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Reply #69: In Rhode Island the solution for sustainability has been municipal bankruptcy. [View All]

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hack89 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-05-11 05:42 AM
Response to Reply #29
69. In Rhode Island the solution for sustainability has been municipal bankruptcy.
If there is no money there is no money. This is a problem you can't tax yourself out of.
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  -San Jose's $100,000 pension club is rapidly growing alp227  Dec-03-11 09:26 PM   #0 
  - And how much of this is THEIR money?  proud2BlibKansan   Dec-03-11 09:34 PM   #1 
  - If the workers were contributing at that rate  AtheistCrusader   Dec-03-11 09:48 PM   #3 
  - The contributions are invested  proud2BlibKansan   Dec-03-11 09:52 PM   #5 
  - At 3%? In this market?  AtheistCrusader   Dec-04-11 12:09 AM   #19 
  - In this market? In fairness, when someone who is now retired was negotiating  No Elephants   Dec-04-11 02:28 AM   #39 
  - They go down too.  avaistheone1   Dec-04-11 01:48 AM   #26 
  - The numbers really don't make sense. Pension plans are designed  pnwmom   Dec-04-11 02:19 AM   #34 
     - Pension plans can be designed any way the parties agree on.  No Elephants   Dec-04-11 03:28 AM   #47 
  - At what rate?  No Elephants   Dec-04-11 03:27 AM   #46 
  - What did they invest in to earn $100.000 in pension payments? This is weird.  freshwest   Dec-03-11 11:20 PM   #8 
  - For one thing, in many locales, cops work a lot of overtime.  No Elephants   Dec-04-11 03:30 AM   #48 
  - Self delete.  No Elephants   Dec-04-11 03:59 AM   #52 
  - Not true, not 100%  demosincebirth   Dec-04-11 12:08 AM   #18 
  - The story does not give us sufficient information to say, one way or another.  No Elephants   Dec-04-11 04:22 AM   #56 
  - Only some fraction. Few people have pensions paying more than their  pnwmom   Dec-04-11 02:18 AM   #33 
  - That can't be right  BeFree   Dec-03-11 09:34 PM   #2 
  - My dad was an FBI agent. Many times he told me he earned more  snappyturtle   Dec-03-11 11:21 PM   #9 
  - Yes, how dare anyone have a dignified retirement!11!!1  PSPS   Dec-03-11 09:50 PM   #4 
  - Amen  proud2BlibKansan   Dec-03-11 09:53 PM   #6 
  - Agree for the most part.  No Elephants   Dec-03-11 11:44 PM   #10 
  - If $100k is a decent retirement, then most people will have to be satisfied  avaistheone1   Dec-04-11 01:40 AM   #23 
  - +1. n/t  pnwmom   Dec-04-11 02:21 AM   #36 
  - A dignified retirement is one thing; making more while retired  pnwmom   Dec-04-11 02:21 AM   #35 
  - Cops probably had a good health plan before Medicare. And they probably worked a lot of overtime,  No Elephants   Dec-04-11 04:13 AM   #54 
  - Does this really make sense to you?  pnwmom   Dec-04-11 02:42 AM   #44 
  - Strange. People who earn that much are called plutocrats and the gilded rich here  dmallind   Dec-03-11 10:43 PM   #7 
  - Working all your life as a cop is NOT doing nothing at all. And this may be all their own money.  No Elephants   Dec-03-11 11:52 PM   #12 
  - Working 25 years as a cop is not "all your life." Retire at age 50 with  demosincebirth   Dec-04-11 12:16 AM   #20 
  - It is clear it is not all their own money  avaistheone1   Dec-04-11 01:43 AM   #24 
  - I don't know if that is necessarily so. You can put money into a system, but it can be spent for  No Elephants   Dec-04-11 01:48 AM   #27 
  - According to the OP's article that is precisely what is going on in San Jose.  avaistheone1   Dec-04-11 01:53 AM   #28 
     - Either you did not read my post or you did not understand it.  No Elephants   Dec-04-11 01:57 AM   #30 
        - I am not saying they did not contribute money into their pension.  avaistheone1   Dec-04-11 02:12 AM   #32 
           - I said ALL. For the third time, nothing you quoted supports your assertion about insufficiency.  No Elephants   Dec-04-11 03:42 AM   #50 
  - Chances are it's all tax payers money invested in their pensions. thats a  demosincebirth   Dec-04-11 10:06 PM   #66 
  - Early retirement and double dipping are separate issues. They exist in the military as well.  No Elephants   Dec-04-11 01:45 AM   #25 
     - Being a cop is by no means the most dangerous job in America..  Fumesucker   Dec-04-11 04:24 AM   #57 
     - Average pay for a policeman in the Bay Area is about 110,000 a year. Ever hear of  demosincebirth   Dec-04-11 10:20 PM   #67 
  - All their own money? Do policeman manage to save a couple million over their careers?  pnwmom   Dec-04-11 02:26 AM   #38 
  - That is not how pension plans or annuities, public or private work.  No Elephants   Dec-04-11 03:55 AM   #51 
     - Here's an annuity calculator.  pnwmom   Dec-04-11 05:45 AM   #60 
  - The median (single) income in that county is $71,000.  pnwmom   Dec-04-11 02:31 AM   #40 
     - Maybe, if you were in that county, you should have been alert way before now.  No Elephants   Dec-04-11 04:09 AM   #53 
     - Oh, right. Everyone who lives in a county has been there for decades.  pnwmom   Dec-04-11 05:47 AM   #61 
     - And maybe the story is one in a long string of hit pieces on public employee unions.  KamaAina   Dec-05-11 05:01 PM   #77 
     - I'm a worker in that county making considerably less than $71,000  KamaAina   Dec-05-11 05:00 PM   #76 
  - A lifelong career is now doing nothing at all?  proud2BlibKansan   Dec-04-11 12:22 AM   #21 
     - A completed in the past lifelong career means you are no longer doing it, by definition.  dmallind   Dec-05-11 12:32 PM   #72 
  - Goes to show you how magical the combination of "public worker" and "pension" is  Dreamer Tatum   Dec-03-11 11:50 PM   #11 
  - That mischaracterizes even the few posts on this thread so far.  No Elephants   Dec-03-11 11:54 PM   #13 
     - So you're denying that cops are called pigs a lot, and people don't sneer at $100K+ salaries?  Dreamer Tatum   Dec-03-11 11:55 PM   #14 
        - Reading comprehension much? I am denying that you characterizing this thread fairly.  No Elephants   Dec-03-11 11:59 PM   #15 
           - A $100K pension for a public servant is exorbitant, especially when current servants  Dreamer Tatum   Dec-04-11 12:00 AM   #16 
              - That is your opinion, period, and you know what they say about opinions.  No Elephants   Dec-04-11 12:06 AM   #17 
              - Well it obviously is not sustainable because city jobs and services are being cut to  avaistheone1   Dec-04-11 01:37 AM   #22 
                 - Sustainability is also a separate issue. What do you suggest? An ex post facto law  No Elephants   Dec-04-11 01:54 AM   #29 
                    - Like or not I believe sustainability is part and parcel of this issue.  avaistheone1   Dec-04-11 02:07 AM   #31 
                    - Ex post facto laws volate the Constitution of the United States, so I disagree with you.  No Elephants   Dec-04-11 02:25 AM   #37 
                    - Its late  avaistheone1   Dec-04-11 03:05 AM   #45 
                       - You are correct that contracts are the way they are for a variety of reasons.  No Elephants   Dec-04-11 03:37 AM   #49 
                    - Deleted message  Name removed   Dec-04-11 10:47 AM   #64 
                    - In Rhode Island the solution for sustainability has been municipal bankruptcy.  hack89   Dec-05-11 05:42 AM   #69 
  - Maybe that's not so difficult to understand...  Sancho   Dec-04-11 02:33 AM   #41 
  - Her retirement might equal or exceed her salary. But will it exceed $100 K?  pnwmom   Dec-04-11 02:39 AM   #43 
     - Exceeding the salary is the apples to apples measure, not whether someone who  No Elephants   Dec-04-11 04:19 AM   #55 
        - It's hard to believe that 1/3 of the workers in that city were making  pnwmom   Dec-04-11 05:33 AM   #59 
  - So the typical worker in that county, making $71,000,  pnwmom   Dec-04-11 02:34 AM   #42 
  - Pensions envy!  No Elephants   Dec-04-11 04:28 AM   #58 
  - You see it happen all the time  madville   Dec-04-11 07:50 AM   #62 
  - That's called "spiking"  KamaAina   Dec-05-11 04:26 PM   #74 
  - The retirees were promised this level of compensation.  Gormy Cuss   Dec-04-11 10:01 AM   #63 
  - Governments, local, state, and federal hire Employees at market reduced wages  Yavin4   Dec-04-11 04:11 PM   #65 
  - If its their money...  Gringostan   Dec-05-11 04:47 AM   #68 
  - Here is the last audit of the San Jose pension system - not a pretty picture.  hack89   Dec-05-11 05:45 AM   #70 
  - Police are union, so no, I am not going to criticize this arrangement.  closeupready   Dec-05-11 07:05 AM   #71 
  - me either. nt  La Lioness Priyanka   Dec-05-11 04:55 PM   #75 
  - They took these pension enhancements over the years instead  Doctor_J   Dec-05-11 12:43 PM   #73 

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