Republicans are coming after our pension

Senate tries again on local pensions

BY BRANDON LARRABEE
NEWS SERVICE OF FLORIDA
TALLAHASSEE -- A Senate committee pushed forward Wednesday with a bill that would overhaul how local governments fund pensions for police officers and firefighters, hoping that a different political climate in 2014 will allow the legislation to succeed after it died in the House during the spring legislative session.

The legislation (SB 246), which won unanimous approval from the Senate Governmental Oversight and Accountability Committee, comes as cities say their pensions are dangerously underfunded and after the Department of Management Services has issued letters to several cities reinterpreting a key section of the law.

That reinterpretation gave local governments more freedom in how they used revenue generated by a tax on insurance premiums.

The proposal approved Wednesday would require retirement plans that are underfunded for future benefits by more than 20 percent to use half of any increase in insurance premium taxes over the amount they raised in 2012 to pay down that deficit. The rest could be used to fund other benefits.

Cities oppose that plan, saying the new interpretation of the state’s current law by the Department of Management Services gives them more flexibility in deciding how to use money raised by the insurance premium tax. Police and firefighters unions, though, say the plan goes too far. Until the new state interpretation of the law, new insurance tax revenues had to be used to fund additional benefits.

A similar, bipartisan bill passed the Senate last year but got bogged down in a conflict between the two chambers over the future of the Florida Retirement System, the retirement plan for other public employees.

House Speaker Will Weatherford, R-Wesley Chapel, pressed the Senate to approve a measure that would have prevented new employees from enrolling in the traditional pension plan in the Florida Retirement System and required them to join a 401(k)-style plan, but the upper chamber refused.

Sponsors say they hope to avoid getting into a similar situation when the 2014 legislative session begins in March.

"We're very early in the process. But, in talking to my friends in the House, I am confident that we're going to be able to decouple the municipal pension issue from the FRS issues, and we're going be able to deal with this municipal pension issue on its own merits," said Sen. Rob Bradley, R-Fleming Island.

Bradley has worked with Sen. Jeremy Ring, the Margate Democrat who chairs the Governmental Oversight and Accountability Committee, to craft the legislation.

Both sides of the issue are, at best, lukewarm about the idea. Kraig Conn, a lobbyist for the Florida League of Cities, rapped the proposal for essentially doing away with the part of the law that allowed for the Department of Management Services' new interpretation.

Lawmakers are concerned that the new reading of the law could be overturned by a court.

"From the cities' perspective we are losing the statutory basis for this current flexibility that we believe is essential to getting these pension plans back on a sound financial footing," Conn told the committee.

Matt Puckett, executive director of the Florida Police Benevolent Association, said his group could likely work within the boundaries of the legislation, but he also said that many cities' pension plans might look worse off than they are, considering the economic recovery that's taking hold and the increase in the stock market in recent years.

"We think a lot of the problems can be self-correcting," Puckett said.



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Well let them overhaul they own pensions. Thiers's is a lot more then what any cop or firefighter will be after 20 years all they have to do is server 1 term to get some. Must be great to be in a positions of power and **** over the little guy all the time.

Senate tries again on local pensions

BY BRANDON LARRABEE
NEWS SERVICE OF FLORIDA
TALLAHASSEE -- A Senate committee pushed forward Wednesday with a bill that would overhaul how local governments fund pensions for police officers and firefighters, hoping that a different political climate in 2014 will allow the legislation to succeed after it died in the House during the spring legislative session.

The legislation (SB 246), which won unanimous approval from the Senate Governmental Oversight and Accountability Committee, comes as cities say their pensions are dangerously underfunded and after the Department of Management Services has issued letters to several cities reinterpreting a key section of the law.

That reinterpretation gave local governments more freedom in how they used revenue generated by a tax on insurance premiums.

The proposal approved Wednesday would require retirement plans that are underfunded for future benefits by more than 20 percent to use half of any increase in insurance premium taxes over the amount they raised in 2012 to pay down that deficit. The rest could be used to fund other benefits.

Cities oppose that plan, saying the new interpretation of the state’s current law by the Department of Management Services gives them more flexibility in deciding how to use money raised by the insurance premium tax. Police and firefighters unions, though, say the plan goes too far. Until the new state interpretation of the law, new insurance tax revenues had to be used to fund additional benefits.

A similar, bipartisan bill passed the Senate last year but got bogged down in a conflict between the two chambers over the future of the Florida Retirement System, the retirement plan for other public employees.

House Speaker Will Weatherford, R-Wesley Chapel, pressed the Senate to approve a measure that would have prevented new employees from enrolling in the traditional pension plan in the Florida Retirement System and required them to join a 401(k)-style plan, but the upper chamber refused.

Sponsors say they hope to avoid getting into a similar situation when the 2014 legislative session begins in March.

"We're very early in the process. But, in talking to my friends in the House, I am confident that we're going to be able to decouple the municipal pension issue from the FRS issues, and we're going be able to deal with this municipal pension issue on its own merits," said Sen. Rob Bradley, R-Fleming Island.

Bradley has worked with Sen. Jeremy Ring, the Margate Democrat who chairs the Governmental Oversight and Accountability Committee, to craft the legislation.

Both sides of the issue are, at best, lukewarm about the idea. Kraig Conn, a lobbyist for the Florida League of Cities, rapped the proposal for essentially doing away with the part of the law that allowed for the Department of Management Services' new interpretation.

Lawmakers are concerned that the new reading of the law could be overturned by a court.

"From the cities' perspective we are losing the statutory basis for this current flexibility that we believe is essential to getting these pension plans back on a sound financial footing," Conn told the committee.

Matt Puckett, executive director of the Florida Police Benevolent Association, said his group could likely work within the boundaries of the legislation, but he also said that many cities' pension plans might look worse off than they are, considering the economic recovery that's taking hold and the increase in the stock market in recent years.

"We think a lot of the problems can be self-correcting," Puckett said.



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Vote for the bald headed thief Sotty and help it happen.

This is what Skeletor wants to do. He hates civil service. Let's make him a one term governor. Vote his ass out of office.

This is what Skeletor wants to do. He hates civil service. Let's make him a one term governor. Vote his ass out of office.

Agree, **** Him and then he wants to shake hands with all of us while he's stabbing us and our families in the Back!

This is what Skeletor wants to do. He hates civil service. Let's make him a one term governor. Vote his ass out of office.

Agree, **** Him and then he wants to shake hands with all of us while he's stabbing us and our families in the Back!

This is the type of shit, that affects all of us, and that we should monitor more closely. These pricks, Hate Cops & Firemen, until they're in need of us and dial 911. In the meantime Republicans, led by this Prick Rick Scott, is showing a budget surplus in the state budget buy stealing from our pension fund, to give tax breaks to his corporate buddies. If you think this doesn't affect us because we have our own pension fund and not the FRS, think again, our city leaders will follow the state's lead and force us to pay more into our pension fund. You want a meaningful raise that will last until your retirement years, then vote out anyone; Republican or Democrat, that votes to come after our pension plan.

They cannot stop paying already retired, but can try to end it for active. And our pension trust is solid as a rock. The hunchback of dinner key will try.

They cannot stop paying already retired, but can try to end it for active. And our pension trust is solid as a rock. The hunchback of dinner key will try.

Very well said but for those of us that are still working and haven't retired this would do severe damage to everything I'm working towards. Where's the FLOP on this? About time that a Real Meaningful issue is brought to our attention on this site and not the BS, that is usually found here.

Time to reconsider voting party line. Do not have to change the party running the legislature. Vote Scott out of office. Simple, effective, and both parties have then work together limiting each extreme fringe in both parties. But Scott gets elected again. The attack agains will continue. He and the GOP go after the very solvent FRS every legislature meeting since skin head thief Scott got in. Our pension is not a hand out. We pay a % off the top before taxes, insurance, credit union, to the trust. Dumb cops and fire fighters have it to a billion .what again? Scott has NO integrity. And will try and try and try. Save our pensions, do not vote for him firings his ass. Legislature will not be in control of Democrats. But firing Scotty, ends HIS threat by ELECTION.

The proposal approved Wednesday would require retirement plans that are underfunded for future benefits by more than 20 percent to use half of any increase in insurance premium taxes over the amount they raised in 2012 to pay down that deficit. The rest could be used to fund other benefits.

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Why would anyone be against cities being forced to contribute more money to pensions underfunded by more than 20%? Better funded pension plans are a winner for public employees. There is nothing wrong with the state mandating this so we don't end up like Chicago and Detroit.

The proposal approved Wednesday would require retirement plans that are underfunded for future benefits by more than 20 percent to use half of any increase in insurance premium taxes over the amount they raised in 2012 to pay down that deficit. The rest could be used to fund other benefits.

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Why would anyone be against cities being forced to contribute more money to pensions underfunded by more than 20%? Better funded pension plans are a winner for public employees. There is nothing wrong with the state mandating this so we don't end up like Chicago and Detroit.

Please, there are NO cities in Florida that have any under funding issues…NBC reported that when news of the Chicago & Detroit saga came out. They want us to contribute MORE, so they can use that money that now we cover, and give Tax breaks to their family & Friends plan in the corporate sector! Like the previous poster said, us Dumb cops & fire fighters have our pension fund at over 1 Billion and counting. **** Rick Scott, and ANYONE that comes after our pension and benefits!!!! This is a Real Issue, that we need to monitor and spread the word as to whom is coming after us and VOTE them OUT!!!! :cop:

MPD are you a socialist pinko?

MPD are you a socialist pinko?

Pinko? No Pinga, is what your mama got from me!!!! **** you and anybody who's coming after my pension.

The bill is about the funding of city pensions, not the Florida Retirement System. You guys should thank the Florida legislature and Gov. Scott for making sure your pensions are funded so you don't end up like Chicago and Detroit where corrupt politicians failed to fund pensions and issued additional "13th payment" which further drained the pension funds.

http://watchdog.org/65706/floridas-19-billion-problem-unfunded-municipal-pensions/


Miami is among the metropolitan cities in danger of defaulting on its pension debt. Pension costs in West Palm Beach have risen from $9 million to over $16 million in the last four years, and the city now faces an $8.4 million shortfall. Tampa and Jacksonville are functionally bankrupt because of their pensions, which are now only about 50 percent funded.

http://www.bizpacreview.com/2013/05/27/pension-bomb-ticks-away-72438

The bill is about the funding of city pensions, not the Florida Retirement System. You guys should thank the Florida legislature and Gov. Scott for making sure your pensions are funded so you don't end up like Chicago and Detroit where corrupt politicians failed to fund pensions and issued additional "13th payment" which further drained the pension funds.

http://watchdog.org/65706/floridas-19-billion-problem-unfunded-municipal-pensions/


Miami is among the metropolitan cities in danger of defaulting on its pension debt. Pension costs in West Palm Beach have risen from $9 million to over $16 million in the last four years, and the city now faces an $8.4 million shortfall. Tampa and Jacksonville are functionally bankrupt because of their pensions, which are now only about 50 percent funded.

http://www.bizpacreview.com/2013/05/27/pension-bomb-ticks-away-72438

Scott is after all pensions. Saw him on cell video say so before his first election. And the city claims they cannot afford our pension already. What did they lie to us when they changed the pension contrarie to contract? the FLOC heads the charge every legislative year. And you think they are stopping with FRS? First they will keep trying to change the law ref. the 1% monies. Then go after benefits if they cannot do away with pension. Our pension is not a freebie. We pay into the trust to have a pension in old age. But Scotty doesn't care. He has his agenda. And it is screw civil service workers.

The bill is about the funding of city pensions, not the Florida Retirement System. You guys should thank the Florida legislature and Gov. Scott for making sure your pensions are funded so you don't end up like Chicago and Detroit where corrupt politicians failed to fund pensions and issued additional "13th payment" which further drained the pension funds.

http://watchdog.org/65706/floridas-19-billion-problem-unfunded-municipal-pensions/


Miami is among the metropolitan cities in danger of defaulting on its pension debt. Pension costs in West Palm Beach have risen from $9 million to over $16 million in the last four years, and the city now faces an $8.4 million shortfall. Tampa and Jacksonville are functionally bankrupt because of their pensions, which are now only about 50 percent funded.

http://www.bizpacreview.com/2013/05/27/pension-bomb-ticks-away-72438

Scott is after all pensions. Saw him on cell video say so before his first election. And the city claims they cannot afford our pension already. What did they lie to us when they changed the pension contrarie to contract? the FLOC heads the charge every legislative year. And you think they are stopping with FRS? First they will keep trying to change the law ref. the 1% monies. Then go after benefits if they cannot do away with pension. Our pension is not a freebie. We pay into the trust to have a pension in old age. But Scotty doesn't care. He has his agenda. And it is screw civil service workers.

Well said, Great post!!!!

Isn't Retartado and most city of city hall Republicanos?

MPD are you a socialist pinko?

Pinko? No Pinga, is what your mama got from me!!!! **** you and anybody who's coming after my pension.
MPD Pinga from you? I bet that you are some retire that cant even get it up with Viagra.
Get a life and quit with the soap opera lifestyle gab. You are probably in a wheel chair, you decrepit old fart.

MPD are you a socialist pinko?

Pinko? No Pinga, is what your mama got from me!!!! **** you and anybody who's coming after my pension.
MPD Pinga from you? I bet that you are some retire that cant even get it up with Viagra.
Get a life and quit with the soap opera lifestyle gab. You are probably in a wheel chair, you decrepit old fart.

Bro, that GED education is evident…get some grammar help sappingo ! Eres un come pinga, this is an issue that affects you directly, but your too STUPID, to read the facts. All I did was post an article quoting the Herald, and how it affects our Pension, Come Pinga!
Don't kill the messenger, read the article, and it tells you what's going on, Oh I forgot you probably can't read…And tu madre, me esta mamando El Pingon, in my wheel chair…Traga Leche, Bugaron …

MPD are you a socialist pinko?

Pinko? No Pinga, is what your mama got from me!!!! **** you and anybody who's coming after my pension.
MPD Pinga from you? I bet that you are some retire that cant even get it up with Viagra.
Get a life and quit with the soap opera lifestyle gab. You are probably in a wheel chair, you decrepit old fart.

Bro, that GED education is evident…get some grammar help sappingo ! Eres un come pinga, this is an issue that affects you directly, but your too STUPID, to read the facts. All I did was post an article quoting the Herald, and how it affects our Pension, Come Pinga!
Don't kill the messenger, read the article, and it tells you what's going on, Oh I forgot you probably can't read…And tu madre, me esta mamando El Pingon, in my wheel chair…Traga Leche, Bugaron …

Can ya feel tha love between these two brothers?

MPD are you a socialist pinko?

Pinko? No Pinga, is what your mama got from me!!!! **** you and anybody who's coming after my pension.
MPD Pinga from you? I bet that you are some retire that cant even get it up with Viagra.
Get a life and quit with the soap opera lifestyle gab. You are probably in a wheel chair, you decrepit old fart.

Bro, that GED education is evident…get some grammar help sappingo ! Eres un come pinga, this is an issue that affects you directly, but your too STUPID, to read the facts. All I did was post an article quoting the Herald, and how it affects our Pension, Come Pinga!
Don't kill the messenger, read the article, and it tells you what's going on, Oh I forgot you probably can't read…And tu madre, me esta mamando El Pingon, in my wheel chair…Traga Leche, Bugaron …

Can ya feel tha love between these two brothers?

If it's not the State then it's the city that has lobbyist trying to get our benefits, oh and if you ask the FLOP, they're totally clueless to this issue... Either way were screwed!

Not my pension, your pension.

Not my pension, your pension.

Think again my retired friend. Detroit retirees are loosing pension benefits as we speak. If you don't believe me check it out...

Not my pension, your pension.

Think again my retired friend. Detroit retirees are loosing pension benefits as we speak. If you don't believe me check it out...

Try again.

Not my pension, your pension.

Think again my retired friend. Detroit retirees are loosing pension benefits as we speak. If you don't believe me check it out...

Try again.


Detroit pensions can be cut in bankruptcy
December 3, 2013, 12:53 PM
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By Matthew Heimer

U.S. Bankruptcy Judge Steven Rhodes ruled today that Detroit is eligible to file for Chapter 9 bankruptcy protection. That ruling clears the way for the city, the largest ever to declare bankruptcy, to restructure its $18 billion in debt. And, in a move that’s sure to be closely watched by other struggling municipal governments, Rhodes ruled that the city’s public-sector pensions could be reduced as part of that restructuring. Rhodes said in a summary of his ruling that Michigan’s state constitutional protections for pensions “do not apply to the federal bankruptcy court.”


ShutterstockDetroit’s retirees will share the bankruptcy pain.
Public-sector unions and retirees have been among the leaders of an effort to stop the bankruptcy proceedings. Among other points, they’ve argued that the city failed to negotiate in good faith with them to explore other options. Rhodes’s ruling rejects that argument; the judge said that the wide-ranging collapse of Detroit’s finances essentially made it impossible for the city to reach out-of-court settlements with its thousands of creditors.

While Rhodes had been widely expected to allow the bankruptcy to proceed, some commentators were surprised that his ruling took such a firm stand on the pension cuts; according to the Detroit Free Press, many insiders had expected him to postpone that decision. In his summary, Rhodes said that “pension benefits are a contractual obligation of a municipality and not entitled to any heightened protection in bankruptcy.” In essence, Rhodes ruled that federal bankruptcy law, which allows contracts to be changed in bankruptcy proceedings, trumps Michigan’s constitution, which says that employees can’t lose pension benefits that they’ve already accrued.

Detroit officials, led by city emergency manager Kevyn Orr, are due to present a restructuring plan by March 1, and Rhodes will have some say over the plan’s details. Rhodes said in his summary that the court “will not lightly or casually exercise the power to impair pensions.” Today’s ruling may not be the last word on the pension topic, of course: Detroit’s unions and retirees have said they may use the conflict between federal and state laws as grounds to appeal the ruling.

Compared with pension plans in some other struggling states and municipalities—perhaps most notably, in Illinois—Detroit’s retiree benefits aren’t unusually generous. But as Matthew Dolan points out today in The Wall Street Journal, the pension plans became an aggravating factor in the city’s debt plunge: As a faltering economy and a swift decline in population clobbered the city’s tax revenue, Detroit had to borrow to meet its pension obligations. (It also took on debt to pay for day-to-day operations, of course.) Orr has estimated that the city now has $3.5 billion in unfunded pension obligations; municipal unions say that figure significantly overstates the debt.

Also on MarketWatch:

Who’s profiting from the Detroit bankruptcy?

The 5 biggest municipal bankruptcies in the U.S.

Bad real-estate bets hurt Detroit pensions

Matthew Heimer covers retirement for MarketWatch. Follow him on Twitter @MatthewHeimer

See thread on this site: Can my pension be reduced even if I'm retired...real shit, not Oscar Mayer Bolony!

Not my pension, your pension.

Think again my retired friend. Detroit retirees are loosing pension benefits as we speak. If you don't believe me check it out...

Try again.


Detroit pensions can be cut in bankruptcy
December 3, 2013, 12:53 PM
SHARE:MORE EmailPrint
By Matthew Heimer

U.S. Bankruptcy Judge Steven Rhodes ruled today that Detroit is eligible to file for Chapter 9 bankruptcy protection. That ruling clears the way for the city, the largest ever to declare bankruptcy, to restructure its $18 billion in debt. And, in a move that’s sure to be closely watched by other struggling municipal governments, Rhodes ruled that the city’s public-sector pensions could be reduced as part of that restructuring. Rhodes said in a summary of his ruling that Michigan’s state constitutional protections for pensions “do not apply to the federal bankruptcy court.”


ShutterstockDetroit’s retirees will share the bankruptcy pain.
Public-sector unions and retirees have been among the leaders of an effort to stop the bankruptcy proceedings. Among other points, they’ve argued that the city failed to negotiate in good faith with them to explore other options. Rhodes’s ruling rejects that argument; the judge said that the wide-ranging collapse of Detroit’s finances essentially made it impossible for the city to reach out-of-court settlements with its thousands of creditors.

While Rhodes had been widely expected to allow the bankruptcy to proceed, some commentators were surprised that his ruling took such a firm stand on the pension cuts; according to the Detroit Free Press, many insiders had expected him to postpone that decision. In his summary, Rhodes said that “pension benefits are a contractual obligation of a municipality and not entitled to any heightened protection in bankruptcy.” In essence, Rhodes ruled that federal bankruptcy law, which allows contracts to be changed in bankruptcy proceedings, trumps Michigan’s constitution, which says that employees can’t lose pension benefits that they’ve already accrued.

Detroit officials, led by city emergency manager Kevyn Orr, are due to present a restructuring plan by March 1, and Rhodes will have some say over the plan’s details. Rhodes said in his summary that the court “will not lightly or casually exercise the power to impair pensions.” Today’s ruling may not be the last word on the pension topic, of course: Detroit’s unions and retirees have said they may use the conflict between federal and state laws as grounds to appeal the ruling.

Compared with pension plans in some other struggling states and municipalities—perhaps most notably, in Illinois—Detroit’s retiree benefits aren’t unusually generous. But as Matthew Dolan points out today in The Wall Street Journal, the pension plans became an aggravating factor in the city’s debt plunge: As a faltering economy and a swift decline in population clobbered the city’s tax revenue, Detroit had to borrow to meet its pension obligations. (It also took on debt to pay for day-to-day operations, of course.) Orr has estimated that the city now has $3.5 billion in unfunded pension obligations; municipal unions say that figure significantly overstates the debt.

Also on MarketWatch:

Who’s profiting from the Detroit bankruptcy?

The 5 biggest municipal bankruptcies in the U.S.

Bad real-estate bets hurt Detroit pensions

Matthew Heimer covers retirement for MarketWatch. Follow him on Twitter @MatthewHeimer

This isn't Detroit douchebag. Get a life and go worry about that off duty that you need to pay your mortgage.

Count the people in the FIPO retirement active and retired. And you will get no where near the number of people in the Detroit pension system. All the years the stock market was booming, the cities did not have to pay much into the plan. But in 08 and the market diving, they had to come with $$$$$.

City has to declare bankruptcy to not pay pensions. Florida Supreme Court has already ruled that pensions once granted cannot be modified. But can be modified for those not retired. City has tons of ocean front properties they can sell or lease. Dinner key complex alone is worth how many hundreds of millions? Virginia Key? Hobie cat beach? Marine stadium land? Watson Island? They have billions in land assets folks. They go bankruptcy. All those assets go on the table.

However you young guys could get screwed in the future, you never know. However us old farts are VERY secure :D We all just got a 14% Cola raise. I wouldn't worry to much however,as the above poster points out, Miami and their assets are worth BILLIONS !!!

Republicans will have to wait, the way things are going we will have to put more into our pension after this contract is said and done! There will be nothing for the republicans to take.

Personally if I was a participant in the City of Miami pension, I'd opt for the investment plan and control my own money. The Miami pension fund is about 50% funded which means big pension cuts in the future. Doesn't matter which politicians are elected, it's the math that doesn't make sense. Not now but maybe in 5-10 years. The cuts are inevitable so the only way to offset them is by separating yourself from the sinking ship pension fund and saving as much as you can handle in your 457 plan and Roth IRA. Don't end up helpless like the public employees and retirees in Detroit who are at the mercy of politicians and lawyers, facing severe pension cuts. Some of them don't even have Social Security. They are totally S C R E W E D and nothing can be done about it. Don't trust politicians, lawyers and union bosses with your money and benefits or you might end up like the folks up in Detroit.

Personally if I was a participant in the City of Miami pension, I'd opt for the investment plan and control my own money. The Miami pension fund is about 50% funded which means big pension cuts in the future. Doesn't matter which politicians are elected, it's the math that doesn't make sense. Not now but maybe in 5-10 years. The cuts are inevitable so the only way to offset them is by separating yourself from the sinking ship pension fund and saving as much as you can handle in your 457 plan and Roth IRA. Don't end up helpless like the public employees and retirees in Detroit who are at the mercy of politicians and lawyers, facing severe pension cuts. Some of them don't even have Social Security. They are totally S C R E W E D and nothing can be done about it. Don't trust politicians, lawyers and union bosses with your money and benefits or you might end up like the folks up in Detroit.

Well you're not so go **** off!

Personally if I was a participant in the City of Miami pension, I'd opt for the investment plan and control my own money. The Miami pension fund is about 50% funded which means big pension cuts in the future. Doesn't matter which politicians are elected, it's the math that doesn't make sense. Not now but maybe in 5-10 years. The cuts are inevitable so the only way to offset them is by separating yourself from the sinking ship pension fund and saving as much as you can handle in your 457 plan and Roth IRA. Don't end up helpless like the public employees and retirees in Detroit who are at the mercy of politicians and lawyers, facing severe pension cuts. Some of them don't even have Social Security. They are totally S C R E W E D and nothing can be done about it. Don't trust politicians, lawyers and union bosses with your money and benefits or you might end up like the folks up in Detroit.

Know of 4 LEO's from other agencies who did as you recommend, and the Market going up, and down, after 08 their 401k was paying 1/4 of what it was in 07. Retirement was over, had to get jobs. Until the Feds look at all city records, no telling how much they have hidden away. Look into REITs. But taking any investment advice,mine included, from "guest", on LEOAFFAIRS is playing Russian roulette with a semi-automatic.

Personally if I was a participant in the City of Miami pension, I'd opt for the investment plan and control my own money. The Miami pension fund is about 50% funded which means big pension cuts in the future. Doesn't matter which politicians are elected, it's the math that doesn't make sense. Not now but maybe in 5-10 years. The cuts are inevitable so the only way to offset them is by separating yourself from the sinking ship pension fund and saving as much as you can handle in your 457 plan and Roth IRA. Don't end up helpless like the public employees and retirees in Detroit who are at the mercy of politicians and lawyers, facing severe pension cuts. Some of them don't even have Social Security. They are totally S C R E W E D and nothing can be done about it. Don't trust politicians, lawyers and union bosses with your money and benefits or you might end up like the folks up in Detroit.

Know of 4 LEO's from other agencies who did as you recommend, and the Market going up, and down, after 08 their 401k was paying 1/4 of what it was in 07. Retirement was over, had to get jobs. Until the Feds look at all city records, no telling how much they have hidden away. Look into REITs. But taking any investment advice,mine included, from "guest", on LEOAFFAIRS is playing Russian roulette with a semi-automatic.

Hey attention news alert you dont have an investment account here that's FRS that's controlled by the state. You have a defined benifit plan you idiots are so gullible. I have a bridge to sell you.

Hey attention news alert you dont have an investment account here that's FRS that's controlled by the state. You have a defined benifit plan you idiots are so gullible. I have a bridge to sell you

If there is no option to switch to the investment plan like the FRS has then you are at the mercy of the city politicians and lawyers for your pension. Can you trust these people to act in your best interests or theirs? Are they competent to hire the right people to manage the pension investments? Will there be enough money 20 years from now to pay out the promised pensions? How would a worst case scenario affect your retirement? Or will Miami be another Detroit or Stockton because the politicians who are long gone screwed up?

"Republicans are coming after our pension" - the sad irony is that virtually EVERY public underfunded pension plan, be it city or state, has been controlled and mismanaged by Democrats, with Detroit, California, Illinois, Michigan, NY, Rhode Island, NJ, etc. as prime examples.

"Republicans are coming after our pension" - the sad irony is that virtually EVERY public underfunded pension plan, be it city or state, has been controlled and mismanaged by Democrats, with Detroit, California, Illinois, Michigan, NY, Rhode Island, NJ, etc. as prime examples.

I guess either way were screwed; democrats will run pensions into the ground and Republicans, will screw us out of our benefits! :devil:

"Republicans are coming after our pension" - the sad irony is that virtually EVERY public underfunded pension plan, be it city or state, has been controlled and mismanaged by Democrats, with Detroit, California, Illinois, Michigan, NY, Rhode Island, NJ, etc. as prime examples.

I guess either way were screwed; democrats will run pensions into the ground and Republicans, will screw us out of our benefits! :devil:

IT'S COMING!

http://washingtonexaminer.com/be-prepar ... le/2541205 (http://washingtonexaminer.com/be-prepared-wall-street-advisor-recommends-guns-ammo-for-protection-in-collapse/article/2541205)

"Republicans are coming after our pension" - the sad irony is that virtually EVERY public underfunded pension plan, be it city or state, has been controlled and mismanaged by Democrats, with Detroit, California, Illinois, Michigan, NY, Rhode Island, NJ, etc. as prime examples.

I guess either way were screwed; democrats will run pensions into the ground and Republicans, will screw us out of our benefits! :devil:

IT'S COMING!

http://washingtonexaminer.com/be-prepar ... le/2541205 (http://washingtonexaminer.com/be-prepared-wall-street-advisor-recommends-guns-ammo-for-protection-in-collapse/article/2541205)

Seems like we are screwed & tattooed !!!!!!

Thank God for men of vision like Mayor Regalado, City Manager Martinez and the commission for having the foresight to keep this city fiscally sound. Financial urgency was needed to counter over-generous union contracts that were dragging this city down the road to ruin. The commission should examine switching new employees to a 401 matching contribution plan immediately to further cut employee costs.

Thank God for men of vision like Mayor Regalado, City Manager Martinez and the commission for having the foresight to keep this city fiscally sound. Financial urgency was needed to counter over-generous union contracts that were dragging this city down the road to ruin. The commission should examine switching new employees to a 401 matching contribution plan immediately to further cut employee costs.
You can call them too when your wife and daughter is being butt ****ed...

You can call them too when your wife and daughter is being butt ****ed...

Tell us more about your incestuous fantasies with your daughter and your mom.

Thank God for men of vision like Mayor Regalado, City Manager Martinez and the commission for having the foresight to keep this city fiscally sound. Financial urgency was needed to counter over-generous union contracts that were dragging this city down the road to ruin. The commission should examine switching new employees to a 401 matching contribution plan immediately to further cut employee costs.


This turd is a convicted felon who needs to stop blaming others, cops, for HIS poor choices in life. In fact he must like jail showers to keep getting busted. Put it on ignor.

Thank God for men of vision like Mayor Regalado, City Manager Martinez and the commission for having the foresight to keep this city fiscally sound. Financial urgency was needed to counter over-generous union contracts that were dragging this city down the road to ruin. The commission should examine switching new employees to a 401 matching contribution plan immediately to further cut employee costs.
You can call them too when your wife and daughter is being butt ****ed...

Your wife told me that there was a problem with your ****. It's way too small and cums way to fast.

Thank God for men of vision like Mayor Regalado, City Manager Martinez and the commission for having the foresight to keep this city fiscally sound. Financial urgency was needed to counter over-generous union contracts that were dragging this city down the road to ruin. The commission should examine switching new employees to a 401 matching contribution plan immediately to further cut employee costs.

No Doubt that like Representative Weatherford, you must be a Republican. :roll:

Think that just because you're a mighty Miami police officer that you are owed a pension in excess of $100k a year? Guess again, those days are over.

Senate tries again on local pensions

BY BRANDON LARRABEE
NEWS SERVICE OF FLORIDA
TALLAHASSEE -- A Senate committee pushed forward Wednesday with a bill that would overhaul how local governments fund pensions for police officers and firefighters, hoping that a different political climate in 2014 will allow the legislation to succeed after it died in the House during the spring legislative session.

The legislation (SB 246), which won unanimous approval from the Senate Governmental Oversight and Accountability Committee, comes as cities say their pensions are dangerously underfunded and after the Department of Management Services has issued letters to several cities reinterpreting a key section of the law.

That reinterpretation gave local governments more freedom in how they used revenue generated by a tax on insurance premiums.

The proposal approved Wednesday would require retirement plans that are underfunded for future benefits by more than 20 percent to use half of any increase in insurance premium taxes over the amount they raised in 2012 to pay down that deficit. The rest could be used to fund other benefits.

Cities oppose that plan, saying the new interpretation of the state’s current law by the Department of Management Services gives them more flexibility in deciding how to use money raised by the insurance premium tax. Police and firefighters unions, though, say the plan goes too far. Until the new state interpretation of the law, new insurance tax revenues had to be used to fund additional benefits.

A similar, bipartisan bill passed the Senate last year but got bogged down in a conflict between the two chambers over the future of the Florida Retirement System, the retirement plan for other public employees.

House Speaker Will Weatherford, R-Wesley Chapel, pressed the Senate to approve a measure that would have prevented new employees from enrolling in the traditional pension plan in the Florida Retirement System and required them to join a 401(k)-style plan, but the upper chamber refused.

Sponsors say they hope to avoid getting into a similar situation when the 2014 legislative session begins in March.

"We're very early in the process. But, in talking to my friends in the House, I am confident that we're going to be able to decouple the municipal pension issue from the FRS issues, and we're going be able to deal with this municipal pension issue on its own merits," said Sen. Rob Bradley, R-Fleming Island.

Bradley has worked with Sen. Jeremy Ring, the Margate Democrat who chairs the Governmental Oversight and Accountability Committee, to craft the legislation.

Both sides of the issue are, at best, lukewarm about the idea. Kraig Conn, a lobbyist for the Florida League of Cities, rapped the proposal for essentially doing away with the part of the law that allowed for the Department of Management Services' new interpretation.

Lawmakers are concerned that the new reading of the law could be overturned by a court.

"From the cities' perspective we are losing the statutory basis for this current flexibility that we believe is essential to getting these pension plans back on a sound financial footing," Conn told the committee.

Matt Puckett, executive director of the Florida Police Benevolent Association, said his group could likely work within the boundaries of the legislation, but he also said that many cities' pension plans might look worse off than they are, considering the economic recovery that's taking hold and the increase in the stock market in recent years.

"We think a lot of the problems can be self-correcting," Puckett said.



Read more here: http://www.miamiherald.com/2013/12/12/3 ... rylink=cpy (http://www.miamiherald.com/2013/12/12/3813311/senate-tries-again-on-local-pensions.html#storylink=cpy)
You are another OBAMA DRONE!

Think that just because you're a mighty Miami police officer that you are owed a pension in excess of $100k a year? Guess again, those days are over.
Says who you! Come get it mother ****er your just a pos on the street. You want to take what I worked for ? Come and get it tough guy.

First you promise public employee unions higher pay and pensions to buy off their votes. You get elected and stay in a few terms, enough to make some money and get vested for a pension, then you move on to higher political office, or maybe a fed job or university administrator and earn another pension. By the time they figure out the promises you made have not been paid for and are not financially viable, you will be long retired and gone. The pension underfunding will be someone else's headache. That's how you get elected and stay in office for many years.