[Sedan_Clan]

Originally Posted by packet

saw this pop up in apple news and got reminded of what you have been saying for a while, Sedan_Clan
https://www.axios.com/police-officer...ac2f406f2.html

It's unfortunate because those bodies that quit/retire earlier than expected are not easy to replace, worsening the burden of departments that are already understaffed. Response times to problems will increase substantially.

[DieselDiner]

Originally Posted by infamousdiz

Taking this in a different direction, cities towns, and states raid pension funds when the market has a good year. When pension funds under achieve another year they do not compensate for that and this is how pension funds in many municipalities become a liability and severely underfunded. This is always left out when the media informs the public about underfunded pension liabilities, blaming the unions, always controlling the narrative (cities ect are offering too much). In reality the private sector has done away with pensions only offering for 401K's which was never designed to be the main retirement account. The private sector salaries have also stagnated overtime while government jobs have always increased 2 to 3% a year. Big corporations did a great marketing job of placing blame for state and local governments fiscal woes on union workers, government employees. Meanwhile big Corp has slowly lowered salaries and benefits while making huge profits avoiding taxes. Pinning the working class against each other.

A small city next to mine has a pension fund that is triple of the amount needed to fill future liabilities. Police and fire are able to get low interest loans from their pension fund because it is so well funded. That pension fund has a clause that doesn't allow the city to take gains over what was projected that year. Police and fire can retire at 20 years with 75% of their salary or 25 years at 100% with medical for the employee and their spouse.

If you really want a good read on the problems in Illinois (poster child for upside down pension liabilities), read this: https://www.illinoispolicy.org/repor...ension-crisis/

[F30lolz]

This morning I saw a dog (looked like a pit bull) tied up on the bed of a pickup truck on local roads (45 limit). Not in a crate/cage, but loosely rolling around which was sad to see. How often do you see this?

[Sedan_Clan]

Originally Posted by F30lolz

This morning I saw a dog (looked like a pit bull) tied up on the bed of a pickup truck on local roads (45 limit). Not in a crate/cage, but loosely rolling around which was sad to see. How often do you see this?

Not too often, but it pains me to see that. That can get ugly really quickly.

[Littlebear]

Originally Posted by packet

saw this pop up in apple news and got reminded of what you have been saying for a while, Sedan_Clan
https://www.axios.com/police-officer...ac2f406f2.html

Good article!

"Employees do not own or control their own retirement funds under a pension system, nor do they have their own accounts. Instead, state officials and politicians control the pool of funds, allowing them to use workers’ retirement dollars as a political slush fund.

Another major weakness of DB plans is that if funds don’t have enough money to pay out future benefits, it’s taxpayers who must bail them out. "

"Today, nearly 85 percent of private-sector employees are enrolled in some form of DC plan. The public sector, by contrast, continues to rely largely on DB plans."

[paquet]

A Defined Benefit is considered to be the gold standard in pension plans though.
That's what public officials (government jobs including the post office) and bank jobs usually have - at least in my observed experience in Canada.
I have yet to see any retirement plan comparison documentation talking about a shortfall beyond a theoretical possibility.
As usual, IL government policy makes me shake my head - they found a way to poison the well of DB...

ps: not sure why you quoted a different article - unless you meant to quote both links

[Murf993]

Originally Posted by packet

A Defined Benefit is considered to be the gold standard in pension plans though.
That's what public officials (government jobs including the post office) and bank jobs usually have - at least in my observed experience in Canada.
I have yet to see any retirement plan comparison documentation talking about a shortfall beyond a theoretical possibility.
As usual, IL government policy makes me shake my head - they found a way to poison the well of DB...

ps: not sure why you quoted a different article - unless you meant to quote both links

I remember when I got hired in '85, my dad told me I won the lottery. I had no idea what he meant. Back then the pay wasn't great, you did the job because you wanted the to do the job. Now that I'm retired 5 years and my pension check is bigger than my take home pay when I retired I get it.....I make a point of not telling many people about this, as I understand just how good I have it.

[Sedan_Clan]

Originally Posted by Murf993

I remember when I got hired in '85, my dad told me I won the lottery. I had no idea what he meant. Back then the pay wasn't great, you did the job because you wanted the to do the job. Now that I'm retired 5 years and my pension check is bigger than my take home pay when I retired I get it.....I make a point of not telling many people about this, as I understand just how good I have it.

I can't wait for that lovely day. To be able to clear $10k a month while walking around in my birthday suit is going to be greatttt!

[Murf993]

Originally Posted by Sedan_Clan

I can't wait for that lovely day.

So I'm going to be "that guy" for just a minute. I got my pension statement after year 4 of retirement. I had almost taken out every nickel I had put in, that happened a few months later. My plan is to live long enough to collect it longer than I contributed, but frankly I've already taken my fair share.....aw hell, I'm going deep.

[Sedan_Clan]

Originally Posted by Murf993

So I'm going to be "that guy" for just a minute. I got my pension statement after year 4 of retirement. I had almost taken out every nickel I had put in, that happened a few months later. My plan is to live long enough to collect it longer than I contributed, but frankly I've already taken my fair share.....aw hell, I'm going deep.

It's okay. The emotional and physical toll the job takes on us is worth the extra. Take it with a smile……


…..because we didn't take it with a smile.

[paquet]

Gotta disagree there, chief - you haven't taken your fair share.

It's just the power of compounding and a decent rate of return (and everything Sedan_Clan said - you've put in more than a financial derivative can offer, but it'll have to do..)

[jamesinaz]

Originally Posted by Sedan_Clan

I can't wait for that lovely day. To be able to clear $10k a month while walking around in my birthday suit is going to be greatttt!

I'm not sure that's the picture I wanted to envision when I clicked on this threat today.

[Murf993]

Originally Posted by packet

Gotta disagree there, chief - you haven't taken your fair share.

It's just the power of compounding and a decent rate of return (and everything Sedan_Clan said - you've put in more than a financial derivative can offer, but it'll have to do..)

I don't disagree. I'm just careful not to talk about it around not LEO people. I tell some funny stories about the job and folks get a laugh but I keep the horror stories to myself, I've shared a few with some close friends and my wife....nobody needs to hear that or know about it.

[paquet]

I understand both points you refer to.

[rebekahb]

Originally Posted by jamesinaz

I'm not sure that's the picture I wanted to envision when I clicked on this threat today.

Especially after he detailed his manscaping skills in another thread

[Sedan_Clan]

Originally Posted by rebekahb

Especially after he detailed his manscaping skills in another thread

You all make me laugh. I love you guys.

[UncleWede]

Originally Posted by packet

A Defined Benefit is considered to be the gold standard in pension plans though.

I'm "entitled" to the DB, and yet I still rail against it. When I suggested that to our management group, they nearly crucified me. I can't possibly imagine the golden goose living that long. Right now I'm up around 49% of my pay for the rest of my life. That COULD start as early as August. . .

[Sedan_Clan]

This goes back to what I was saying a little over a week ago about the homeless situation. More money can't/won't solve a cultural issue….

[NorCalAthlete]

Originally Posted by Sedan_Clan

This goes back to what I was saying a little over a week ago about the homeless situation. More money can't/won't solve a cultural issue….

Cribbed from a different issue, but you could play mad libs and it works just fine with homelessness...

How long does the experiment go on and what are its limits? California has had more than a reasonable opportunity to experiment. In the face of the failed federal experiment California persists with its experiment. The facts found in this trial are that the California statute has not solved the problem...of <snip>...despite 40 years of testing.

[Sedan_Clan]

Originally Posted by NorCalAthlete

Cribbed from a different issue, but you could play mad libs and it works just fine with homelessness...

Indeed it does. California politicians love to think they are the spearheading leaders on various fronts/issues when the reality is they suck…….badly. The politicians are enablers and it is ruining this state.

[F30lolz]

Originally Posted by Sedan_Clan

while walking around in my birthday suit is going to be greatttt!

Wat.

Originally Posted by jamesinaz

I'm not sure that's the picture I wanted to envision when I clicked on this threat today.

Same. I mean, I’m not even drunk yet.

Originally Posted by rebekahb

Especially after he detailed his manscaping skills in another thread

Haven’t seen that thread and don’t plan on it.

Originally Posted by Sedan_Clan

I love you guys.

Please get your supervisor here!

[Fly320s]

Hey, Sedan, tell your friends at LAPD to stop blowing up bomb squad semis.