Hi folks -
This thread is drifting from Minneapolis-focused. Let's keep it there,
thanks.
David Brauer
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Thread snips are below.
Vicky suggests: "Tell your local government to stop breaking the law. A
lot of time and money could be saved this way." She left out "stop doing
what is legal yet stupid." There was no rule against the Titantic racing
full speed ahead. But it was stupid. She correctly
Victoria Heller wrote:
We need some arithmetic here.
If you contribute $50,000 to your retirement plan, and draw $500,000
of benefits after you retire, who pays the difference?
Nobody pays in $50,000 to social security and draws out $500,000 unless
it's through disability or retiring early and t
On Thu, 2 Oct 2003, Victoria Heller wrote:
> Jim Bernstein states:
>
> "Pensions are earned. They are not welfare."
>
> Vicky replies:
>
> We need some arithmetic here.
>
> If you contribute $50,000 to your retirement plan, and draw $500,000
> of benefits after you retire, who pays the difference
Light not heat department...
Apropos the current pension discussion, some readers may want to check out
the big pension story Scott Russell of the Southwest Journal did last year.
It's a good primer on the ins and outs of Minneapolis pension financing.
http://makeashorterlink.com/?C6F023416
PS A
Excellent post Vicky!
On Saturday, March 15, 2003, at 01:29 PM, Victoria Heller wrote:
Vicky Heller comments:
Pensions are a ticking time bomb in the public and private sectors.
Given the continuing decline in the markets, agreed.
Example: General Motors has 175,000 current employees, and 45
Excellent question. In asking it, Vicky pulls the covers off and exposes
the actions of both parties over the past going back over 60 years. As I
posted before, Minneapolis gets a peak at its future by looking at how
Oregon has gone from owing $8 billion last year to $14 billion that it owes
the
Carol Becker writes:
> Michael Hohmann asks:
>
> ".when will our public pensions be converted from defined benefit
> to defined contribution?"
As to Mr. Hohmann's question about public pensions changing from defined
benefits to defined contributions, that would be an issue to be negotiated
> Vicky Heller comments:
>
> Pensions are a ticking time bomb in the public and private sectors.
>
> Example: General Motors has 175,000 current employees, and 450,000 former
> employees collecting pensions.One doesn't need much math to see that
> this ratio can't continue forever. Right now,
