Posted on 01/13/2017 10:21:24 AM PST by Lorianne
Run by all Democrats...let em fail.
Just pay out at the level of funding and that is it.
Let’s define what a “shortfall” means when it comes to state pension systems. A “shortfall” is when politicians vote more and more retirement benefits to politically connected state workers and teachers’ unions without simultaneously implementing a realistic system to fund them. If the law stated that all pension increases had to be accompanied by an actuarially vetted funding plan, lawmakers would think twice about enacting them because it would mean immediate tax increases or forced employee contributions. But they don’t. They get to get away with the crime of promising benefits today and leaving the tab for the next generation.
Surf’s up!!!
Guess that’s why Steve McGarrett is still working after 48 years...
fine=find.
“Just pay out at the level of funding and that is it.”
Unfortunately, for both HI and CA that’s not going to get it, at least until the government entities go through a Chapter 9 Bankruptcy and actually have to cut the pension benefits they’ve handed out. Two cities here in CA ( Vallejo and Stockton) have gone through bankruptcy recently and they have elected to “fix” their fiscal problems while failing to deal with the pension deficit. This, even though a federal judge has told them that they COULD give PE pensions a haircut. But not to worry, they really have only kicked the financial can down the road once again, and they will go under again soon.
Their investments lost money in 2016? But the markets overall, as shown by Dow Jones, S & P, NASDAQ, showed healthy gains in the markets in 2016. How the heck are they investing their money? Are they paying someone to invest their funds and end up with losses??? Really????
It seems we hear this type of bad news from Democrat strongholds. Are Democrats just lousy at managing money, or taking advice from CPAs, actuaries, etc. regarding how public money including pension funds, needs to be dealt with so you don’t run out of money????
They lost 1.2% last year. That’s investment malpractice. Whoever is managing this pension fund is either incompetent, crooked, or both.
Suck it up brudda!
They probably invested it all in renewable energy companies or other so called socially responsible investments.
But on the bright side you don’t have to move anywhere when you retire.
What this really means is that there are some Retirement System Oversight teams who are probably living large and tall. Follow the damn money. There is corruption there somewhere.
Hawaii is the only state where liberals outnumber Conservatives according to Gallup polling.
They may have been directed by the legislature to do politically correct investments which can have a negative effect on return.
aloha hawaii retirement.
d’oh!
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