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Sat Feb 16, 2013, 09:16 AM

Police, teachers, corrections officers, firemen, and other state workers read this (pension reform)

A new report shows the Republican plan to "reform" the FRS will cost more than it does now.

I'd like to thank the morons in the public sector who are dumb enough to vote Republican. It's time to stop putting these people in office! Guess who will pay for it?????

http://miamiherald.typepad.com/nakedpolitics/2013/02/report-says-weatherfords-pension-reform-might-cost-more.html

He’s called Florida’s pension system a “ticking time bomb” that will require a costly taxpayer bailout in the future.

But Florida House Speaker Will Weatherford’s aim to reform Florida’s current $136 billion pension plan, which has 145,000 member accounts, hinges on one key question. If you reform it, how much will it cost?

Plenty, says a 50-page study that was released late Friday. The study was done by Milliman, a Vienna, VA firm that is among the world’s largest providers of actuarial services. Weatherford asked the Department of Management Services to study the financial impact of closing the pension plan to new members effective Jan. 1, 2014

The study looked at what happens when new employees working for the state, school districts, counties, cities and community colleges would be required to enroll in a 401-k plan rather than the current pension that provides guaranteed benefits. Members who are currently enrolled in the state pension plan would be allowed to remain.

But the findings seem to undercut Weatherford’s assertion that reform doesn’t threaten the benefits of those currently enrolled in the system.

Read more here: http://miamiherald.typepad.com/nakedpolitics/2013/02/report-says-weatherfords-pension-reform-might-cost-more.html#storylink=cpy

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Reply Police, teachers, corrections officers, firemen, and other state workers read this (pension reform) (Original post)
Orlandodem Feb 2013 OP
no_hypocrisy Feb 2013 #1
jerseyjack Feb 2013 #3
Riley18 Feb 2013 #2

Response to Orlandodem (Original post)

Sat Feb 16, 2013, 09:20 AM

1. NJ public employees face a similar ticking time bomb.

Since Christine Todd Whitman, the funds for pensions haven't been paid into investments or into accounts. They've been "re-routed" and "borrowed" to pay the general state fund. In other words, legal embezzling. We're talking billions of dollars. So toxic that even democrats aren't talking about it. My guess is that Chris Christie is going to declare the funds won't have to be replaced and that retired teachers and police and fire fighters will be on their own because he'll claim that NJ just doesn't have the money to repay the missing money.

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Response to no_hypocrisy (Reply #1)

Sat Feb 16, 2013, 05:58 PM

3. The N.J. action went to court.

 

Judge ruled that the money doesn't have to be paid since the pension fund is not yet in jeopardy --- (read, it still is paying its pensioners.)

Judge left the door open for the plaintiffs ( public employees) to return when the situation gets worse.

What The Fuck?

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Response to Orlandodem (Original post)

Sat Feb 16, 2013, 10:12 AM

2. Public employees have only their unions

fighting this government embezzlement of pension funds. Where does the federal government stand in this latest ripoff? If Florida closes the FRS to new employees, it will not be sustainable in the long run. As it is now the fund is extremely healthy. That is in spite of robbing it of our 3% of every pay.

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