Looks like Matts pension plan is on hold...

[Broncojohnny]

Three cities in SoCal filed for bankruptcy in just the last 6 months, a recession will make an already bad problem much worse. It affects me directly because they are clients of mine, so their spending with me has stopped.

Exactly what I am saying. Bankruptcy is the only way these politicians stop spending money. Wait until it happens on the federal level!

[Superwho]

Here you go boys, lets end this once and for all. Whip them out and post up the results. This should be all you need.

[slow99]

It used to be enough for cities to "promise" to fund the accounts. With GASB, they had to actually put the money in the accounts. BIG difference.

Nevermind, you clearly don't understand what we're talking about here. I don't know why I even try anymore ...

[VaderTT]

why government employees should NEVER have such a pension. All of the risk falls on the entity, and thus taxpayers. ...

I still can't get over the fact that this sentence was misunderstood and then argued.

[Rick Modena]

With that said, I do find it funny that Henry would make a thread like this just for me

My, my, your so full of yourself Matt. Everyone post news stories and this one happens to be about the future of pensions of FTWPD. You're the one that posts about your portfolio and trying to get people here to compare IRAs and now all of a sudden Im making a thread about you, more like making fun of you, partner...

[Big A]

All that money just rains down from the sky!

Actually, if we get another recession going this problem is going to take care of itself, you will see cities going under right and left. It is possible that we are in the early stages right now.

Three cities in SoCal filed for bankruptcy in just the last 6 months, a recession will make an already bad problem much worse. It affects me directly because they are clients of mine, so their spending with me has stopped.

...and yeah yeah, Commiefornia sucks.

[The King]

Fuck you.

Still all bitter, aren't we?

Too bad all your posts aren't this short, it would save your little e-fingers a whole lot of keyboard time because the rest of your reply, removed for the sake of brevity, was typical e-ranting drivel.

[Roscoe]

Methinks talisman is jealous....

[Broncojohnny]

Actually, it means the city has to deposit the matching funds in the account, not just "promise" to pay when the bill comes due. This was a good change to the law as a result of a lot of people losing their retirement because the employer could no longer afford to pay.

You mean the present value of the future funds. It is a defined benefit plan not defined contribution. So again, it depends on assumptions the city makes, you see where that got them in the past.

I have invested millions of dollars for these funds, I know more about how they operate than anyone here.

See, just the typical lighthearted happy-go-lucky response when someone calls you out. You are the poster child for "can dish it out but can't take it".....

I really don't have the slightest idea what you're even talking about any more or how anything you have posted towards me in this thread relates to my quotes. Maybe you could try to explain it to me. Even if it still doesn't make sense I'm sure it will give us all a good laugh.

[dcs13]

So, it's currently unfunded because ...

It used to be enough for cities to "promise" to fund the accounts. With GASB, they had to actually put the money in the accounts. BIG difference.

[dcs13]

"Fully fund" is meaningless because it still depends on an assumption of what return they will get on their contributions.

I have decided to retire with $4 billion in the bank and my plan is fully funded. Now I just need to get a 178% return every year for the next 40 years....

Actually, it means the city has to deposit the matching funds in the account, not just "promise" to pay when the bill comes due. This was a good change to the law as a result of a lot of people losing their retirement because the employer could no longer afford to pay.

[Slowhand]

So, it's currently unfunded because ...

A massive PBO on your balance sheet counts as funding...right?!

[slow99]

Actually with GASB, the cities are now REQUIRED to fully fund the pension plans at all times.

So, it's currently unfunded because ...

[sc281]

He'll get his, I really don't think he has anything to worry about as well-vested as I'm assuming he is.

we'll find out. Youve got a lot more confidence than I do.


And lmao at the tags!