hire under these dispicable conditions?
Hopefully this and the health care mess will be tied up for many years in court. I can see this lasting for twenty years. I guess by then most of the retirees and their spouses will be dead and gone and will not be screwed our of health care!
It the city follows through with the 401 K plan it will totally destroy the pension plan. The non vested employees would be given their money that has been paid into the pension for up to ten years. This massive reduction ofbthe pension fund will not leave enough money in the plan to pay the retirement for the current retirees and the vested employees. The only thing it will accomplish is to possibly will allow the city to borrow from the 401K plan. Is the the only reason the city is planning to make the changes. They can not touch the money in the pension plan now. As for the ones without a pension, these sanitation workers VOTED TO GET OUT of the pension and get the money they had paid into the pension and go under social security. Do not blame anyone but these workers for not having a pension. It is not right to give these people one thousand dollars a month so they can retire with dignity when they gave up their chance for a pension.
The recession did in fact cause a reduction in the pension balance. The funds dropped to 1.8 billion dollars from a high of 2.1 billion dollars. The current balance is 2.2 billion dollars! Please print the truth and not half truths and seemingly out right lies.
By Richard Alley
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