15.1% hell why not 20%??

[Unregistered]

How much do the 600 units pay in ?

The ones that just got the boot?

[Unregistered]

How much do the 600 units pay in ?

Probably more than anyone else.

[Unregistered]

There was a time where anything made over $12,500 paid 25% went into the pension. We also had a time where some of our guys qualified for government assistance due to low pay. Just remember that the day you started, the money for your future retirement was already in the fund. If you got disabled that first day, the money was there to pay your disability retirement for the rest of your life. It was the contributions of previous generations that paid for that not you. You are paying today for future officers. The 13th check benefit, that you will get when you retire or drop, was negotiated by previous generations. It is something that the current generation didn't have to fight for. It was handed to you. So maybe we should be happy that the older generation is getting some help especially since the pension cola comes no where close to keeping up with cost.

There was a time when Corvettes cost $2,100. Thanks so much for handing us the burden of funding the pension while we hemorrhage cash. The thirteenth check was a shortsighted decision made when the cost of running the pension was a much smaller percentage of the fund than it is today. You think it's bad that your COLA doesn't keep up with inflation while you're retired? Try losing it to inflation and increased pension contributions every year while you're still working and raising a family.

[Unregistered]

There was a time when Corvettes cost $2,100. Thanks so much for handing us the burden of funding the pension while we hemorrhage cash. The thirteenth check was a shortsighted decision made when the cost of running the pension was a much smaller percentage of the fund than it is today. You think it's bad that your COLA doesn't keep up with inflation while you're retired? Try losing it to inflation and increased pension contributions every year while you're still working and raising a family.

Hemorrhaging cash?????? Back that up with facts please? Fund worth 2.6 billion. 98% funded… find me a fund better funded sir!

[Unregistered]

Hemorrhaging cash?????? Back that up with facts please? Fund worth 2.6 billion. 98% funded… find me a fund better funded sir!

We're hemorrhaging cash when we're paying tens of millions in bonuses, then afterwards determining that double digit contributions are required to keep the fund actuarially sound. It IS well funded, but it is only staying that way because contributing members are going to be required to pay in 15%.

The fund manager has already said that the normal cost of the fund is 10%, but that doesn't take into account losses from previous years that still have to be paid for. So our contribution isn't based on a single calendar year. The 13th check "benefit" that was handed to us by our altruistic predecessors assumes that any return over 10% in a single calendar year is some sort of windfall earning, and we should make it rain on the retirees. It doesn't take into consideration any previous losses that are still being paid off.

I'd just like to hear a single retiree acknowledge that a provision that pays out bonuses from the same fund that then requires 15% average contributions to remain sound was ill conceived from the start. Thirteenth checks shouldn't be paid out on any year that contributing members are paying more than 10%. But there's no fixing it now. There's zero political will to make any changes, because contributing members would still have to cover 13th checks for those who are already retired, and then wouldn't get 13th checks as easily whenever they themselves drop/retire.

[Unregistered]

so if there is no fixing it as you say, then quit complaining and pay your fair share like all us retirees did without complaint. Some of us much more than others without complaint and making considerably less than you make today. Even with smart investments, the 13th check helps with outrageous health insurance payments we have to pay.

[Unregistered]

We're hemorrhaging cash when we're paying tens of millions in bonuses, then afterwards determining that double digit contributions are required to keep the fund actuarially sound. It IS well funded, but it is only staying that way because contributing members are going to be required to pay in 15%.

The fund manager has already said that the normal cost of the fund is 10%, but that doesn't take into account losses from previous years that still have to be paid for. So our contribution isn't based on a single calendar year. The 13th check "benefit" that was handed to us by our altruistic predecessors assumes that any return over 10% in a single calendar year is some sort of windfall earning, and we should make it rain on the retirees. It doesn't take into consideration any previous losses that are still being paid off.

I'd just like to hear a single retiree acknowledge that a provision that pays out bonuses from the same fund that then requires 15% average contributions to remain sound was ill conceived from the start. Thirteenth checks shouldn't be paid out on any year that contributing members are paying more than 10%. But there's no fixing it now. There's zero political will to make any changes, because contributing members would still have to cover 13th checks for those who are already retired, and then wouldn't get 13th checks as easily whenever they themselves drop/retire.

Please, go be poor elsewhere.

[Unregistered]

The 13th check was designed to off set the insurance premiums. I'd worry more about health insurance upon retirement then the 13th check raising your contributions. The 13th check is not set in stone. Half my pension benefits pays my health insurance and every year it goes up. So think again of you think your pension will be great. It's good but by no means great.

[Unregistered]

To all contributing members of the fire police pension, I say thanks for the 13th check. I'm using it to replace the HVAC at my beach house. And by replacing it with a new unit I'll save money on my electric bill and it's better for the environment. After all I consider the 13th check found money, I bought a Rolex with the last 13th check.

Thanks again and stay healthy!

[Unregistered]

We're hemorrhaging cash when we're paying tens of millions in bonuses, then afterwards determining that double digit contributions are required to keep the fund actuarially sound. It IS well funded, but it is only staying that way because contributing members are going to be required to pay in 15%.

The fund manager has already said that the normal cost of the fund is 10%, but that doesn't take into account losses from previous years that still have to be paid for. So our contribution isn't based on a single calendar year. The 13th check "benefit" that was handed to us by our altruistic predecessors assumes that any return over 10% in a single calendar year is some sort of windfall earning, and we should make it rain on the retirees. It doesn't take into consideration any previous losses that are still being paid off.

I'd just like to hear a single retiree acknowledge that a provision that pays out bonuses from the same fund that then requires 15% average contributions to remain sound was ill conceived from the start. Thirteenth checks shouldn't be paid out on any year that contributing members are paying more than 10%. But there's no fixing it now. There's zero political will to make any changes, because contributing members would still have to cover 13th checks for those who are already retired, and then wouldn't get 13th checks as easily whenever they themselves drop/retire.

You are clueless. Do you have a clue why we have a thirteenth check? Who on earth do you think got “tens of millions in bonuses?” Have you ever spoken to one trustee??? Anyone? Or do you just pull this from your butt? You always have the option of pulling out your money and joking the GE plan?
!!!