Judge rules in favor of Pension Board

Judge Stodard ruled in favor of the Pension Board on all counts/questions.

[Trash Man]

I think not!

Thanks for the news on the favorable verdict from the judge Pat, having served on the board when the small group of retirees slammed us with accusations of improper conduct when I knew the board was making the right decisions I for one feel vindicated. Keep up the good work. It was sad that the Pension Fund had to spend hundreds of thousands to defend our actions.

Thanks for the kind words Tom. I only have to correct you on one point...I think the "several hundred thousand dollars" spent was a "several hundred thousand dollars ago".

[PHA-Q]

Do we reduce the the amount of the paychecks of the retires that tried to sue us untill they pay off the loss.

[Newfield]

Your handle suggests your mentality. However; to answer your question I believe that would be considered one cost of doing business.

Yea PAt tell them you have already taken action to regain your losses. You are withhold a $6,000 benefit from the DROP members to off set your costs.

I thought you had to have a court order to garinish pension checks or DROP accounts for legal fees.

Feel Good some of those old guys will be dead before they get it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

All retirees, including DROP, recently received the letter attached to this link. It clearly explains that the 13th check that would otherwise be payable will be delayed until all appeals are resolved in the current litigation.

If the pension board wins the appeals then there will be accumulative actuarial gains and the 13th check will be paid. Did I mention the pension board is paying 9% interest on the money while everyone waits for the money?

If the pension board loses then we will still be making up losses from 2001-2002 and there will be no 13th check. It couldn't get much simpler so don't get confused when the next anonymous poster claims that the check is being withheld as some form of extortion or punishment.

Here is the link to the 13th check letter.

[/url]http://www.tampagov.net/dept%5Ffp%5Fpension/13th%20check/13th%20check%20may%202006.pdf

My contract differs from your accessment Pat. Explain where in the contract it states that the returns for the 13th Check can be withheld in the event of ANYONE filing a suit or action that could cause the fund to pay or re-pay funds. IT'S NOT THERE.....

Why not remove some other benefits as well to save you money. What are you doing with that billion plus dollars anyway.

Any future accessments against the plan becomes an Unfunded Liability to be repaid over 30 years. The city owed the plan 4.2 million and that's how they repaid it.

My DROP Account will be short $6,000 thanks to you and your 9% how thankful of you, if the fund earns 15% I get 9% NO WAY PAT.

If you do lose then you did it wrong to begin with and should have had ALL the INFORMATION before you acted.