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Thread: Should the taxpayers bail out the pension fund?

  1. #1
    WSFirst
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    Should the taxpayers bail out the pension fund?

    https://www.bloomberg.com/graphics/2...unding-ratios/

    The collapse is coming soon, not if but when, some states are in better shape than others. The collapse is a mathematical certaint. NJ, IL, CT, and ME will get front row seats to the biggest collapse since maybe the Great Depression. This is what happens in a NATION where CORRUPTION is rampant and the Central Banks push ZIRP and NIRP policies for YEARS. Most of these state pension plans assume an insane 8% year over year rate of return. They are more underfunded than anyone even can fathom.

    Should the taxpayers pick up the tab on underfunded pensions or do we tell the retirees, good luck?
    Last edited by WSFirst; July 1st, 2017 at 10:48 PM.

  2. #2
    WSFirst
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    https://www.wsj.com/articles/ill-fun...ind-1499180342

    Police pensions are among the worst-funded in the nation. Retirement systems for police and firefighters have just a median 71 cents for every dollar needed to cover future liabilities, according to a Wall Street Journal analysis of data provided by Merritt Research Services for cities of 30,000 or more.

    Click image for larger version. 

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    Quote Originally Posted by WSFirst View Post
    https://www.bloomberg.com/graphics/2...unding-ratios/

    The collapse is coming soon, not if but when, some states are in better shape than others. The collapse is a mathematical certaint. NJ, IL, CT, and ME will get front row seats to the biggest collapse since maybe the Great Depression. This is what happens in a NATION where CORRUPTION is rampant and the Central Banks push ZIRP and NIRP policies for YEARS. Most of these state pension plans assume an insane 8% year over year rate of return. They are more underfunded than anyone even can fathom.

    Should the taxpayers pick up the tab on underfunded pensions or do we tell the retirees, good luck?
    The Town of Evans just had a collaspe, and they already buying brand new police cars. and bet they replaced cars that were only 2 or 3 years old which is norm in WNY, Everywhere else in country, most Towns & Cities still have alot of 10 to 15 year old crown vics and they are still going because it's cheaper to replace brakes, tires, and other parts then it is spend close to $100,000 per each new police vechicle w/(lights, graphics. aftermark equipment, computers) every 2 or 3 years,
    Last edited by jennifer7; July 4th, 2017 at 07:21 PM.

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    Quote Originally Posted by WSFirst View Post
    https://www.bloomberg.com/graphics/2...unding-ratios/

    The collapse is coming soon, not if but when, some states are in better shape than others. The collapse is a mathematical certaint. NJ, IL, CT, and ME will get front row seats to the biggest collapse since maybe the Great Depression. This is what happens in a NATION where CORRUPTION is rampant and the Central Banks push ZIRP and NIRP policies for YEARS. Most of these state pension plans assume an insane 8% year over year rate of return. They are more underfunded than anyone even can fathom.

    Should the taxpayers pick up the tab on underfunded pensions or do we tell the retirees, good luck?
    But Buffalo and Erie County is already in it's own recession for over 40 years because the taxes are already 9 times higher then the national average, but it's booming for the government workers, benefits, pensions etc... with yearly raises, retirement bonsus's, pension spiking, longevity pay. LOL Most can't wait to retire and then they move to Florida, SC, NC, AZ etc... and take their NYS pensions with them lol
    Last edited by jennifer7; July 4th, 2017 at 07:38 PM.

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    Property taxes will keep going up, One day they will get to the point that people won't be able to afford them anymore and they will have to sell their houses, The problem is is that their will be so many people selling their houses because that can't afford the taxes that it will overload the market, home value = supply & demand and when their will be tons & tons of homes for sale and not a enough buyers, home values will sink and be worthless like how most commercial property is worthless in WNY. That day isn't to far away either, Most of WNY's population is older and are on fixed incomes, I lot of them are barely making it now and have to shop at Aldi's just to be able to eat. Everyday more & more people are starting to wake up to what's coming and saying it's time to get the hell out of NYS before we lose are a$$
    Last edited by jennifer7; July 4th, 2017 at 08:05 PM.

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    Wow!

    Wow, is this forum still alive? I remember this forum from years ago for all of the racists and KKK members! They must be back after Obama and the new Trump killer in office!


    Quote Originally Posted by WSFirst View Post
    https://www.bloomberg.com/graphics/2...unding-ratios/

    The collapse is coming soon, not if but when, some states are in better shape than others. The collapse is a mathematical certaint. NJ, IL, CT, and ME will get front row seats to the biggest collapse since maybe the Great Depression. This is what happens in a NATION where CORRUPTION is rampant and the Central Banks push ZIRP and NIRP policies for YEARS. Most of these state pension plans assume an insane 8% year over year rate of return. They are more underfunded than anyone even can fathom.

    Should the taxpayers pick up the tab on underfunded pensions or do we tell the retirees, good luck?

  7. #7
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    Quote Originally Posted by coffeeparty1 View Post
    Wow, is this forum still alive? I remember this forum from years ago for all of the racists and KKK members! They must be back after Obama and the new Trump killer in office!
    No, it's not around anymore.

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    Quote Originally Posted by jennifer7 View Post
    Property taxes will keep going up, One day they will get to the point that people won't be able to afford them anymore and they will have to sell their houses, The problem is is that their will be so many people selling their houses because that can't afford the taxes that it will overload the market, home value = supply & demand and when their will be tons & tons of homes for sale and not a enough buyers, home values will sink and be worthless like how most commercial property is worthless in WNY. That day isn't to far away either, Most of WNY's population is older and are on fixed incomes, I lot of them are barely making it now and have to shop at Aldi's just to be able to eat. Everyday more & more people are starting to wake up to what's coming and saying it's time to get the hell out of NYS before we lose are a$$
    Any state that get's money from the federal government is going to have some serious problems. Don't think there will be any exceptions. Populations of Red states will swell as people move out of democratic controlled , liberal give -away high tax states. In fact we are already seeing this now.

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    Pension systems are constructed differently. In some states, cities have their own pension systems. For example, Dallas has real problems with the funding of its pensions. Illinois and New Jersey are self created disasters. New York has a statewide pension system and it's fairly secure but not as secure as it was. It used to be funded at over 100% of liabilities but I thing it's dropped to about 80% of liabilities. Seventeen or 18 years ago, when the markets were flush, the legislature liberalized pension benefits. No one thought the market could tank twice in 10 years. They've tightened eligibility but that takes years to have an effect. Still, if NYS wakes up and stays awake, it should be ok.

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    Quote Originally Posted by grump View Post
    Pension systems are constructed differently. In some states, cities have their own pension systems. For example, Dallas has real problems with the funding of its pensions. Illinois and New Jersey are self created disasters. New York has a statewide pension system and it's fairly secure but not as secure as it was. It used to be funded at over 100% of liabilities but I thing it's dropped to about 80% of liabilities. Seventeen or 18 years ago, when the markets were flush, the legislature liberalized pension benefits. No one thought the market could tank twice in 10 years. They've tightened eligibility but that takes years to have an effect. Still, if NYS wakes up and stays awake, it should be ok.
    I can't ever remember NYS ever waking up to a problem.
    As usual the State and their Union supporters will expect the taxpayers to fund any pension shortfalls.
    Russia didn't make me vote for Trump, Hillary did.

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    Quote Originally Posted by grump View Post
    Pension systems are constructed differently. In some states, cities have their own pension systems. For example, Dallas has real problems with the funding of its pensions. Illinois and New Jersey are self created disasters. New York has a statewide pension system and it's fairly secure but not as secure as it was. It used to be funded at over 100% of liabilities but I thing it's dropped to about 80% of liabilities. Seventeen or 18 years ago, when the markets were flush, the legislature liberalized pension benefits. No one thought the market could tank twice in 10 years. They've tightened eligibility but that takes years to have an effect. Still, if NYS wakes up and stays awake, it should be ok.
    Other Cities & States are growing and have lots of private investment and havea raising tax base to off set some the rising expense's and their taxes are not insanely high, WNY is bleeding population & business's and has no private investment, shrinking tax base and the taxes already 8 to 10 time higher the the average, In WNY their is not even a whisper of a Pension Reform or even to stop pension spiking

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    Tony Fracasso - Admin
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    Quote Originally Posted by jennifer7 View Post
    Other Cities & States are growing and have lots of private investment and havea raising tax base to off set some the rising expense's and their taxes are not insanely high, WNY is bleeding population & business's and has no private investment, shrinking tax base and the taxes already 8 to 10 time higher the the average, In WNY their is not even a whisper of a Pension Reform or even to stop pension spiking
    Of course there isn't. Many people elected in Erie County try to get a job so they can get into the property owners pocket. Why would you make change when you directly benefit from the changes that need to be made?

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    Dallas is a growing city but its pension situation is a disaster. In NewYork the legislature does make changes. It created Tier 6 which increases the vesting period from 5 years to 10 years, among other changes. But it can't change the pensions of those in the system because of the state constitution. Therefore the changes are always forward looking.

  15. #15
    WSFirst
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    Quote Originally Posted by grump View Post
    Dallas is a growing city but its pension situation is a disaster. In NewYork the legislature does make changes. It created Tier 6 which increases the vesting period from 5 years to 10 years, among other changes. But it can't change the pensions of those in the system because of the state constitution. Therefore the changes are always forward looking.
    What about Other Post-Employment Benefits (OPEB) that most taxpayer likely didn't even know existed? No one talks about OPEB, New York is less than 1% funded according to a study from Pew Charitable Trusts that are future payments that have been promised to retirees primarily to cover healthcare costs.

    Here is the report: http://www.pewtrusts.org/en/research...ties-an-update


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