Friday, March 26th, 2010
Updated: Friday, March 26th, 2010
60 Comments
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Skimming the surface on problems in Metro GovernmentAre we seeing only the tip of the iceberg? |
RE: Skimming the surface on problems in Metro Government
You are talking about two different things. They aren't properly contributing to the STATE system, but that isn't a system within the control of the city. Abramson cannot touch that system - it is out of his hands. He CAN control to some extent how much is paid INTO it, though, by manipulating numbers. The retirement fund ABRAMSON withdrew from is fast approaching its end, because NO ONE is being added to it. It is the "old city police fund." There are only a few people still drawing from it - long retired officers who didn't join the state system in, I think, 1986. (They gave the existing officers a choice, get bought into the state system and give up rights to the city system, or stay in the city system and not be bought into the state system. All new officers from that point were automatically in the state system. If I recall correctly, all but a few officers elected to move everything into the state system. They got a second chance a few years later, and at that point, all but 6 currently working officers decided to move into the state system.) Once they and any dependents entitled to draw from that system die, that entire fund goes completely back to the city - it can't be spent any other way. If it went belly-up today, the city would still be legally responsible to continue to pay out the defined benefits. It is a defined benefit plan, no matter how much is in it, the recipients only get a specific amount, never any more. There could be a million dollars in it, but the recipients will still only get X amount every month. (The old fire retirement system was set up differently, their members can get, in effect, an annual bonus payment based upon how much money is in it.) He didn't make the withdrawal properly, there were technical errors, but he didn't withdraw from it illegally.
As for state retirement, that's an issue the state really needs to fight, I agree. I'm in that system too and it is to my best interest to keep it solvent. 18 years non haz.
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" They aren't properly contributing to t...
14 years ago
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Nahhh, trust me, IF, and that is a big I...
14 years ago
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The two funds they are talking about are...
14 years ago
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Correct it has nothing to do with Frankf...
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What sucks is JER can run another term a...
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- The douche-bag is done here. He will nev... 14 years ago
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What sucks is JER can run another term a...
14 years ago
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He didn't steal it. I know it ticked off...
14 years ago
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Yes he did steal it. He took from a fund...
14 years ago
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That's the point, the fund was drastical...
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That is entirely the problem. It is the ...
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There is no merger compact - there IS a ...
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WAIT WHAT I DIDN'T HEAR YOU..WHAT CHANNE...
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- Ahh its pretty easy for 98 % of day to d... 14 years ago
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A3, D7, C2, B4. dangit!! YOU SUNK MY...
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Thanks a lot, you made my Coke blow out ...
14 years ago
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I hope the Coke brand that was in your n...
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I think the radios wil work out fine. I ...
14 years ago
- Blocked by Admin 7 years ago
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Ummmmn, in the City, that was never poss...
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1970 LAPD called, they want their radio ...
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WHAT THE HECK IS THE PURPLE BUTTON FOR??...
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- Its the button for the light. 14 years ago
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I'm curious - did you all not get any tr...
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- no info on anything helpful 14 years ago
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WHAT THE HECK IS THE PURPLE BUTTON FOR??...
14 years ago
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1970 LAPD called, they want their radio ...
14 years ago
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I think the radios wil work out fine. I ...
14 years ago
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I hope the Coke brand that was in your n...
14 years ago
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Thanks a lot, you made my Coke blow out ...
14 years ago
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WAIT WHAT I DIDN'T HEAR YOU..WHAT CHANNE...
14 years ago
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There is no merger compact - there IS a ...
14 years ago
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That is entirely the problem. It is the ...
14 years ago
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That's the point, the fund was drastical...
14 years ago
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Yes he did steal it. He took from a fund...
14 years ago
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Correct it has nothing to do with Frankf...
14 years ago
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The two funds they are talking about are...
14 years ago
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Nahhh, trust me, IF, and that is a big I...
14 years ago