Public-employee pensions face a rollback in Calif.
SAN DIEGO (AP) — For years, companies have been chipping away at workers' pensions. Now, two California cities may help pave the way for governments to follow suit.
Voters in San Diego and San Jose,
the nation's eighth- and 10th-largest cities, overwhelmingly approved
ballot measures last week to roll back municipal retirement benefits —
and not just for future hires but for current employees.
From
coast to coast, the pensions of current public employees have long been
generally considered untouchable. But now, some politicians are saying
those obligations are trumped by the need to provide for the public's
health and safety.
The two California cases could put that
argument to the test in a legal battle that could resonate in
cash-strapped state capitols and city halls across the country. Lawsuits
have already been filed in both cities.
You've both been fed the same line of bull for so long you believe it.
The pension funds are supported by the workers themselves as part of their employment package. Most pay in 7.5% of their salary package to the fund. The cities are to match that with 7.5% as well. The investments that are made with this 15% of their wages are to enhance the fund. Those investments usually pay at a rate of 12-20% in good times. What the cities did during those good times was instead of meeting their requirement to put in their 7.5% they let the investments make their portion of the the contribution thus reducing the growth of the fund by that 7.5% + the earnings it would have made from that additional funding during good times.
The result is these funds are underfunded because the politicians spent the money in other places. A blatant violation of their contracts with their workers.
The result, today we have underfunded pension plans and the workers are the ones that are suffering. There are at least 5 lawsuits working their way through the courts right now on this very fraudulent practice and the workers WILL win in the end.
As for the Medica...
You've both been fed the same line of bull for so long you believe it.
The pension funds are supported by the workers themselves as part of their employment package. Most pay in 7.5% of their salary package to the fund. The cities are to match that with 7.5% as well. The investments that are made with this 15% of their wages are to enhance the fund. Those investments usually pay at a rate of 12-20% in good times. What the cities did during those good times was instead of meeting their requirement to put in their 7.5% they let the investments make their portion of the the contribution thus reducing the growth of the fund by that 7.5% + the earnings it would have made from that additional funding during good times.
The result is these funds are underfunded because the politicians spent the money in other places. A blatant violation of their contracts with their workers.
The result, today we have underfunded pension plans and the workers are the ones that are suffering. There are at least 5 lawsuits working their way through the courts right now on this very fraudulent practice and the workers WILL win in the end.
As for the Medical benefits you claim they are getting, well think again. Those programs were underfunded the same way the retirement programs were underfunded and have been reduced drastically over the year and we employees are indeed picking up the slack
in the payments.
How do I know this stuff. I am a party to two of those two lawsuits and I am very will informed as to the current status of these lawsuits in California.
But ya know, you don't give a rats patute about any of this, you're brainwashed by the Corporate/Republican/religious three headed hydra of Fascism which has crept across this nation.
I suggest you take a close look at the results of this evil trinity of Fascism from Germany's own history.
http://www.spartacus.schoolne...
You don't have to be too smart to realize the comparison is real and we as citizens are losing at ever turn against this evil. Don't let them continue to make a fool of you simply because you're to proud to admit that they are making the citizens of this country pay through the nose while the corporations and corporatism are the real winners and we the people are the real losers.
This whole process has been planned since the 1980's by the Reagan Republicans + the military industrial complex of companies + the ultra religious right.
Don't believe me check out another website www.theocracywatch.org
Republicans should just get the hell out of Government with their CUSHY HEALTH CARE BENEFITS ALSO, since this is Bad for the people.
Government is only BAD when Republicans ARE NOT IN CONTROL OF IT and making sure the Rich and Corporations NEVER HAVE TO PAY their fair share of anything.