Results 21 to 30 of 35
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04-10-2021, 12:37 PM #21UnregisteredGuest
Whoever wrote it won’t affect you just does not understand pensions, most probably someone from the PBA.
If the influx of money dries up it most definitely affect those in the system as some point down the road. New money pumped into the FRS is what keeps pension checks flowing. In and out. But if you eliminate the in and continue the out guess what happens?
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04-11-2021, 04:40 PM #22UnregisteredGuest
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04-11-2021, 05:24 PM #23UnregisteredGuest
You are an idiot. This not what this say. It say; SECTION 10. Prohibited laws.—No bill of attainder, ex post facto law or law impairing the obligation of contracts shall be passed. This does not say anything about FRS being contractual. Your pension is a BENEFIT. That is why they could require 3%. They can change it like any other benefit any time they please so long as they have support. I think the initiator of this thread has valid points and concerns. The only way to ensure continuity is for the PBA and other affected unions to lobby for it. This change though does not inspire confidence.
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04-11-2021, 06:42 PM #24UnregisteredGuest
The issue is that the benefit can only be changed for accrued time going forward. Any benefit or time accrued in the past can not be changed.
If you’re retired, the State can not stop paying your benefit unless the entire State declares bankruptcy.
Even then, the billions in FRS would have to be used to continue making payments to members that are retired. It is not able to be used for other purposes. It is not the States money, but that of vested and retired members of FRS.
The problem going forward 20-30 years is if FRS falls short of its funding, the State will require, by law, that the Counties pay more money into FRS.
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04-11-2021, 09:02 PM #25UnregisteredGuest
I hope you are correct. There have been several states that have had to alter retirees monthly pensions because of shortfalls. That money has to come from somewhere or be adjusted. Where do you think the counties will get it? I know in a perfect world either the state or the counties will pony up, but I fear this is the beginning of change and our generation of retirees are going to get pinched in the middle. We should think about that an prepare in case.
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04-11-2021, 09:30 PM #26UnregisteredGuest
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04-11-2021, 09:48 PM #27UnregisteredGuest
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04-12-2021, 11:36 AM #28UnregisteredGuest
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04-16-2021, 09:28 PM #29UnregisteredGuest
Time is coming
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04-16-2021, 10:52 PM #30UnregisteredGuest
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