It's no surprise Speaker Sheldon Silver is not on board with the Governor's pension reform plans although it would not affect existing employees except for limiting the practice of spiking overtime in order to enhance pensions draws.
The problem with the system is evidenced by the universal efforts to game the system. A 401 K style defined contribution plan is portable and predictable as what is put in is what is there.
The current definied benefit plan often results in benefits far in excess of what is contributed by the employee and more so , by the employer. That is why in 2015 local governments will be contriburting over 30% of a police or fireman's annual pay into the system in order to sustain current year benefits.
That's right, in order to keep the checks flowing, an $80,000 a year cop will see the municipality he works for put $25K + into the retirement system in order to cover current year benefits. That kind of math explains why anyone would want to stay in this system rather than just have the money contributed so far.
New York Assembly Speaker Sheldon Silver not totally with Gov. Cuomo on pension reforms - NY Daily News
3 comments:
So Smeldon is not "totally with" the Guv as far as fiscal sanity. Well goooooollly. Who woulda thunk that? Our chief criminal in the NYS Assembly is turning his head to necessary reform? Gooooollly. Who woulda thunk that? Why, that's never been the case before. He's never stood the way of common sense before. I wonder if he's getting pay offs, hidden of course as that's the law as he has made certain of, from the people who run the pension system. What a joke Shelly is. Cept we're the object of the joke. The most corrupt political leader in America, Sheldon Silver. Good luck, Governor.
The OT "spiking" is unique, on one hand it could be spiking, but that is against the law, frequently its contractual and based on seniority, I find it odd that a sheriffs Deputy has a "take home" car and is the Chief in another municpality this all adds to his pension provided by county taxpayers.
Our agency provides take home cars to certain people as well. Its not a unusual situation. Its just part of government corruption. Just pays your taxes and shuts your mouth. The pathetic thing is they think they are entitled to them. Amazing.
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