Originally posted by mookie1995
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Illinois is broke(n) ...
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Originally posted by ScoobyDoo View PostThe same people running the country run the pensions and salaries. They artificially inflate your pension during negotiations to artificially deflate your salary so then they can say the pension is bankrupt later on.
Always get the money you deserve up front. Never trust retirement plans, or pension plans, or any of that crap. They're lying and the actuaries always **** up the math.
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Re: Illinois is broke(n) ...
Originally posted by Kepler View PostAnd my private sector pension allows exactly the same thing. Spiking for high five is hardly just a public pension issue.
Next time negotiate a better deal. If you were too lazy at the time, or people, I dunno, actually thought cops were important, then gee whiz -- shut up and honor the contract.
Always get the money you deserve up front. Never trust retirement plans, or pension plans, or any of that crap. They're lying and the actuaries always **** up the math.
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Re: Illinois is broke(n) ...
Originally posted by FreshFish View PostOne thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.
Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.
In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
Next time negotiate a better deal. If you were too lazy at the time, or people, I dunno, actually thought cops were important, then gee whiz -- shut up and honor the contract.
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Originally posted by FreshFish View PostOne thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.
Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.
In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
So, the company contracted with the Rochester city police to provide officers outside our building during normal end of work hours, mainly because the parking lot was across the street from the building, and at night, well...
These types of assignments fall under "event management" for the police department. Thus, they are usually overtime and voluntary.
One day, I was talking to one of the officers while waiting for the light to change. He made no bones about the fact that he was retiring in a few years, and was requesting as much overtime as possible.
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Re: Illinois is broke(n) ...
One thing that the states with big unfunded pension liabilities seem to have in common is that they allow "overtime spiking" right before people retire.
Most pension formulas, on the surface, are pretty much the same: average final pay times years of service times a factor.
In the fine print, however, there is a huge difference between "average final salary" and "average final pay." In the last few years before people plan to retire, they mysteriously start requesting lots more overtime, and complicit supervisors agree. The result, in NY state at least, can be people retiring with a pension that actually exceeds their salary.
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Re: Illinois is broke(n) ...
Originally posted by burd View PostIf those states had schools, they would be in trouble.
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Re: Illinois is broke(n) ...
Originally posted by Rover View PostI do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
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Re: Illinois is broke(n) ...
Originally posted by Drew S. View PostI doubt those states have much for liabilities though. It's nice that public workers have such good benefits here but in some cases it's frightening how much they get. A lot of them can retire very early too.
You're right that mass could make some adjustments to the budget, but how much could they ever really cut spending? They could raise taxes some but then you risk folks moving to other states. It's not like NH is that far away. I could be wrong but I think there is a fairly large group of people say 55 and over who are paying at least $25K a year in state taxes. You try to get much more out of them and a percentage are going to look for someplace cheaper.
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Originally posted by Rover View PostI do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
You're right that mass could make some adjustments to the budget, but how much could they ever really cut spending? They could raise taxes some but then you risk folks moving to other states. It's not like NH is that far away. I could be wrong but I think there is a fairly large group of people say 55 and over who are paying at least $25K a year in state taxes. You try to get much more out of them and a percentage are going to look for someplace cheaper.
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Re: Illinois is broke(n) ...
I do and that study is patently absurd. If Mass ever got in real fiscal trouble it would simply cut back on generous benefits or raise taxes as right now the state ranks around 25th on the tax burden scale. There is zero, and I mean zero, chance WVA, KS, LA, KY, MS, AL, etc etc are in better fiscal shape by any measure that passes the smell test. Most of those states already have bare bones services and the population is too poor to pay extra taxes.
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Originally posted by Rover View PostMuch to say but about nothing. Best part was listing Massachusetts as a state in danger of insolvency??? I looked up one of the rankings for fun and the Mercatus Center that the author sites has the state as 49th! Meaning, states like Louisiana, Kansas, Rhode Island, West Virginia and Kentucky are in better fiscal shape? Ooookaaayyyy then. Kep, print out this article and put it to good use if you run out of toilet paper.
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Re: Illinois is broke(n) ...
Originally posted by Kepler View PostForbes has much to say.
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Re: Illinois is broke(n) ...
Originally posted by aparch View PostZero concern state wide.
WGN's headlines:
- Powerball ticket sales end tonight, Mega Million Friday, due to budget.
- Three CPD officers charged with conspiracy to cover up shooting of Laquan McDonald.
- Five shot on West Side among several wounded Tuesday.
- Man beaten and tied up in home invasion in Logan Square.
- 1-Minute Weather Forecast.
Similar from CBS Chicago, Chicago Tribune.
The Daily Herald has nothing about the budget, except part way down where a local county "is preparing for budget doomsday."
Nice.
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Re: Illinois is broke(n) ...
Originally posted by Brenthoven View PostHit up Traverse City once for a wedding...watching the hotel clerk in Menomonie MI try to pronounce "Minnetonka" was hilarious.
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