Spanky
Thinks s/he gets paid by the post
They quickly flee for safety to another hiding place away from the spotlight.
High paying govt jobs
- Thread starter REWahoo
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You absolutely have a choice when it comes it high taxes. People leaving California make that choice all the time.
Spanky
Thinks s/he gets paid by the post
Not a flexible choice, however.
Texas Proud
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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Go back and read my post... I said IF you live in a taxing district you have no choice... you do have a choice in what taxing district you do wish to live...
So if I live in a place and they vote to have a new taxing district to have a new stadium for the football team... I pay... if they want to have recycling... I pay... if they want to have a community college, I pay... they are taking my money to pay for their wants...
I do not have to buy gas from Exxon if I think they pay their CEO to much... not BP etc.... sure, the gas that I buy might be from their refinery... but I have a choice where I buy gas (now, I really don't care what they pay a CEO, I want to buy my gas from the cheapest station)....
Disappointed
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Talk about great pension packages.
In case you have not heard about city of Bell
If forced out, Bell city manager would be highest-paid retiree in state's pension system | L.A. NOW | Los Angeles Times
Try to read the whole story in addition to the $26 mil pension package for this city manager of a small city of about 40,000 people.
mP
In case you have not heard about city of Bell
If forced out, Bell city manager would be highest-paid retiree in state's pension system | L.A. NOW | Los Angeles Times
Try to read the whole story in addition to the $26 mil pension package for this city manager of a small city of about 40,000 people.
mP
Bikerdude
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Westernskies
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psst....the RICO act.
Spanky
Thinks s/he gets paid by the post
The council members approve the city's manager pay, but who approves the pays of the council members?
Westernskies
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Spanky
Thinks s/he gets paid by the post
...the city manager?
It's quite plausible. It's too bad for a city of residents earning a median per capita income of $13,652 to stuck with paying them outrageous pension forever unless the DA can find misdoings or frauds.
Texas Proud
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I bet that it is not the city that will pay the pensions.... the whole state of California will get to pony up...
And in the article they said the police chief's pension doubled by working only ONE year at this high salary.... which is one of the main reasons that us who complain about state pensions.... well, complain... why should this guy double his pension for the rest of his life with only one year working
It does not make sense... but I bet that there is nothing that can be done... they all get to go laughing to the bank for the rest of their lives... on the backs of California...
Spanky
Thinks s/he gets paid by the post
Yep. The state is obligated to pay as it cannot breach the contractual relationship. The state will have to raise taxes or reduce spending significantly to pay.
Is this a great country or what? LOL.And in the article they said the police chief's pension doubled by working only ONE year at this high salary.... which is one of the main reasons that us who complain about state pensions.... well, complain... why should this guy double his pension for the rest of his life with only one year working
inkitnow
Recycles dryer sheets
Yesterday, these criminals were literally run out of town!
M Paquette
Moderator Emeritus
The Associated Press: Pensions withheld for 3 Calif. administrators
Heh...
I'm sure a detailed review could find SOMETHING somewhere in the morass of law and paperwork. Perhaps they could bring in some loss mitigation specialists from the insurance industry...
ziggy29
Moderator Emeritus
Or unless the city declares bankruptcy. But unfortunately that would also impact the folks who have earned more modest pensions for a lot of years of service.
ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Well, IIRC the PBGC rules pay the lower pensions fully, then put clamps on higher pensions. I know the PBGC isn't covering public pensions, but it seems the same could apply. Though with the salaries they got for a few years, I hope they find a way to zero their pensions. Heck, I hope they find a way to make them pay back the excess salary.
An yes, I feel that way about some CEOs also.
-ERD50
harley
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Well, I'm not sure about the other two, but Angela Spaccia should be OK. Nearby Maywood CA, the city who outsourced many of their services to Bell, has hired her as an interim City Manager.
I wonder what her new pay and pension packages look like? 
Spanky
Thinks s/he gets paid by the post
I can't image the salary would be what she made at Bell since Maywood is essentially broke.Well, I'm not sure about the other two, but Angela Spaccia should be OK. Nearby Maywood CA, the city who outsourced many of their services to Bell, has hired her as an interim City Manager.
Spanky
Thinks s/he gets paid by the post
Unfortunately bankruptcy does not resolve the issue as demonstrated by the bankruptcy of another city (Vallejo) in California.
The failure of the Vallejo, CA bankruptcy - Richard Rider - Open Salon
The police and firefighters continue to receive their "fat" pension payments despite the declaration of bankruptcy.
newporttony
Recycles dryer sheets
Yep. The state is obligated to pay as it cannot breach the contractual relationship. The state will have to raise taxes or reduce spending significantly to pay.
Is this a great country or what? LOL.
Even better--residents of fiscally conservative states like WY will see their federal income taxes raised so states like CA, IL, and NY can continue to spend.
IL and NY are traditionally near the bottom of the list for taxes-returned. CA and WY are in the middle of the pack.
NW-Bound
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I bet that it is not the city that will pay the pensions.... the whole state of California will get to pony up...
And in the article they said the police chief's pension doubled by working only ONE year at this high salary.... which is one of the main reasons that us who complain about state pensions.... well, complain... why should this guy double his pension for the rest of his life with only one year working
No, not the whole state of CA, but only some unfortunate neighboring cities in the same CalPERS pension pool will have to pitch in to pay the $600,000/yr pension of the former city manager Robert Rizzo, and the $411,300/yr pension of the police chief Randy Adams.
How did that happen? It's complicated.
According to the following article, National News Article, Gov. Arnold Schwarzenegger and the two gubernatorial candidates, Meg Whitman and Atty. Gen. Jerry Brown, are urging reforms in the system.
"Even the governor's office couldn't figure these Bell pensions out," said Marcia Fritz, a certified public accountant and president of the California Foundation for Fiscal Responsibility.
"Even the governor's office couldn't figure these Bell pensions out," said Marcia Fritz, a certified public accountant and president of the California Foundation for Fiscal Responsibility.
Texas Proud
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No, not the whole state of CA, but only some unfortunate neighboring cities in the same CalPERS pension pool will have to pitch in to pay the $600,000/yr pension of the former city manager Robert Rizzo, and the $411,300/yr pension of the police chief Randy Adams.
How did that happen? It's complicated.
Gov. Arnold Schwarzenegger and the two gubernatorial candidates, Meg Whitman and Atty. Gen. Jerry Brown, are urging reforms in the system.
"Even the governor's office couldn't figure these Bell pensions out," said Marcia Fritz, a certified public accountant and president of the California Foundation for Fiscal Responsibility.
Very, very interesting..... and ANOTHER reason to not have the pensions the way they are...
from the article...
"Bell hired Adams at more than double the salary he was making in Glendale. That salary spike also doubled his eligible pension amount under CalPERS. City managers in Glendale and Simi Valley, where Adams previously worked, estimate they'll have to come up with an extra $40,000 in taxpayer dollars each year to cover the pension costs. Ventura's tab could go much higher.
"We had no control over his final year's salary," said Glendale City Manager Jim Starbird. "Yet the rest of us will be bearing the brunt of Bell's decision.""
So you can pay someone a reasonable salary for years... and then they go someplace else and screw that location.... and your city has to pay for the stupidity of that location... priceless!!!
If it was a cash balance system.... your city would not have any future liability... the one who was stupid to hire them would have had to cough up the pension money for the person.... but the final pension would not have doubled in ONE year... it only would have gone up with what annuity could have been bought with that one year of excess cash contributions...
But, it will not happen... at least not as much as it should...
ERD50
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Another case of this was reported in the Chicago Tribune on Sunday. The Park District for Highland Park spiked some managers pay (to $435,000!), and in one case their pension went from $110,000 to $160,000 pa due to a few years of spiked income. I believe these are the 3% 'diet COLA' variety. There were several cases reported in this same group.
These pensions are paid from the IL Municipal Retirement Fund (IMRF). An IMRF spokesperson said this is a problem for them - IMRF is funded by contributions each year based on salary. So this messes with their actuarial tables - they took in contributions for maybe 20 years based on a lower salary, then just a couple years of higher salary - yet they will pay a lifetime of pension that is based on those last few years. They just didn't take in enough money to fund it.
And who is going to pay? I'd like to see them go in and adjust the pensions of anyone who was spiked. It's stealing.
DW will get a small pension from IMRF - I think I'll call and/or write the administrators to try to push the idea of waging a LOUD and ANGRY public battle over this. Something has to change.
-ERD50
ziggy29
Moderator Emeritus
Well, I'd say "stealing" is a bit much since it's legal -- but it is an example of how something being *legal* doesn't make it *ethical*. And I share your outrage over games like this. It's one thing to put in 30-40 years and not play last-year games to earn a pension. It's another to receive a lot more than you deserve based on your work and salary history because some corrupt loophole allows it in some plans.
You did hit on one important point here: It's not just taxpayers who get hurt by these ripoff pension games like "spiking" -- lesser pensioners who have to watch the solvency of their fund compromised by these should-be-banned spiking games are also under the gun. Every pensioner who didn't pull this stuff should be hopping mad that a few people abuse the rules in such a way as to threaten their retirement.
