The media is catching up on the trend regarding pension costs...Last week it was teachers pensions in the news...This week its general municipal employees....The contribution rate for police and firemen is 25.8%.
That means a local government with a $100,000 a year police salary has to pay $25,800 into the retirement system. The Comptroller is crowing about how well managed the system is...Not exactly.
Oh, by the way the employee in the above example pays nothing into the fund.
Pensions Just Got More Expensive For Local Governments
5 comments:
I would like to know who does the projections on these obligations. But don't be blamimg the worker; they didn't write up the contract.
mayor, Nail on the head. I know some will say it it fine and a negotiated item. These 20 and 25 year retirements are killing us and the boat is almost sunk. Let the system go bankrupt and we can start all over again. Up here in the big county if we can not get a loan we will be done. Let the counties start the process by not paying the state, go bankrupt and start all over. Fine with me.
The real story is that even with all this money it is still an underfunded Ponzi scheme.
I am just happy they pad their paychecks with homeland security funds to put batteries in carbon monoxide detectors. Lets not forget about all the seat belt ticket5s they write too. I feel safe.
Do not discuss retirements. Dannie will get mad and call you an insect. It is off limits. It is all about hateful Republicans and Fox Newz.
Hey 713 youre right, when the local reps found out about the Hudson/Black river reg scandal, nothing was said, because they know they'll get their chance to be there, Last Year the employees were allowed to carry over sick/Vacation time and still be on the payroll, then they applied for early state retirement, But it's all OK.
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