Thursday, February 21, 2013

-Here We Go Again...Lawmakers Propose Pension Sweeteners- syracuse.com

      This is why pension reform is a dubious prospect in New York. What sounds like a plan today can change as pension sweeteners come into play.   This is also why the Governor's "smoothing" plan is criticised. The assumptions change as the system is raided.
     The biggest sweetener I remember was in 2000 when the employee 3% contribution was just eliminated for anyone over ten years....That and other variables in the formulas for computing benefits can and will make Tier 6 obsolete in a few years.
     While the pols and MSM will repeat the 'blame Wall Street' mantra, there is no doubt this kind of defined benefit system will be problematic and unpredictable for years to come.
    By the way, I was a guest on WTNY this morning to talk about the issue. Did anyone hear the show ?

New York state lawmakers propose sweetening state worker pensions | syracuse.com

14 comments:

Anonymous said...

I didn't pay close enough attention to what you said and looked for you on ch 7 instead.

If Wall Street tried to pull this raid on the pension fund, or award their employees with these golden parachute pensions, the justice department would put a stop to it at once.

Anonymous said...

No

And as union members in different tiers move through the system and gain seniority then they become the negotiators that is when specific tiers become sweetened for them. You are correct - tier 6 is just politics and a joke.

Anonymous said...

Why blame the union its the politician that propose the pension sweeteners.The union would be stupid not to take it. Nothing in NYS will ever change until our politicians and governor grows a back bone.And by the way i'm not for unions.

Anonymous said...

negotiator/extortioner
potato/potahto
lets call the whole thing off.

Anonymous said...

Noone listens to that station anymore then the station with the hotline anymore.

Anonymous said...

Instead of resorting to the dubious quality of a 401k system, and the expense it woud entail to transition to it, why doesn't the state simply re-instate the 3 percent contibution from ALL its members,even those with more than ten years of service. Hell, make it 5 percent. Multiplied by all the state, county and local employees that would pay, it should take some of the load of the municipalities. Why does no one ever consider this option?

Anonymous said...

I agree 12:36. The unions always get blamed when say a DOT worker loads his overtime his last three years and bumps up his pension as a result. But the union guy can't do this on his own. His time sheets are signed off by a supervisor (management, non-union) who must approve it. Perhaps the state should tell its managers to limit the use of overtime to an only as needed basis.

Anonymous said...

Hope it happens I'd like to retire in 2 yrs.

Anonymous said...

ANON 10:33

That's the most unintentionally funny comment I've ever read on this blog. Keep up the good work and make us all laugh hard. You might want to take a look at what the average Buyer on Wall Street is paid, plus bonus, plus retirement 401k packages, stock options and even golden parachutes for CEO types. They don't need a pension my friend, they're rich, beyond your wildest fantasies.

Call your bluff

Anonymous said...

Mikey, you ignoramus, they are called traders not buyers. And Wall Street's traders are paid based on the market forces. Unlike Public employee "traitors", who are paid based on extortion.

Mike Flynn 'Middle Class Mike' said...

ANON 8:47PM

A rude smuck like yourself couldn't just say, hey Mike it's Trader not Buyer. I just slipped into sales days 'Buyers' yes I know what a Trader does dummy. Try being a little less caustic and you might approach something human. The garbage I have to endure is over the top.

MCM

Anonymous said...

Mikey, I just happen to loath every thought that ever entered your simple mind. every thought you ever stole off another site. Your ideas are the ideas of failed societies and failed nations. The ideas of economic ruin, misery, slavery and totalitarian regimes. The ideas of cowards and utopians.Don't take it personal...I would still spit on you if you were on fire.

Anonymous said...

ANON 4:40 the reason you make no sense at all is you're all jammed up with Mickey juice. Get some help quick.

Anonymous said...

Jeff how long are you going to let this psycho ANON 4:40 fix-at on MCM. This guy has lost it and you should lose him, he's is psychotic and deeply disturbed.