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Keyword: pensions

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  • 360-MILE traffic jam hell for Paris commuters as nationwide strikes cause enormous road delays going into the French capital

    12/09/2019 6:37:48 AM PST · by C19fan · 19 replies
    UK Daily Mail ^ | December 9, 2019 | Emily Webber
    French commuters faced a 360-mile traffic jam today as the fifth day of nationwide strikes caused delays into Paris. Traffic was held up getting into the French capital on Paris' ring road, the Peripherique, which was up from 90 miles on an average day. The Parisian metro had only two out of it 16 lines fully operating and the SNCF national railway company warned against severe disruptions in the suburbs of Paris.
  • Mass strikes in France shut Eiffel Tower, trigger clashes

    12/05/2019 8:12:04 AM PST · by C19fan · 23 replies
    AP ^ | December 5, 2019 | Angels Charlton and Claire Parker
    The Eiffel Tower shut down, France’s high-speed trains stood still and tens of thousands of people marched through Paris and other cities Thursday in a massive and sometimes chaotic outpouring of anger at the government’s plan to overhaul the retirement system. Small groups of masked activists smashed store windows, set fires and hurled flares on the sidelines of the otherwise peaceful Paris march, prompting volleys of tear gas from police in body armor. Unions launched the open-ended, nationwide strikes Thursday over President Emmanuel Macron’s centerpiece reform in the biggest challenge to the centrist leader since the yellow vest movement against...
  • Calif. Taxpayers on Hook for Six-Figure Government Pensions

    11/07/2019 9:35:53 AM PST · by MarvinStinson · 32 replies
    freebeacon ^ | NOVEMBER 7, 2019 | Yuichiro Kakutani
    Nearly 80,000 Californians collected six-figure taxpayer-funded pensions in 2018, as retirement costs leave half the state's cities at "high risk" of serious financial distress, according to an analysis. Transparent California, a free-market think tank, found that 6 percent of retired government workers collected more than $100,000 in 2018, an 85 percent jump since 2013. Those payouts represented 20 percent of the $51.7 billion in total pension payments. Taxpayers spent a record-high $40 billion to cover the costs of public sector retirees in 2018, the report also found. The median household income in California is $75,277. The six-figure payouts propel thousands...
  • Sweet deal: Some retired public employees’ pensions bigger than their salaries were

    11/02/2019 11:26:38 PM PDT · by rintintin · 26 replies
    SF Chronicle ^ | Sep 8 2019 | Phil Matier
    When San Francisco Fire Chief Joanne Hayes-White retired after 15 years leading the department, she joined the ranks of a growing financial elite — the 139 former city workers collecting pensions of more than $200,000 a year. Most are former police and firefighter brass, and some are making more in retirement than they did when working. And it’s not only in San Francisco. Hayes-White is receiving a pension of $311,560 a year, with cost of living increases of 2% or more each year. “To put these high pensions into perspective, a guaranteed $200,000 annual pension for 25 years would require...
  • PENSION CRISIS FORCES FIREHOUSE CLOSURE, 9 FIREFIGHTER LAYOFFS IN EAST ST. LOUIS

    10/18/2019 6:11:53 PM PDT · by george76 · 36 replies
    Illinois Policy ^ | OCTOBER 16, 2019 | Brad Weisenstein
    East St. Louis is short $9.5 million between a budget deficit and back payments owed to its fire and police pensions. As a result, city leaders are closing a firehouse and laying off nine firefighters. Nine firefighters have been asked to hand in their gear and their fire station will temporarily close as East St. Louis, Illinois, faces a $5.5 million budget deficit and interception of nearly $4 million in state funding for debts owed to its police and fire pensions. Unfortunately, with 100% of the City’s state revenues being redirected to the police and fire pensions, we are faced...
  • Query for Pelosi: Will Dems' impeachment frenzy crash markets, IRAs, pension funds?

    10/02/2019 12:32:20 PM PDT · by rintintin · 35 replies
    October 2, 2019 | rintintin
    Will people have to postpone - or cancel - retirement? Why is Pelosi not being asked this question?
  • Rahm Emanuel raised taxes.. pension funds.. The shortfall still ballooned by $7 billion.

    10/03/2019 7:44:16 AM PDT · by george76 · 27 replies
    CHICAGO TRIBUNE ^ | OCT 03, 2019 | HAL DARDICK and JUAN PEREZ JR.
    Rahm Emanuel raised taxes to get city worker pension funds on a ‘path to solvency.’ The shortfall still ballooned by $7 billion. ... A record-high property tax increase. A new tax on water and sewer service. A higher 911 emergency fee on telephone lines... Emanuel’s series of tax hikes was painful, but he promised the extra money was part of a plan to get the woefully underfunded city worker pension funds on a “path to solvency.”.. in the four years since .. The pension funds are actually worse off. When Emanuel pushed through the tax hikes, the city worker retirement...
  • Forty States In The U.S. Do Not Have Enough Money To Pay Their Bills

    09/29/2019 12:32:21 PM PDT · by RomanSoldier19 · 88 replies
    forbes ^ | Sep 24, 2019, | Mayra Rodriguez Valladares
    Forty U.S. states do not have enough money to pay all their bills primarily due to significant unfunded pensions or Other-Post-Employment Benefits (OPEB). Truth in Accounting (TIA), a nonpartisan, not-for-profit has been monitoring the financial health of states for a decade in order to educate taxpayers about the financial health of their states today released its tenth annual Financial State of the States.
  • Sweeney’s right; N.J. is “going to go up in flames.”

    08/30/2019 9:14:51 AM PDT · by GuavaCheesePuff · 64 replies
    Save Jersey ^ | August 29, 2019 | Matt Rooney
    he money is going to pensions and health care.” The comments underscore the persistent fiscal pressure on New Jersey, a high-tax state contending with massive debts to employee pension funds after years of failing to set aside enough to cover the $212 billion of benefits that have been promised.
  • Chicago homeowners are suffocating under pensions and property tax hikes

    08/26/2019 6:50:23 AM PDT · by C19fan · 54 replies
    Washington Examiner ^ | August 23, 2019 | Orphe Divounguy
    The nation is more than a decade past the Great Recession, and most places are seeing a strong economic recovery and improved living standards. Not in Chicago, and not in Illinois. August statistics from the National Association of Realtors noted the city and state’s real estate market has severely underperformed, a trend forecasted to continue in the third quarter of this year. While the Midwest and the nation as a whole saw a very minor dip in home sales and surging Midwest home prices, Chicago missed the wave. Home sales in the Windy City experienced a 13.3% plunge, and the...
  • These pension plans are at risk of going broke

    07/12/2019 6:14:15 PM PDT · by where's_the_Outrage? · 43 replies
    CNBC ^ | July 12, 2019 | Lorie Konish
    About 1.3 million Americans could have their retirement funds at risk if Congress can't come up with the money to pay the benefits people were promised. That is because a number of multiemployer pension plans are on the brink of running out of money. This week, Congress took a stab at solving the problem with the markup of the Rehabilitation for Multiemployer Pensions Act. Though it garnered far less attention than the testimony of Federal Reserve Chairman Jerome Powell, who was on Capitol Hill talking about interest rates and the economy, it was no less important. Retirees' financial futures hang...
  • You’re On The Hook For Trillions In Pension Overpromises, And Divestment Is Making It Worse

    06/20/2019 9:09:23 AM PDT · by SeekAndFind · 18 replies
    The Federalist ^ | 06/20/2019 | Helen Raleigh
    U.S. public pension liability is equivalent to $18,300 for every resident. Public pensions can’t afford not to invest in companies that generate impressive growth and profits. If you are a public employee or a retiree, you should be very concerned because new data shows public pension funds that let leftist policies drive their investment decisions, a.k.a. socially responsible investing, have been consistently underperforming their private peers and the general stock markets.Socially responsible investing (SRI), meaning only investing in companies with “ethical” practices, is not an entirely new concept. Public pension funds have been leading in this since the 1970s. For...
  • Chicago Mayor Lori Lightfoot: 'No question' city will need more tax money from residents

    06/12/2019 9:27:38 PM PDT · by george76 · 35 replies
    Chicago Tribune ^ | June 12, 2019 | Gregory Pratt
    Chicago Mayor Lori Lightfoot on Wednesday said there’s “no question” residents will need to pay more in taxes or fees to plug a looming city budget shortfall estimated at more than $700 million. Lightfoot made the comment, without elaborating on specifics, after her second City Council meeting, when she was asked about a campaign promise to find budget cuts before seeking a property tax increase. ... There’s no question we’re going to have to come to the taxpayers and ask for additional revenue ... Lightfoot took office last month facing a gaping budget hole in the next fiscal year ......
  • Without pension reform, progressive income tax .. guarantees tax hikes on Illinois’ middle class

    05/30/2019 11:23:34 AM PDT · by george76 · 8 replies
    Illinois Policy Institute ^ | May 21, 2019 | Orphe Divounguy
    Without pension reform, progressive income tax amendment guarantees tax hikes on Illinois’ middle class. ( Full title). The current progressive income tax proposal would fail to pay down the state's unfunded liability while damaging Illinois' economy. On May 20, Democrats in the Illinois House Revenue & Finance Committee approved Gov. J.B. Pritzker’s prized progressive tax constitutional amendment. While the Senate had previously passed a new income tax structure – already different from the governor’s original proposal – the House Committee also passed the amendment without putting in income tax rates. ... progressive tax proponents need to face that without pension...
  • Cuomo: MTA workers’ sky-high overtime is theft

    05/12/2019 8:22:36 PM PDT · by DUMBGRUNT · 45 replies
    NY Post ^ | 12 May 2019 | Mark Moore
    ​”​This is about stealing. This is about fraud. This is about people saying they work and charging the taxpayers when they didn’t work. It’s stealing. It’s criminal​,” the governor said during a news conference at his midtown Manhattan office. “​So this has nothing to do with overtime. It has to do with theft and fraud, and that’s criminal.​”​ ...Recently retired LIRR employee Thomas Caputo claimed he worked an additional 3,864 hours to rake in $344,147 in overtime pay in 2018 for a grand paycheck of $461,646, according to the Empire Center. Another LIRR worker, Marco Pazmino, put in for 4,157...
  • ‘Sanctuary City’ Oakland, Near-Broke, Will Use Gas Tax Money to Keep Lights On

    05/09/2019 10:34:12 AM PDT · by ChicagoConservative27 · 54 replies
    Breitbart ^ | 05/09/2019 | Joel B Pollak
    The City of Oakland is in such dire financial straits that it is planning to use $2.9 million from state gas tax revenues to keep the city’s lights on, rather than using the money to fix pothole-riddled roads, for which the funding was intended. The San Francisco Chronicle reported Wednesday that the city is facing severe financial shortfalls, despite a booming economy that has seen wealthier households relocate from San Francisco across the bay to gentrifying neighborhoods. The problem is that the city’s costs are rising faster than its growing revenues, thanks partly to pension obligations — an increasingly common...
  • With a growing 100k pension club, California’s pension problem only gets worse

    05/02/2019 2:06:37 PM PDT · by george76 · 41 replies
    Press-Enterprise ^ | MAY 01, 2019
    In a reminder of the extent and reality of California’s pension problem, the state’s six-figure pension club has more doubled since 2012. ... the number of retirees from the California Public Employees’ Retirement System who received pensions worth $100,000 or more rose from 14,760 in 2012 to 30,969 in 2018. average pension for full-career state employees enrolled in the plan for non-public safety workers was $63,057. For full-career state retirees enrolled in the plan for safety members, the average pension in 2018 was $84,197. For those working for local government employers, the average pension for regular employees was $74,599 in...
  • Outsourced, Offshore Airline Maintenance Work Has Risen

    04/21/2019 3:59:09 PM PDT · by CondoleezzaProtege · 15 replies
    Forbes ^ | One year ago | Ted Reed
    A new report by the Transport Workers Union says that airlines are increasingly performing heavy maintenance in foreign countries, limiting the number of aircraft maintenance jobs in the U.S. The report said that approximately 24% of heavy aircraft maintenance is performed offshore, up from about 7% in 2003. The report includes estimates that U.S. airlines spend about $2 billion annually on maintenance work in South America, China and Europe, an amount that could otherwise be spent on an estimated 8,200 jobs for U.S. mechanics. Foreign outsourcing “creates an unnecessary and devastating economic impact on future generations,” said John Samuelsen, president...
  • At more than $1 billion, Illinois tops the nation in school administration spending

    04/16/2019 12:41:44 PM PDT · by george76 · 25 replies
    Chalkbeat - Metropolitan Planning Council ^ | 4/15/2019 | YANA KUNICHOFF
    It may not be the biggest state, nor the one with the most students, but Illinois leads the nation in school district spending on administrators. Even amid a looming statewide financial crisis, the state’s 852 districts spent more than $1 billion in fiscal year 2016, the most in the nation ... Illinois also spends twice as much per pupil on school administration as the national average — $544 in Illinois to $226 nationwide. Measured per pupil, that is the third highest rate in the country, nearly double New York at $349 and nearly five times as much as California, where...
  • One of three MBTA retirees last year was under 55, putting another strain on pension fund

    04/16/2019 9:40:55 AM PDT · by outpostinmass2 · 21 replies
    Nearly one-third of the employees who retired from the MBTA last year were under the age of 55, and dozens were still in their 40s, adding to the flow of younger retirees state lawmakers had hoped to stem years ago. The Legislature passed a law in 2009 intended to dial back a lavish public sector perk at the Massachusetts Bay Transportation Authority, but because it only applied to new hires, many employees retiring now still fall under the old rules — and potentially collect pensions for longer than they actually worked at the T. In all, nearly 200 employees retired...