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Old 04-23-2017, 04:55 AM   #61
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I suspect the biggest impact on the population at large will be increased taxation to pay for some or all of the shortfall. It would be prudent to examine such matters when determining where to live in retirement.
That would be counter productive but doesn't mean politicians wouldn't panic and do it anyway.
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Old 04-23-2017, 09:12 AM   #62
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FWIW, had I been able to take my gold and platinum pine and brass teacher's pension in my mid 50's it would also have been around $700 a month. Early retirement needs to be well thought out.
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Old 06-12-2017, 03:11 PM   #63
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Possibly, although politicians will look at the numbers, and how many voters are not on pension vs giving the pensioner's a haircut.

I know I'll vote out any politician that taxes me extra to pay for the pensions that I don't get.
I am with you in the matter of voting. I take it that by "pensioners" you refer to retired civil servants. When we vote, it remains to be seen whether the elected officials or the civil servants are more powerful. Who rules, is it the electorate or is it government bureaucracies, the deep state?
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Old 06-12-2017, 03:39 PM   #64
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I am with you in the matter of voting. I take it that by "pensioners" you refer to retired civil servants. When we vote, it remains to be seen whether the elected officials or the civil servants are more powerful. Who rules, is it the electorate or is it government bureaucracies, the deep state?
I fear no state politicians because they cannot touch what has been earned in NY. All they can do is sell out the unborn.

[Membership in retirement systems; benefits not to be diminished nor impaired]
§7. After July first, nineteen hundred forty, membership in any pension or retirement system of the state or of a civil division thereof shall be a contractual relationship, the benefits of which shall not be diminished or impaired. (New. Adopted by Constitutional Convention of 1938 and approved by vote of the people November 8, 1938.) (Article V, Section 7) NYS Constitution.
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Old 06-12-2017, 04:39 PM   #65
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I fear no state politicians because they cannot touch what has been earned in NY. All they can do is sell out the unborn.

[Membership in retirement systems; benefits not to be diminished nor impaired]
§7. After July first, nineteen hundred forty, membership in any pension or retirement system of the state or of a civil division thereof shall be a contractual relationship, the benefits of which shall not be diminished or impaired. (New. Adopted by Constitutional Convention of 1938 and approved by vote of the people November 8, 1938.) (Article V, Section 7) NYS Constitution.
My union sent me this. I was feeling good. Then my union sent me this tidbit,http://www.newyorkconcon.info/ every 10 or 20 years NY has a vote for a convention that can amend the constitution.The good news is, since 1938 the vote for a new constitution has been lower each time.
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Old 06-12-2017, 05:10 PM   #66
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My union sent me this. I was feeling good. Then my union sent me this tidbit,Home | The New York State Constitutional Convention Clearinghouse every 10 or 20 years NY has a vote for a convention that can amend the constitution.The good news is, since 1938 the vote for a new constitution has been lower each time.
For once I like ill informed voters. The majority won't vote for it because they don't understand it.
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Old 06-15-2017, 08:45 AM   #67
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I worked for 12 years for a smallish (300 employees) but well-funded company that was a branch of a well-known national brand. They offered an interesting pension - every year, an amount equal to 15% of your gross was placed into a pension fund, vested at 20% a year. So if you were salaried at $40k, you'd also get $6k put in the pension.

The way it was handled felt a bit odd - apparently, it was a private investment firm that handled it, but I could never get solid information when I was employed as to how it was invested. I would get annual "statements", that amounted to a few lines of information about my particular pension (company letterhead of the company that employed me, "last year $x,000 was deposited into your pension. You are 80% vested.)

When I left, I requested the funds be rolled over into an IRA. The benefits person (not a department, a single person) thought I was nuts. The process took several months. As you can imagine, I wondered even more whether the whole thing was a scam. Eventually, a $150k-ish payment was made into my Fidelity account as a rollover IRA.

In the decade since, that $150k has doubled, and I'm relieved to not have the mysterious pension stress.
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Old 06-15-2017, 09:26 AM   #68
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I'm relieved to not have the mysterious pension stress.
I'm sure you made the smart move there.
Not being able to find out the details would have made me crazy.
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