Re: Obama Presidential Thread XIX: Starting a new chapter
http://blogs.forbes.com/rickungar/2...nsions/?refsrc=http://m.facebook.com/auth.php
http://blogs.forbes.com/rickungar/2...nsions/?refsrc=http://m.facebook.com/auth.php
Haven't heard that in this part of the country, more the opposite. With the budget crunches on states the last 3-4 years, it's hard to believe there would be any sort of raises in that period, but rather more likely cuts. That's what I've heard about, though I suppose there might be contracts in place for raises going out a few years that carried into the economic downturn.
If they were honest and admitted existing / potential pension funding shortfalls were created by idiotic negotiating by the state, we could all put this idiocy behind us.
Everything I've heard is that public sector wages have been growing at faster rate even during this recession, why should public sector wages be going up when revenue is going down?
As was pointed out previously, currently the cutoff is 14. This law removes ANY cutoff at all. Technically, as soon as the little bugger is out of the womb s/he could go to work (but that really wouldn't be practical).
To a significant degree, the $1 trillion reflects states’ own policy choices and lack of discipline:
* • failing to make annual payments for pension systems at the levels recommended by their own actuaries;
* • expanding benefits and offering cost-of-living increases without fully considering their long-term price tag or determining how to pay for them; and
* • providing retiree health care without adequately funding it
Or not one that you are talking to. I know my mom was able to save up a lot of vacation days and even got a very nice bonus for retiring early.Overhear a conversation about somebody having 43 vacation days saved, being able to retire 4 months early but still get paid full salary because they have comp time etc. and you aren't listening to a private sector employee talking.
It is like that, but the owners don't strip away the player's right to negotiate contracts simply because one of them signed him to a terrible one.Isn't it a bit like giving a terrible contract to a sports star? It's great for the star, but when the current contract expires, he's going to be paid a more reasonable amount.
It is like that, but the owners don't strip away the player's right to negotiate contracts simply because one of them signed him to a terrible one.
And yes, I think it's possible the Dems overlooked this. In the current political climate, both sides engage in narrow group-think and stick to their talking points from beginning to end. Plus when you think about the simplicity of soundbites, the "we stand up for working families" jargon might actually be more effective than talking about deferred compensation. The general population doesn't do too well with nuance and math (just look at the pairwise arguments every year).
But a team can cut a player, most times, and the contract has an end date...whether he was trying to renegotiate this one or if a new one was starting in the near future, I don't think the governor was expecting the state union to say, "yeah, I'm second string now so I understand not getting paid superstar money".
Their response to this point has been to make it all about taking away their rights, wouldn't that have been avoided if the union had agreed to scale back compensation in light of the economic times?
Their response to this point has been to make it all about taking away their rights, wouldn't that have been avoided if the union had agreed to scale back compensation in light of the economic times?
Why would Forbes lie? Last I checked they are not a bastion for liberals or exactly on the side of the unions. (they are conservative and pro business) Why would they present false info to try and help a bunch of union workers against a conservative governor. Sorry, I am more likely to believe that a bunch of Dems were too stupid to realize how a pension works than I am that Forbes is going Huffington Post on the bit.
Rick,
This is probably what happens when national writers wade into state benefit issues, but you’re completely wrong about how public sector pensions work in Wisconsin. The Wisconsin Retirement System and Deferred Compensation are two completely separate things.
Full time state and local government employees are participants in the Wisconsin Retirement System – which uses taxpayer money to fund both the state (around 5% of salary) and employee (another 5%) contributions to their pensions.
On top of that, if they choose, state employees can choose to participate in the Deferred Comp plan, where they decide how much of their money to set aside, and a portion is matched by the state. That is in addition to their traditional pension contribution.
For clarification, you can peruse Chapter 40 of the Wisconsin State Statutes, which clearly demarcates each program in separate subchapters:
http://legis.wisconsin.gov/statutes/Stat0040.pdf
I anxiously await your post correcting this. It’s a shame this inaccuracy has been passed around the internet so quickly.
I have reviewed them and I completely disagree with you. The basic plan – The Wisconsin Retirement System- is funded by the contributions agreed to in the collective bargaining agreement. It is a defined benefits plan. The money that goes into this fund is money that would have been paid directly to the employees as direct salary. However, the parties agree that instead of paying that 5% directly to the employee, it will go to the retirement fund. It is the employees money!
As you note, the Deferred Comp Plan is optional and is NOT what is being discussed in the debate going on in Wisconsin.
I’m afraid you will be waiting a long time for that correction you are seeking.
It isn't taxpayer money? Who in the world do you think pays the salaries? The taxpayers. Call it whatever name you want to call it, but the taxpayer is still the one paying.
****ing greedy *** middle class. If it wasn't for them we'd all be swimming in jobs and balanced budgets. Lay them all off.