Posted on 09/12/2015 9:45:48 AM PDT by E. Pluribus Unum
Coming soon to a shopping center near you is the latest attempt by former San Jose Mayor Chuck Reed and his well-financed anti-public pension cabal to undermine the retirement security of teachers, firefighters and other hard-working public employees under the guise of an altruistic-sounding initiative called the Voter Empowerment Act.
A legal analysis by Attorney General Kamala Harris, and confirmed by both of California's major retirement systems, shows that the measure "eliminates the constitutional protections for vested pension and retiree health benefits" that were promised to public workers when they were hired.
Reed is using the politically motivated argument that retirement promises made to public workers are primarily responsible for cities' and counties' inabilities to balance their budgets. This argument has been repeatedly proven false including in San Bernardino where years of budget mismanagement -- not pensions -- created a fiscal hole. In Stockton as well, other factors, not pension obligations, led to that city's bankruptcy filing. The measure is also unnecessary. In response to the 2008 financial crisis, Gov. Brown, along with a bipartisan majority in the legislature, passed the Public Employee Pension Reform Act in 2013 that is projected to reduce the cost of public worker retirement benefits throughout the state by more than $50 billion, primarily by requiring that newly-hired workers take on a larger share of the funding of those benefits.
(Excerpt) Read more at mercurynews.com ...
Even FDR opposed public-sector unions.
When are Federal employees going to start paying into the Social Security ‘fund’ like the rest of us instead of their ‘Cadillac’ plan?
As soon as Obola starts enforcing existing immigration law.
I thought federal employees have been paying into Social Security since 1984??? Someone correct me if I’m wrong???
Military retirement will be target next by these Democrats when they need more funding to buy votes.
it has to be done....but it won't be....
when so many are on the govt take, like the govt workers, and their numbers swell to a majority, which they are, then 51% can demand the 49% be killed if they wanted to...
Hard working public employees? Guffaw...
Newsflash guy, we already pay into social security.
They are already targeting military retirement at least for future military retirement. One can see articles on this regarding BlackRock Inc., they have proposals already written that they are trying to get approved to reduce this and also have them manage the money and shift more of it from payments to market investments under their guidance. Stock symbol BLK for people who wish to research this.
Promises made should be promises kept.
Lawrence Fink of BlackRock Inc. contributed to Hillary and they are trying to reduce military pensions with proposed legislation and have them be managed by you guessed it, Lawrence Fink’s own company BlackRock, steering pensions into private market investments under their guidance.
All Federal Employees who begin their employment starting in 1984 have paid into Social Security.
They also pay into “FIRS” which is a seperate pension progam and they can take part in the TSP (Thrift Savings Plan) which is a 401K type investment.
Federal employees who started prior to 1984 are in the CSRS (Civil Service Retirement System) and did not/do not pay into Social Security.
Sue the Democrat Party.
They have got LOTS of money.
Those lawyers just haven’t figured out how much money they could make suing the Democrat Party.
I take it you’re also against other legal contracts.
You are right. The federal government reformed their pension plan in 1986
30 years ago...
I don’t know about public sector unions, but private sector unions still pay into SS, the exception being railroad workers. Railroad workers don’t pay into SS because their retirement plans predate SS. the downside is that 12% of every paycheck goes to pay for current retirees, and your future retirement pay, with NO employer match. The original retirement savings plan.
And of course, the feds have been chomping at the bit (starting with the Hillary/Paul Ryan retirement confiscation plan) to roll that over into SS.
The answer from the railroad was: it would be a shame if you got ran over by a train.
I know there are those who do, but made me snicker when I read it.
“Ron Lind is the public member of the California Public Employee Retirement System Board and is the former president of the South Bay Chapter of the AFL-CIO.”
No pension worries for him.
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