- This topic has 6 replies, 4 voices, and was last updated 6 years, 11 months ago by
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[quote=harvey][quote=CA renter]That goes for your “invisible friend” gogogosandiego, too.[/quote]
You were always a fanatic but it seems you’ve spiraled into downright creepy.[/quote]
huh,…
crisis of faith ???
[quote=CA renter]
September 4, 2016 – 11:17pm….every once in awhile, even the trolls can make insightful points. IMHO, if my arguments can’t hold up to some trolling (and it immediately becomes obvious when they’re unable to make a valid point), then I need to re-assess.
https://piggington.com/ot_bearishgurl_should_clean_her_act_or_go?page=2#comment-271053
[/quote]and/or Déjà Poo (different day, same story)…
[quote=phaster]
December 30, 2016 – 9:11am[quote=CA renter]
[quote=phaster]
let me guess, you’re going to respond by saying the academic report I found by googling is all part of a grand conspiracy by individuals like harvey, to take away earned entitlements of honest hard-working public employee union members who have contracts that were dutifully researched by individuals like yourself
[quote=CA renter]
October 1, 2014 – 9:23pmYes, I’ve been following the pension issue for many, many years (far, far, far longer than you have), and I have also worked with negotiating committees and have done research for public employee unions.
http://piggington.com/how_will_unfunded_pensions_affect_economy?page=3#comment-247382
[/quote][/quote]
[/quote]correct my logic if I’m wrong but looking @ the data, seems as presently structured and operated the local portfolio mathematically sure seems no different than an unsustainable Ponzi scheme
starting w/ the three decade practice of a 13th pension payment, which the SDCERS board approved yet again for 2016 despite a recently reported $380 million “debt” spike
[quote]
SDCERS Board Approves 13th Check and Corbett Benefits for 2016
Nov 04, 2016The San Diego City Employees’ Retirement System (SDCERS) Board of Administration approved the payment of the “13th Check” supplemental benefit and the Corbett settlement benefit for eligible retirees. Eligible retirees will receive the payment as part of their November 2016 monthly retirement benefit.
The “13th Check” and Corbett settlement benefits are paid in years when the realized investment earnings of the fund are sufficient to pay them.
https://www.sdcers.org/News/Latest-News/By-Category/13th-Check-and-Corbett-,-Board,-News-Articles-,.aspx
[/quote][quote]
San Diego facing new pension debt
Sept 08, 2016A recent $380 million spike in San Diego’s pension debt is forcing city officials to debate whether to begin paying that bill now or take the controversial step of pushing the financial pain several years down the road.
…The spike, which is the result of a new actuarial study showing that city employees and retirees are living significantly longer, would increase the city’s annual pension payment — $261 million this year — by $35 million, or more than 13 percent.
That increase would help the city continue to cover annual pension benefits for retired employees and continue steadily paying down its unfunded, long-term pension liability, which the new study increased from $2 billion to nearly $2.4 billion.
Mayor Kevin Faulconer and the City Council created the city’s first pension stabilization fund last spring with a $16 million initial contribution, but they didn’t expect the money to get wiped out in one year.
To put figures into context, for the finances to work out there is an assumption that the portfolio custodian(s) will look at certain performance benchmarks (i.e. that the over all value of the portfolio grows @ 7.25% each year)
[quote]
SDCERS Board of Administration Adjusts Discount Rate to 7.25%
Nov 08, 2013The San Diego City Employees’ Retirement System (SDCERS) Board of Administration today voted to reduce the System’s discount rate to 7.25%, affirming a recommendation by the system’s actuary Cheiron.
Yet the latest reported FY return of just a hair above 1% is far below the target of 7.25% so elementary school math tells me in effect the “debt” grows ever larger and the BAU three decade old practice of a 13th pension payment only exacerbates the overall debt.
[quote]
SDCERS Reports Preliminary Return of 1.1% for Fiscal Year 2016
Aug 26, 2016San Diego City Employees’ Retirement System (SDCERS) reported a preliminary return of 1.1% (net of fees) for the fiscal year ending June 30, 2016. Despite the low absolute return, the performance was in the top third of the All Public Funds Universe obtained from BNY Mellon and Investment Metrics. Assets under management were $6.8 billion as of June 30, 2016.
https://www.sdcers.org/News/Latest-News/By-Category/Investments,-News-Articles-,-Press-Release.aspx
[/quote]FYI
[quote]
A Ponzi scheme is a fraudulent investing scam promising high rates of return with little risk to investors. The Ponzi scheme generates returns for older investors by acquiring new investors.http://www.investopedia.com/terms/p/ponzischeme.asp
[/quote]where
translate.google.com “older investors” = “public employee unions” AND “politicians”
translate.google.com “new investors” = more burden placed on “tax payers”PS you all might find this interesting, a recent NY Times article:
mentioned “Calpers Cuts Investment Targets, Increasing Strain on Municipalities” and yet in San Diego County our “Supervisors, without debate, give initial approval to increasing their pay”
http://www.delmartimes.net/encinitas-advocate/news/sd-cm-enc-supervisors-raise-20161219-story.html
meanwhile the local school district is forced to make cuts (because of a mis-managed public pension portfolio)
http://www.voiceofsandiego.org/topics/news/soaring-pension-costs-choking-sd-schools/
[sarcasm ON]
yeah I don’t see any economic problems ahead…
[sarcasm OFF]
https://piggington.com/ot_bearishgurl_should_clean_her_act_or_go?page=5#comment-275088
[/quote]
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