10-24-2012, 04:19 AM
Good news everyone! Our pension returns for FY 2012 were over 20%!!!!!! Our assumed rate of return is 7.75% so that's very good news. It doesn't mean that we are out of woods, but we needed a great return and your pension investments and the market did just that. I'll be updating the board downstairs this week with all the updated returns. As usual, if anyone has any questions, comments about YOUR pension, feel free to contact me any time.
I have not been on this site in quite awhile but still see a random thread here and there regarding YOUR ELECTED PBA Reps not working towards a contract in the best interests of US ALL!! Well, I will speak for myself. We have had 2 long years of negotiations with the City to date after taking over the previous REPS who just could get no where under the ridiculous old CM system. With the hiring of the new CM, we have made crossroads into some real negotiations and even had a pension workshop a few months ago that many of you attended. Our goal has been and remains the same, get us well overdue pay raises so we are not the lowest paid police officers in Broward County and maintain our VERY IMPORTANT DB PENSION PLAN!!! If anyone believes otherwise or has heard otherwise, is misinformed.
Facts: We experienced one of the worst recessions and financial crisis in our Nation's history. We went thru what has been called the "LOST DECADE OF RETURNS". Our plan's sponsor (yes the City that employees and pays us) has been burdened with ever increasing pension costs for the last several years and is seeking some financial relief (or pension reform/change). At the pension workshop, the Pension Board Actuary presented an interesting way of MAYBE providing the City with that financial relief, and MOST IMPORTANTLY, does not CUT and GUT our current DB Plan like the proposal the CITY'S ACTUARY presented (very similiar to what happened in Hollywood). We should be getting an update very soon on the new actuarial report utilizing this "PENSION CAP" and lets hope for some encouraging news.
So in closing, be patient and positive. As we all have been. Remember, me, you, everyone...we have the same pension...Police and Fire. We are in this together. Things are looking up...keep your heads up!! Stay safe!! Feel free to comment or contact me anytime. I'll be at 1825 E Beach....10-10.... 8)
I have not been on this site in quite awhile but still see a random thread here and there regarding YOUR ELECTED PBA Reps not working towards a contract in the best interests of US ALL!! Well, I will speak for myself. We have had 2 long years of negotiations with the City to date after taking over the previous REPS who just could get no where under the ridiculous old CM system. With the hiring of the new CM, we have made crossroads into some real negotiations and even had a pension workshop a few months ago that many of you attended. Our goal has been and remains the same, get us well overdue pay raises so we are not the lowest paid police officers in Broward County and maintain our VERY IMPORTANT DB PENSION PLAN!!! If anyone believes otherwise or has heard otherwise, is misinformed.
Facts: We experienced one of the worst recessions and financial crisis in our Nation's history. We went thru what has been called the "LOST DECADE OF RETURNS". Our plan's sponsor (yes the City that employees and pays us) has been burdened with ever increasing pension costs for the last several years and is seeking some financial relief (or pension reform/change). At the pension workshop, the Pension Board Actuary presented an interesting way of MAYBE providing the City with that financial relief, and MOST IMPORTANTLY, does not CUT and GUT our current DB Plan like the proposal the CITY'S ACTUARY presented (very similiar to what happened in Hollywood). We should be getting an update very soon on the new actuarial report utilizing this "PENSION CAP" and lets hope for some encouraging news.
So in closing, be patient and positive. As we all have been. Remember, me, you, everyone...we have the same pension...Police and Fire. We are in this together. Things are looking up...keep your heads up!! Stay safe!! Feel free to comment or contact me anytime. I'll be at 1825 E Beach....10-10.... 8)