The city that outsourced everything

[GH]

[quote=SK in CV][quote=GH]Every time I post about public unions a host of you jump on the “killing the middle class” bandwagon, but it is clear the San Diego Pension Managers apart from violating State and Federal law by failing to fund their pensions when benefits were increased have gambled away the bulk of the money on bad investments.

[/quote]

Pension managers don’t fund the pensions. Employers do.[/quote]

Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.

[bearishgurl]

[quote=GH]Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.

It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.

The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.

[bearishgurl]

[quote=GH]Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.

It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.

The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.

[bearishgurl]

[quote=GH]Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.

It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.

The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.

[bearishgurl]

[quote=GH]Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.

It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.

The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.

[bearishgurl]

[quote=GH]Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

GH, in local government, the pension fund managers and elected Retirement Boards (who must concur) invest and “manage” the funds already deposited in the pension fund. A good portion of these funds are employee contributions.

It is the City Councils and Board of Supervisors who must agree how much of the government’s portion of retirement contributions will be placed in the control of the Retirement Boards/pension fund mgrs annually and where that money will come from.

The Retirement Boards have the ability to change pension funds and/or hire/fire pension fund managers.

[SK in CV]

[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.

[SK in CV]

[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.

[SK in CV]

[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.

[SK in CV]

[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.

[SK in CV]

[quote=GH]
Pension managers DO “manage” pensions. At least here in San Diego, the pension is not funded – promised, but NOT funded sufficiently. This seems like the act of a debtor charging away debt and hoping to “somehow” come up with the money later.[/quote]

Exactly right. But you’ve changed your assertion. The debtor would be the city. Not the pension manager. People throughout the city assailed Mike Aguirre. Incuding some, as I recall, here on this blog. Among his most controversial targets were municipal employee pension deals, primarily the police pensions, made while Susan Golding and then Dick Murphy were mayor. Short version (and you are exactly right on this) was increased benefits in exchange for not funding those benefits. That’s much less a pension management problem than a city financing problem.

[gandalf]

[quote=UCGal]I think targeting your anger towards public union employees is missing the point. The public employee worker bees are not the problem. Until 10-15 years ago private employers offered similar benefits to private sector, non-union, employees.[/quote]

Nice post, UCGal.

[gandalf]

[quote=UCGal]I think targeting your anger towards public union employees is missing the point. The public employee worker bees are not the problem. Until 10-15 years ago private employers offered similar benefits to private sector, non-union, employees.[/quote]

Nice post, UCGal.

[gandalf]

[quote=UCGal]I think targeting your anger towards public union employees is missing the point. The public employee worker bees are not the problem. Until 10-15 years ago private employers offered similar benefits to private sector, non-union, employees.[/quote]

Nice post, UCGal.

[gandalf]

[quote=UCGal]I think targeting your anger towards public union employees is missing the point. The public employee worker bees are not the problem. Until 10-15 years ago private employers offered similar benefits to private sector, non-union, employees.[/quote]

Nice post, UCGal.

[Author]

Posts