Governor Charlie Crist vetoes bad DROP bill

Governor Charlie Crist vetoes bad DROP bill

Today, Governor Charlie Crist vetoed HB 5607, which would have reduced the DROP interest rate from 6.5% to 3%.

After hundreds of calls and emails to the Governor from the PBA membership and their families, Governor Crist has shown, once again, his unwavering commitment to the men and women of law enforcement and their families.

“On behalf of the over thirty-six thousand members of the Florida PBA, I want to thank Governor Crist for vetoing HB 5607,” said Florida PBA President John Rivera. “The Governor believes, as we do, that this legislation was punitive to hard working public employees, it was proposed in the waning days of the session to avoid public debate, and, most importantly, it sends the wrong message to our public servants - that their sacrifices are not valued by the Legislature.”

“Governor Charlie Crist’s commitment to hardworking men and women is the trait we have always admired most about him. He is truly the People’s Governor and we hope everyone realizes we need him to continue protecting us here in Florida and in Washington D.C.”

Please take a moment to thank Governor Crist: 850-488-7146

Sincerely,

John Rivera
President
Florida Police Benevolent Association

The Governor came through in the crunch. I guess my wife and I will have to vote for him. :devil: :devil: :devil:

he's got my vote. the buck stops here.

The big hits are coming next year to everyone's retirement that works for the government.

marco, will you use your frequent flyer miles an take jeb somewhere like wasilla?

I know both the democrats and repulicans are attacking him, but every time law enforcement has needed him to go against his own party, he has always stood by us and vetoed bad cuts or bad bills. What else could we ask for? He's got my vote!

I know both the democrats and repulicans are attacking him, but every time law enforcement has needed him to go against his own party, he has always stood by us and vetoed bad cuts or bad bills. What else could we ask for? He's got my vote!

your right, thanks for the reminder. I too shall have to vote for him.

marco, will you use your frequent flyer miles an take jeb somewhere like wasilla?

How about taking Charlie with you back to Chicago with the marxist-in-chief :snicker: Charlie won't be in the governors mansion next year when the budget will be short of the stimilus money! Then all of us will be crying the blues!

The pension benefits will be cut after the November elections so that the sly politcians can get the moron cops' vote with empty promises.

[Open Carry Man]

The pension benefits will be cut after the November elections so that the sly politcians can get the moron cops' vote with empty promises.

That well may be, but Charlie is at least an OBSTACLE to this, whereas Marco Rubio, John Trasher, et al, wish to help the process along.

I vote for who does something for me. Why is it OK for wealthy conservative Republicans to do this, but not working CPOs, COs, etc.? Marco Rubio is our ENEMY. Charlie Crist has, at the very least, done friendly things on our behalf.

He is still a weasel!

All politicians will kiss the LEO unions' azzes prior to the November elections, then they will cut your pension benefits once they are safely in office. The taxpayers are tapped out, Washington can't print money fast enough to balance its own budget so the pension deficit has to be made up somehow - from your pocket.

[Open Carry Man]

All politicians will kiss the LEO unions' azzes prior to the November elections, then they will cut your pension benefits once they are safely in office. The taxpayers are tapped out, Washington can't print money fast enough to balance its own budget so the pension deficit has to be made up somehow - from your pocket.

That may be, but there are some who are just looking to gut our jobs and pensions. Marco Rubio is one such pol. Crist just DID SOMETHING on our behalf. We work for STATE GOVERNMENT. There is POLITICS involved in our jobs, like it or not. Collectively, we need to reward folks who do things for us and PUNISH THOSE WHO TRASH US (e. g. Marco Rubio, John Thrasher).

This is so basic, I am amazed that folks don't get it.

I agree open carry man. Marco and his followers will gut us like oil soaked fish in the gulf. Where's our unlimited credit card and 2-4-1 specials. Marco is Jeb's puppet. I would be careful those of you who think he is your friend. He has no one's best interest at heart except his own and those who give him money for his campaign. Jeb ruined state government and his ill advised plans are still wreaking havoc. Marco will continue down the patch of privatiazation and total annilation of all state workers. Vote for him and you vote your self to unemployment.

I know both the democrats and repulicans are attacking him, but every time law enforcement has needed him to go against his own party, he has always stood by us and vetoed bad cuts or bad bills. What else could we ask for? He's got my vote!

I agree.

Regardless of who you vote for, we are going to be gutted anyway because there is no money to fund our current pension benefits. It's happening in many other states, not just Florida.

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1596679


Are State Public Pensions Sustainable? Why the Federal Government Should Worry About State Pension Liabilities

Joshua D. Rauh
Northwestern University - Department of Finance; National Bureau of Economic Research (NBER)


May 15, 2010



Abstract:
This paper analyzes the flow of state pension benefit payments relative to asset levels and contributions. Assuming future state contributions fund the full present value of new benefits, many state systems will run out of money in 10-20 years if some attempt is not made to improve the funding of liabilities that have already been accrued. The expected shortfalls raise the possibility that the federal government will be faced with a decision as to whether to bail out states driven to insolvency by their pension programs.

Keywords: Public Pensions, State and Local Government, Public Finance, Pension Reform

JEL Classifications: H55, H60, H70, H72, H74

The bottom line is the US is broke, europe is broke and the rest of the world will be broke. Wehave some very dark days ahead of us!

The bottom line is the US is broke, europe is broke and the rest of the world will be broke. Wehave some very dark days ahead of us!

Darn if I don't agree with Lonewolf. The US government is broke, and the European Union is broke, and many states in the US have a pension problem. This problem is brought about by greedy unions and greedy politicians.

One thing is clear, though. The Florida pension system is solvent. It's more than solvent.

DROP is separate from the pension system, and DROP is also solvent. Some facts. DROP pays 6.5% on money that is invested in a trust which is monitored by Rublicans. In the good years, any money over 6.5% was eaten up and given to general revenue.

The money managers of DROP as well as those of the FRS have been hired by the Republican Party and are monitored by a board consisting of the Governor, other REpublicans and one Democrat- Alex Sink. The money manages have reported all is fine. The politicians on the board have reported all is fine.

If it's not fine, who is to blame.

But it is, and the Republican guys in the senate and house saw an opotunity to increase the cash flow into general revenue by decreasing the percentage paid to DROP recipients. And they did it through a back door amendment process so that no one would notice.

Lonewolf? Should we give our good luck portion to the federal government, the European Union or the RPOF?

TEA PARTY!

One thing is clear, though. The Florida pension system is solvent. It's more than solvent.


Wrong. The FRS pension fund has a $15+ billion deficit. Everybody knows this.

http://www.miamiherald.com/2010/03/24/1544267/floridas-pension-fund-shortfall.html

http://www.tampabay.com/news/business/states-pension-fund-running-a-deficit-for-first-time-since-1997/1082247

DROP money is invested in safe and liquid investments such as US T-bills. These underlying DROP investments don't yield anywhere near 6.5%. The rest of the money comes from the FRS pension fund, meaning there is less money to support the pensions so that the DROP participants can have their precious 6.5% risk-free interest.

One thing is clear, though. The Florida pension system is solvent. It's more than solvent.


Wrong. The FRS pension fund has a $15+ billion deficit. Everybody knows this.

http://www.miamiherald.com/2010/03/24/1544267/floridas-pension-fund-shortfall.html

http://www.tampabay.com/news/business/states-pension-fund-running-a-deficit-for-first-time-since-1997/1082247

DROP money is invested in safe and liquid investments such as US T-bills. These underlying DROP investments don't yield anywhere near 6.5%. The rest of the money comes from the FRS pension fund, meaning there is less money to support the pensions so that the DROP participants can have their precious 6.5% risk-free interest.

I may be partially wrong. If so? Mea Culpa.

Some real problems here.

The party of fiscal responsibility has been in charge of the retirement system for over 12 years.

Second. Every employee who never makes it to vestment has their dollars contributing to a retirement system they will never collect. That includes of course those who have past the vestment mark and have been fired for cause. That has to offset any losses in the market.

Second. We pay a professional board and professional money managers. Is it not their duty to inform the tax payer that ther is something wrong?

In which case, Republicans have a lot to answer for.

TEA PARTY!

Some real problems here.

The party of fiscal responsibility has been in charge of the retirement system for over 12 years.

Second. Every employee who never makes it to vestment has their dollars contributing to a retirement system they will never collect. That includes of course those who have past the vestment mark and have been fired for cause. That has to offset any losses in the market.

Second. We pay a professional board and professional money managers. Is it not their duty to inform the tax payer that ther is something wrong?

In which case, Republicans have a lot to answer for.



Google "Coleman Stipanovich" if you want to know the main underlying problem. The FRS board lied in the quarterly nesletters it sent to us and to the politicians in order to preserve its bonuses. Jeb Bush increased the high risk annual multiple to 3% when the fund was overfunded and increased our pensions. Stipanovich made a lot of bad investments and decisions.