SUPREME COURT 3% PENSION NEWS

[Guest]

Scott 101 -Step 1. Always lie to the taxpayer because the truth means jail time. 2. Get corporate welfare in the guise of putting Floridians back to work. 3. No new taxes means for those who already getting tax breaks and major loop holes and tax right offs. 4. Use the attorneys to violate the constitutional rights of Floridians. 5. FRS is a piggy bank for Scott to dip his cold clammy hands into. 6. Children in school and education comes last while Macnamara and Haridopolos come 1,2 respectfully for hand outs!

[Guest]

One interesting item I read recently from, I think it was the Florida Fact site. They mentioned that the Florida Retirement Fund appears to be the most stable in the U.S.

That's not saying much because most of them are around 50% funded even when using pie in the sky discount rates. FRS is around 87% funded using an 8% Madoff discount rate. Drop it down to a realistic 5% discount rate and the funding goes to 60%. It's all BS actuarial accounting to mask the true shortfall of liability coverage,

More fiscal wisdom from an investment option trooper. If the fund was truly in the dire straights that a handful are saying, Scott would have left all the money in there instead of taking out 3% for corporate tax breaks. Now the fund manager is becoming concerned about the solvency and is asking for another contribution. If Scott had left the state's 3% in there in addition to the Trooper's 3%, there wouldn't have been a need to ask for another pay cut this year. The sad thing is, if there ever is a serious need to add more contributions, nobody would know whether the claim is straight-up or a lie, because the track record now is, if the governor makes the claim, it's a lie.
Every time they take money out of my paycheck going forward, I have to believe it's to give the money to some special interest that the legislature wants to reward for their campaign contributions.

[guest72]

Scott 101 -Step 1. Always lie to the taxpayer because the truth means jail time. 2. Get corporate welfare in the guise of putting Floridians back to work. 3. No new taxes means for those who already getting tax breaks and major loop holes and tax right offs. 4. Use the attorneys to violate the constitutional rights of Floridians. 5. FRS is a piggy bank for Scott to dip his cold clammy hands into. 6. Children in school and education comes last while Macnamara and Haridopolos come 1,2 respectfully for hand outs!

Outstanding post.

[Guest]

3% is nothing for you cops. Just pay it and stop griping about it. I pay into my 401k, so why are you so special?

[Guest]

3% is nothing for you cops. Just pay it and stop griping about it. I pay into my 401k, so why are you so special?

The TROLL has spoke....he deserves an answer right guys??? Right???? Anyone????

[Guest]

3% is nothing for you cops. Just pay it and stop griping about it. I pay into my 401k, so why are you so special?

Next time you are in trouble or need help call your local, "LIBERAL PINKO" not the cops.

[Guest]

Seems like a reasonable question to me.... Why shouldnt state employees kick in to their own pension like the rest of the world does?

[Guest]

[quote]More fiscal wisdom from an investment option trooper. If the fund was truly in the dire straights that a handful are saying, Scott would have left all the money in there instead of taking out 3% for corporate tax breaks. Now the fund manager is becoming concerned about the solvency and is asking for another contribution. If Scott had left the state's 3% in there in addition to the Trooper's 3%, there wouldn't have been a need to ask for another pay cut this year. The sad thing is, if there ever is a serious need to add more contributions, nobody would know whether the claim is straight-up or a lie, because the track record now is, if the governor makes the claim, it's a lie.
Every time they take money out of my paycheck going forward, I have to believe it's to give the money to some special interest that the legislature wants to reward for their campaign contributions.[/quote}

All the info I posted can be easily checked on the FRS website. I am using their numbers not anything I made up. Scott's ultimate goal is to phase out the FRS pension plan and move all current employees to the investment plan. He could care less about the solvency of the pension fund. Actually, the greater the underfunding the better he can make his argument for shifting everyone to the defined contribution plan to save the taxpayers money. GM's recent move to unload some of its pension liabilities is the model for this transaction. Wake up people!

[Guest]

Seems like a reasonable question to me.... Why shouldnt state employees kick in to their own pension like the rest of the world does?

Because our pay is so low to begin with.

[Guest]

Seems like a reasonable question to me.... Why shouldnt state employees kick in to their own pension like the rest of the world does?

Because our pay is so low to begin with.

Your pay rate doesn't matter. There are people in the private sector who don't get paid well either and have to pay in.

[Guest]

Seems like a reasonable question to me.... Why shouldnt state employees kick in to their own pension like the rest of the world does?

This has everything to do with pay. The Florida being the cheap state it is paid their employees less for jobs they were doing with the promise of retirement benefits.

The misconception that is not being stressed is the FRS retirees are not getting retirement checks from the tax payers. The FRS is a managed fund and it writes the retirement checks. The promise was during the employee’s career the state of Florida would contribute a percentage of your salary into the FRS for the employee’s retirement (subsidized salary). If you add paid in retirement to salary it still does not come close to the average pay of a law enforcement officer in the U.S.

Another misinformation from the right is what the percent of funding means. If every FRS participant retired at the same time and all lived through their projected life time after retirement the FRS has enough funds to pay roughly 88 percent of that liability. So this information being put our that state of Florida tax payers are on the hook for all the government works lavish pensions is again untruths. I can not think of no scenario where all eligible retirees will all retire at once.

People who complain about having to pay into their own pensions do not compare jobs to jobs. If they think that state LEO's have it so good they certainly can apply for a job. The reality is most people are whiners and when someone has something they do not have (regardless of why) the want it taken away. Politicians are no better by trying to score points with the whiners.

Come and do my job, we are hiring, and get my wonderful pension benefits while you work holidays, weekends, midnight shifts, and have an average chance of living a maximum six years after retirement to enjoy those lavish benefits.

[Guest]

Seems like a reasonable question to me.... Why shouldnt state employees kick in to their own pension like the rest of the world does?

Because our pay is so low to begin with.

Welcome to life.

[Guest]

Why????? Because it is a contract made between me and the state.....that is why!!! I have kept my end of the agreement, the state should keeps theirs.

[Guest]

Why????? Because it is a contract made between me and the state.....that is why!!! I have kept my end of the agreement, the state should keeps theirs.

The FLSC will ensure it does. The state already knows its going to lose, that's why backup plans are being discussed. Probably end up in another lawsuit that the state will lose.

[Guest]

Another misinformation from the right is what the percent of funding means. If every FRS participant retired at the same time and all lived through their projected life time after retirement the FRS has enough funds to pay roughly 88 percent of that liability. So this information being put our that state of Florida tax payers are on the hook for all the government works lavish pensions is again untruths. I can not think of no scenario where all eligible retirees will all retire at once.

The funding is 88% IF the FRS earns its projected returns of 7.75% after fees. It has failed to do so over the last 5, 10 and 15 years on the average. Using the earned returns, the funding is around 60%.

The argument that the FRS is 88% funded if all participants retire at the same time is misleading. Eventually everyone who is entitled to a pension must be paid off so the pension liabilities are real. If the money to do so is not there, the taxpayers have to make up the shortfall or benefits have to be cut.