60 Minutes

Anyone watch 60 Minutes on Sunday night - all about how all the states are financially going down the tubes. Pretty scary when you think of the consequences and impact.

I think the link below will take you to the story - "State Budgets: The Day of Reckoning." You'll probably need to paste it into your browser.


http://www.cbsnews.com/stories/2010/12/ ... 6220.shtml

The state's are required to balance their budgets by state constitutional law unlike the messiah know-it-all who is spending money like he won the lottery. The states can not sustain the extreme burden union pensions are taking on the budgets. If the unions try to push back many governments, both state and local will file for bankruptcy and thus make all contracts null and void. There are people retiring with 100,000 plus pensions which is unheard of in the private sector unless you were the top tier of management. Unfortunately there is going to be extreme belt-tightening for both retirees and those of that are still working. The fact is that there is no more money to fund the pensions at the current rate. It's like standing at the check out register with a bill for 100. and you've only got 80. in your pocket - you've got to leave 20% behind - the store isn't going to just let the 20% walk out of the store for free. I personally feel we should just be given the option to cash out of the FRS and move our money into a 401K of our own and have all future contributions placed into the 401K. Why should we pay into the FRS and fund current retiree pensions at a rate of return we will never see? Give us an opt-out choice and we'll go at it on our own. Each of us has a substantial amount of money siting in the FRS and we all have a property interest protected by the 14th Amendment of the U . S. Constitution so I think collectively we can look at a class action suit against Rick Scott if the attack on the pension system is too extreme and we want to cash out. Once the State Legislature amends or modifies the terms and conditions of our pension system, they relinquish being able to manipulate and control our money and just like a local government filing bankruptcy to void the current union contracts; everything goes back to the negotiation table on a clear slate. I know current retirees won't like it but they will more than likely be impacted the most because the medical subsidy and 3% annual COLA are going to be the first to go. Chatter in the hallways of Tallahassee indicates the following changes to FRS:

HIgh Risk retirement only for Law Enforcement, Corrections and FIre FIghters (all others will be reclassified to normal retirement)
High Risk roll back of 1% ( all future years will be calculated at 2%)
Elimination of 3% COLA (The amount you get is what you retire with)
Minimum of additional 4% contribution by all in current FRS plans (They will ask for 10 but settle for 4%)
Medical Subsidy will be cut by 25-40% (this encourages people to work to as close to when they are eligible for Medicare instead of waiting 10 - 15 years)
Caps will be placed on maximum retirement percentage 70% of salary at 30 years/60% at 25
Overtime will be allowed to be calculated in salary
Executive level (free medical for life) will be eliminated and everyone will be on same level playing field

I say we pursue the class action and cash out and move on. The days of these cush union pensions are over. Scott has some very difficult decisions that will ultimately cost him votes with the teachers, fire fighters, cops and all the other civil servants. He may end up as a one term governor like obammie is going to be a one term president, but either way, all over the country there is an onslaught on pensioners and its not going to let up.

I agree a class action suit needs to be brought against the State Board of Administration but not for the reason stated above.

The Classroom Teachers, PBA and other state union members should join together in a massive class action suit charging the State Board of Administrration misuse of state pension fund monies. The selective use of pension money to fund selective "private businesses" who want to do business in Florida is beyond inappropriate. Pension fund money should be invested for the highest and best return for the benefit of the pension, not for the personal benefit of friends of those in Tallahasee or friends of Jeb.

This is pure idiocy to be handing out millions of dollars to start up businesses in the hope that they bring a couple of employees to Florida. And the price-tag of $500,000 per employee is even more obscene. Actually, instead of a class-action suit the Federal Bureau of Investigation should be investigating the State Board of Administration for financial crimes with employee pension fund monies. Or maybe we can just let it go on without speaking up and one day find out the Republicans have drained every last dime out of the pension fund.

The hope of the cities, counties, states, and this nation is that we will have heavy handed tough leaders who will take on the very tough work of closing all of the governmental break rooms that government employees waddle to every chance they can so that they can whine and figure out how to do less and to get all of the O/T and Sick Time and Comp Time and their next step grade, cost of living raise, logevity increase, across the board raise, special risk/duty increase and then immediately forget it and start whining as to why they now deserve even more. A car, oh, a new car to use to go back and forth to work? Clothing allowance.....because they are so special that they must have the taxpayer pay for their clothes, too. How about expenses for other stupid stuff? How about a lack of supervision that allows us to come into work several minutes late without any mention due to the weak position of the supervisor (often there due to political influence/favors); wander into the head to take a dump and read the paper; come out and yawn a little and then get on the phone to meet three or four colleagues who are not supervised to gather for breakfast - often with the supervisor. Zones unprotected; calls don't seem that important - after all we gotta eat and we'll get to them eventually - that is if HQ can't convince the caller to report the incident by phone or internet or fax. Idea of a police officer responding to investigate a crime or incident is now to 'send a car to take a report'. BUT, hey, I want my kids to pay the pension I earn even when it is unnecessary and useless overtime.

We have had this life and we know we see this every day in PBSO. We have got to get real and realize that this cannot prevail. We do not understand the real society. We see the scummers of course, but the real population out there is hurting beyond belief. They have had it. You can't blame them. Turn off football; turn on the news.