OT: California Prison Academy: Better Than a Harvard Degree

[bearishgurl]

[quote=CA renter]…“Although pension funds have gained back some of the deep losses suffered during the recession, the plans remain underfunded by billions of dollars, and projections show costs to governments increasing in the future as more baby boomers retire.”

This claim also needs to be addressed. The largest pension funds are obligated to pay out benefits according to contracts, but most of their funding is NOT from “taxpayers.” Employees pay a portion, employers pay a portion, but the majority comes from investment returns. If the investment returns end up being insufficient, they can always extract more from the employees.

The notion that “taxpayers” are the ones paying for everything is pure B.S. It has not been that way, and I highly doubt it will ever be that way. People need to understand how the system works before they spout off about it.[/quote]

Amen, CAR. Some of this “underfunding” problem was caused from mismanagement of pension funds. In the County of SD, a former pension fund mgr who made investment decisions in favor of risky futures contracts and derivatives was summarily sh!tcanned and replaced.

[Anonymous]

The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…

[Anonymous]

The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…

[Anonymous]

The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…

[Anonymous]

The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…

[Anonymous]

The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…

[briansd1]

Safety workers are well known to abuse disability programs.

A high percentage fake disability for early retirement.

Audit of San Jose’s disability retirement program for police and firefighters reveals abuses

A new city audit slams San Jose’s disability retirement program for police and firefighters, saying it’s too easy for retirees to claim a disability — which comes with a hefty tax break. The high number of public safety employees who retire with the benefit is unacceptable, the report says, and greatly exceeds those of other major California cities.

http://www.mercurynews.com/politics-government/ci_17897485?nclick_check=1

[briansd1]

Safety workers are well known to abuse disability programs.

A high percentage fake disability for early retirement.

Audit of San Jose’s disability retirement program for police and firefighters reveals abuses

A new city audit slams San Jose’s disability retirement program for police and firefighters, saying it’s too easy for retirees to claim a disability — which comes with a hefty tax break. The high number of public safety employees who retire with the benefit is unacceptable, the report says, and greatly exceeds those of other major California cities.

http://www.mercurynews.com/politics-government/ci_17897485?nclick_check=1

[briansd1]

Safety workers are well known to abuse disability programs.

A high percentage fake disability for early retirement.

Audit of San Jose’s disability retirement program for police and firefighters reveals abuses

A new city audit slams San Jose’s disability retirement program for police and firefighters, saying it’s too easy for retirees to claim a disability — which comes with a hefty tax break. The high number of public safety employees who retire with the benefit is unacceptable, the report says, and greatly exceeds those of other major California cities.

http://www.mercurynews.com/politics-government/ci_17897485?nclick_check=1

[briansd1]

Safety workers are well known to abuse disability programs.

A high percentage fake disability for early retirement.

Audit of San Jose’s disability retirement program for police and firefighters reveals abuses

A new city audit slams San Jose’s disability retirement program for police and firefighters, saying it’s too easy for retirees to claim a disability — which comes with a hefty tax break. The high number of public safety employees who retire with the benefit is unacceptable, the report says, and greatly exceeds those of other major California cities.

http://www.mercurynews.com/politics-government/ci_17897485?nclick_check=1

[briansd1]

Safety workers are well known to abuse disability programs.

A high percentage fake disability for early retirement.

Audit of San Jose’s disability retirement program for police and firefighters reveals abuses

A new city audit slams San Jose’s disability retirement program for police and firefighters, saying it’s too easy for retirees to claim a disability — which comes with a hefty tax break. The high number of public safety employees who retire with the benefit is unacceptable, the report says, and greatly exceeds those of other major California cities.

http://www.mercurynews.com/politics-government/ci_17897485?nclick_check=1

[bearishgurl]

[quote=pri_dk]The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…[/quote]

Actually, pension fund managers are chosen by retirement boards, which are comprised by law of one active public safety employee, one active non-safety employee, two retired employees, two local business owners or local CEOs (or one of each) and one elected official (usually a county supervisor). There has to be a quorum and majority vote on any decision.

pri_dk, try not to come off sounding like a dk unless you know what you’re talking about ;=]

[bearishgurl]

[quote=pri_dk]The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…[/quote]

Actually, pension fund managers are chosen by retirement boards, which are comprised by law of one active public safety employee, one active non-safety employee, two retired employees, two local business owners or local CEOs (or one of each) and one elected official (usually a county supervisor). There has to be a quorum and majority vote on any decision.

pri_dk, try not to come off sounding like a dk unless you know what you’re talking about ;=]

[bearishgurl]

[quote=pri_dk]The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…[/quote]

Actually, pension fund managers are chosen by retirement boards, which are comprised by law of one active public safety employee, one active non-safety employee, two retired employees, two local business owners or local CEOs (or one of each) and one elected official (usually a county supervisor). There has to be a quorum and majority vote on any decision.

pri_dk, try not to come off sounding like a dk unless you know what you’re talking about ;=]

[bearishgurl]

[quote=pri_dk]The public pension employees will get the full benefit, as required by law. Whose money will be used to make up the difference? (Hint: It’s not the sh!tcanned fund manager, who was probably chosen by a public employee in the first place.)

Now if someone in the private sector loses money in their 401K because their money was mismanaged, who is on the hook to make up the shortfall?

Keep trying, maybe you’ll get it eventually…[/quote]

Actually, pension fund managers are chosen by retirement boards, which are comprised by law of one active public safety employee, one active non-safety employee, two retired employees, two local business owners or local CEOs (or one of each) and one elected official (usually a county supervisor). There has to be a quorum and majority vote on any decision.

pri_dk, try not to come off sounding like a dk unless you know what you’re talking about ;=]

[Author]

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